A unified financial governance solution

With tougher disclosure requirements and accounting rules being mandated and adopted around the world, financial reporting, for both internal stakeholders and external investors, has become a very complex and challenging process for most CFOs and their financial teams. Investors demand nothing less than 100% accuracy in the financial data supplied in the reports and expect insightful commentary from management regarding company status.

The importance of accurate data is underscored with the addition of XBRL into management and investors toolkits, as they demand the ability to make quick, meaningful comparisons among elements of financial information.

Despite its importance, external reporting is a broken process in many companies. Most manually produce their external financial documents so they see all of the typical problems associated with manual processes, including a high risk of errors, long cycle times, and no common system to manage the process or to manage access to the highly sensitive information contained in each report.

As a result, CEOs and CFOs are in an increasingly vulnerable position. They risk signing off on reports with errors leading to restatements and they risk finishing their external reports after the deadline, whether it’s a filing deadline for external reports, or an internal deadline for executive review.

There is a better way: IBM Cognos Financial Statement Reporting (FSR).

IBM Cognos FSR provides a comprehensive solution that automates external and internal reporting processes to reduce risk while improving efficiency.

IBM Cognos FSR transforms the way finance/accounting/legal departments manage and deliver critically important financial and management reports.

• FSR ensures timely and accurate delivery of content sensitive documents to external and internal stakeholders.
• FSR facilitates external, regulatory and internal document creation, from the collection of data and addition of insightful business commentary, through to XBRL tagging, formal approval and auditability of final reports.
• FSR also eliminates the risks inherent in spreadsheet based processes and activities – adding integration, controls, automation and audit trail to ensure data integrity and enhance governance in daily finance and accounting processes.
• FSR helps CFOs reduce risk and improve efficiency in their most critical reporting processes.

IBM Cognos FSR transforms the way finance/accounting/legal departments manage and deliver critically important financial and management reports. This innovative software helps CFOs reduce risk and improve efficiency in their most critical reporting processes. Capabilities of IBM Cognos FSR include: External Reporting, Internal Reporting, SEC Filings, XBRL, Regulatory Reporting, Public Sector Reporting, and Corporate Social Responsibility (CSR) Reporting.

IBM Cognos FSR helps the finance department improve the timeliness and quality of financial management processes and reporting; facilitate audits; extend ERP transactional controls; and improve financial risk management. Features and Benefits of IBM Cognos FSR include: Link Source Data to Report Data, Use Prior Report as a Template for the Next Report, Powerful Built-in XBRL Functionality, Collaboration, Internal Control, Audit Trail, Ease of Use, Workflow, Rounding, Business Rules, Output, Data Integration, and Linking Report Information.

Next steps

Contact us today to learn how the IBM Cognos FSR can help your company to maximize performance – you can complete the form or call us at 877-454-4898, and we would be delighted to consult with you and make specific recommendations.