The Role of Technology in Streamlining Financial Reporting
Ramanujam Narayan
CEO, CFO at Contetra| Helping CFOs to Save Time & Costs with ERP Implementations & Re-implementations, Process Optimizations| Enabling FIN leaders with IndAS/IFRS /GAAP Advisory, Batch Training & Contractual Resourcing
Did you know that accountants often work more than 50% while preparing financial statements?
We know that financial reports have always been a powerhouse of decision-making for businesses.
But let's face it, the traditional financial reporting process has often been a tough nut to crack.
Month after month, finance teams put in endless hours to generate crucial reports that shape the future of their organizations. ??
But guess what? The times they are a-changin'! ????
With growing technology, real-time insights rule the roost, and these hurdles are no longer acceptable.
The advanced, cutting-edge tools have the power to overhaul financial reporting—think speed, accuracy, and the immense value they’ll create.
Want to know about how technology is transforming financial reporting in the real world.
Read our new blog about: The Role of technology in financial reporting.
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Chartered Accountant | Financial Planning & Analysis | Finance & Accounts Operations | Budgeting & Forecasting | UPL|Ex-Galaxy|Ex-Apcotex
1 年Thank you, Sai. It is undeniable that technology plays a pivotal role in driving automation, enhancing compliance, improving efficiency, and reducing operational time. This, in turn, empowers teams to allocate more quality time towards analysis and delivering valuable insights to management. In your next article, we also request a discussion on the implementation of technology in various areas. While ERP is widely used by most organizations, it would be valuable to explore other areas that should be targeted.
General Manager of Operations | Operations, New Business Development, Key Account Management
1 年Technology plays a pivotal role in financial reporting, streamlining processes, and enhancing accuracy. Automated systems facilitate real-time data collection, reducing errors and ensuring compliance. Advanced analytics enable in-depth insights, aiding decision-making. Cloud-based platforms enhance accessibility and collaboration. Blockchain ensures transparency and security. Overall, technology accelerates financial reporting, making it more efficient, timely, and capable of delivering valuable insights for informed business decisions. Despite its advantages, the role of technology in financial reporting has limitations also. Challenges include cybersecurity risks, potential system glitches, and the need for skilled personnel. Overreliance on automation may overlook nuanced interpretations, and integration complexities could pose obstacles. Constant vigilance is crucial to mitigate these challenges effectively. The growing threat of Cybersecurity is a concern for many developed countries. We have yet to see the foolproof mechanism to ensure riskless applications.