Despite recent advances in automated financial reporting tools, many CFOs still rely heavily on static spreadsheets for producing financial statements. As a result, finance leaders are often looking for ways to reduce the duplication of efforts and manual intervention in order to streamline the financial reporting process and improve the accuracy and agility of reporting.
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Going forward, CFOs will continue to implement processes and systems to reduce the overall cost of financial reporting while improving accuracy, visibility of data beyond the general ledger, and accessibility at all levels of the organization.
In addition, there will continue to be greater demand for more advanced dynamic reporting — including enhanced cost and profitability reporting, rolling forecasts, and zero-based budgeting — in an environment finance teams are comfortable with, such as Excel, so they can work more efficiently.