For the purpose of reporting within time frames optimal for decision-making and management, this process requires optimization and automation.
Management accounting automation allows for reporting within strict time frames and responding to any changes in the company's external and internal environment efficiently.
The result of management accounting automation may be:
- specific automated calculation tools or other reporting elements, which meet the client’s prior needs;
- full-fledged system for automated management reporting.
In addition, the client receives the following benefits:
- reduction of hours spent on management reporting;
- possibility of management reporting on a regular basis within strict time frames even in the context of fast close;
- shifting an emphasis from the source data technical processing to their adequacy assessment and reports analysis;
- possibility to prepare consolidated or combined management reports for the group and stand-alone reports for each entity of the group on the basis of one set of calculation files.
Our approach to management accounting automation
The approach to management accounting automation is similar to IFRS reporting automation, but can also include the following stages:
- Development of management accounting policies of the company.
- Evaluation of the adequacy of the client’s existing management accounting methodology.
- Development of the company group financial structure.
- Analysis of possibilities to increase details in existing reports.