Reporting is more important than ever. Long gone are the days of filling out excel sheets at year end and filing them away into oblivion, never to be seen again. The reports you file now, are not only more transparent than ever, but they have much more impact in the future and trends of your business than ever before.
Since the recent implementation of European Single Electronic Format (ESEF), the consolidated financial statements of EU-listed companies are available in the public domain in a machine-readable format. This means investors and other stakeholders are now able to search International Financial Reporting Standards (IFRS) consolidated financial statements using computers, as well as on their own.
The aim of the ESEF regulation is Europe-wide comparability and increased transparency. The taxonomy specifies the scope of a financial report down to the last line. Turnover and profit are thus in the same place for a company of the DACH region– regardless of the reporting language or industry of the company. This is intended to considerably simplify the work for analysts, investors and auditors. Since the line contents are clearly defined, they no longer have to deal with different definitions of certain key figures.
Further financial reports – such as annual financial statements – can also be labelled with XBRL tags if a corresponding taxonomy is provided in the respective member state. For Germany, XBRL Deutschland e.V. provides an e-balance sheet taxonomy that can be used for this purpose.
Across Europe, this has affected more than 7,500 companies, with 5,300 of these companies having to tag their IFRS consolidated financial statements as part of the annual financial report.
Needless to say, the decision to make disclosure management apart of your already functioning in-house system is an important, beneficial step. To meet the demands of the increasing nuanced complexities of electronic reporting, you’ll want a tool that compliments your current system, is cost effective, implements easily, and gives you what you need.
Automation With Certent Disclosure Management
Best-in-class internal reports go beyond the data to seamlessly incorporate narrative that effectively tells the story behind the numbers. You’ll want to achieve this depth of reporting, but may encounter roadblocks because it’s a time-consuming and manual process. Certent Disclosure Management easily integrates into multiple systems to help meet your reporting needs.
In addition to producing external financial reports, Certent Disclosure Management helps
organizations overcome the traditional monthly management reporting challenges such as
versioning overlap and risky manual processes. Certent Disclosure Management helps companies produce automated and scalable recurring reports that include narrative around the numbers to effectively communicate business performance to important stakeholders.
By implementing an automated reporting solution with multi-data source connectivity you’ll no longer need to manually pull data from multiple systems and generate ample amounts of business reports.
With Certent Disclosure Management, you’ll:
- Spend less time on the tedious year-end tasks.
- Spend more time on critical analysis for strategic planning and decision making.
- Say goodbye to manually pulling data from multiple systems.
Preparing for Year End Reporting
Say goodbye to the struggles and pains you’ve had closing out the end the year.
Certent Disclosure Management will help you avoid:
- Numbers or facts within final reports being out of date before the report is even published. If you don’t have a direct link from the numbers and comparatives in your commentary to your source data, then every time your source system changes you need to manually update and recheck every piece of narrative across every document. This is tedious and risks introducing errors and inconsistencies, particularly with last-minute changes.
- Reinventing the wheel and updating your narrative manually. Gathering text, narrative, and analysis from multiple systems for annual reports, investor press releases, results presentations, board packs, etc., is a time-consuming, manual process. With no automation to enable you to roll forward these narratives to the next period, you find yourself reinventing the wheel period after period.
- Too much time spent on low-value activities, including constant editing and checking. Hours are spent manually copying and pasting data from source systems or disparate spreadsheets and passing files back and forth over poorly controlled channels, such as email, which puts the integrity of your process at risk.
- Manual narrative reporting. With machine-readable format becoming a must you’ll want to use dynamic text based on variables you define to ensure all reports always reference the correct narrative or single data point. Certent Disclosure Management offers multiple output options including Word, PowerPoint, PDF, Adobe InDesign, and High Definition HTML, iXBRL, XHTML
- Only reporting the bare minimum. With nonfinancial disclosure trends like environmental, social and governance reporting, you’ll want to maximize your data. A dynamic tool like Certent Disclosure Management can give you metrics for all your reporting wants and needs.