4 Tips For Improving Financial Reporting

By Andre Gilmore, Senior Consultant, HTG Peer Groups

Accurate and timely financial reporting can be a valuable tool in managing any size business. A leadership team equipped with accurate financial data is empowered to make quicker, more informed decisions and effectively keep up with changing market conditions. However, many businesses struggle to produce accurate, decision supporting documents in a timely fashion, frequently leaving business leaders feeling as though they are constantly looking in the rear view mirror while trying to drive forward.

Here are a few practical tips to improve your financial reporting and keep your decision making team looking forward.

1. Standardize your book close process. There are a multitude of inputs that go into the book close process. By clearly documenting the process and enforcing deadlines throughout the organization, a clean, repeatable process can be established. Without a clearly defined standardized book close process, the accuracy of your reports will suffer as inconsistencies and excessive adjustments change your financial understanding of the period being reported. It is important that the entire organization gets into the rhythm necessary to support accurate financials.

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