Without accurate journal entries, your general ledger (GL) can have errors that prevent you from getting a clear picture of your company’s financial performance. Ultimately, journal errors can result in inaccurate financial statements and reports, as GL balances will contain either over- or understated revenue, expenses, assets, liabilities, equity or a combination of all.
As CFOs start calling plays for the 2017 business game, they’re naming better reporting and analysis as a top improvement goal. In a recent survey of 380 finance executives, more than 70 percent say supporting decision-making is their number-one priority this year. Over 90 percent say they need to do more with existing financial and operations data to help top management make informed decisions. If your company uses Oracle E-Business Suite (EBS), there’s a looming tackle that could keep you from crossing the goal line of improved reporting and analysis: Oracle’s June 2017 suspension of extended support for its Business Intelligence Discoverer reporting tool.
Even when organizations have business intelligence (BI) solutions and ERP reporting tools like those from SAP or Oracle E-Business Suite (EBS), they often turn to Microsoft Excel for reporting and analysis because it’s easy and flexible.
As 2016 comes to an end and the books close on December 31, accountants and financial analysts know what’s on the menu first for 2017: the annual year-end closing period and audit. Whether your company is public or private, the year-end closing process can be stressful, lengthy and downright messy, especially if the wrong information systems are at the table.
If your budgetary planning process hasn’t evolved over time, you may still be working with a manual, time-intensive process each year that inspires resignation and dread from planners and line managers alike. To adjust for accelerating technological and market forces, you may want to transform this yearly low-return exercise into a rolling forecast that truly helps your company effectively plan and measure performance.
Like many companies that rely on the SAP enterprise resource planning (ERP) solution, Aigle ― and the company’s Hong Kong office in particular ― was concerned that reporting from SAP is time consuming and difficult.
At an auditor’s recommendation, your company may have been asked to better manage its spreadsheets. It may have even learned the hard way how spreadsheets can be dangerous. The risks are not unfounded. According to sources, more than 90 percent of spreadsheets contain errors, yet more than 90 percent of spreadsheet users are confident their spreadsheets are error-free.
This was our fifth year participating at SAPPHIRE NOW and ASUG Annual Conference, the largest global business technology event, and being part of the daily conversations in terms of addressing the current challenges and future opportunities for SAP users.
Each year as we attend COLLABORATE, the annual Oracle Applications Users Group conference, we anticipate checking the reporting pain scale of this large group and advising on how to alleviate the aches. Our team also appreciates the opportunity to attend sessions and hear what’s coming from Oracle so we can respond to any new offerings that might simplify or complicate reporting or other processes like budgeting and journal loading.
For any dynamic organization, accurate and fast financial reports from ERP systems like Oracle E-Business Suite and SAP are critical to decision-making and strategy. Unfortunately, finance teams often find month-end closing, ad-hoc analysis, reconciliations and other reporting tasks time-consuming and frustrating because of the shortcomings of standard ERP reporting tools.