Workiva: Practical Implementation of the Universal Process Framework for Financial Reporting
Posted: 1 November 2016 | Source: Workiva
New standards, additional disclosures, and changing business operations are an all too familiar fire drill for finance professionals. The incorporation of new requirements to reporting and business processes is a quarterly, if not more frequent, event. There is truly no shortage of work.
Those driving these changes to process and reporting output expect no drop in the quality of data or output. As a result, many organizations are doubling down on the expected reporting quality and have countless projects in flight. This should come as no surprise given a recent report from The Economist Intelligence Unit that reported 52 percent of CFOs see data accuracy as the biggest obstacle in their jobs.1 This concern is further reinforced by the 2015 Ernst & Young survey Regulation Now, which reported that 40 percent of regulatory teams perform in excess of 500 manual adjustments to data.2
Unsurprisingly, the increased pressure on finance professionals continues to grow both in volume and quality, all while ensuring the accuracy and integrity of their work. The same Ernst & Young survey found that firms continue to spend more than 50 percent of their time preparing reports versus performing analysis and review.3 This situation is crying out for action to be taken—but what can one individual do to combat this enormous problem?
In this paper, we will discuss a real-life example of how one finance team empowered itself to take on process improvement—creating repeatable and sustainable processes that allowed them to meet growing demands and improve quality.