How to ensure your accounting and financial information quality?

Business management acquires greater complexity in this stage of adaptation to the ‘next normal’ in the heart of the coronavirus crisis. Now more than ever, financial departments need a complete vision. For this purpose, it is essential to ensure your accounting and financial information quality. 

The current complexity and lack of certainty challenge the Financial Department

Indeed, companies are faced with a supply “shock” due to the closure or temporary inactivity of factories or businesses, supply problems and disruptions in supply chains. In addition, the demand has decreased. In this changing environment, risks are multiplied. 

As a result, the CFO and the team face new challenges: 

• The demands for accounting and financial information from the General Management, shareholders, etc., are more urgent and require that such information be reliable.
• The tasks are multiplied and the information collection for a correct measurement of the business performance is also growing (reporting, treasury, consolidation, collections, payments, etc.).
• Post-COVID-19 financial management requires constant monitoring of control and risk indicators.
• The continuous improvement of processes will allow to reduce operating costs and thus mitigate the effects of the crisis on corporate finance.

Manage the accounting and financial information quality with 4 methods

Meeting these challenges requires a two-way approach to information management: 

• Controlling its quality and coherence taking into account the objectives set. 
• To ensure an efficient performance thanks to the indicators. 

Let’s see some methods that can support the Financial Director and their collaborators in this task, from the Accounting Director and those responsible for Consolidation or Budgets to the Financial Controller. 

1. Present the information with a global perspective

A global perspective makes it possible to monitor the consistency of financial information in the light of the objectives and to present the evolution of the KPIs in comparison with these objectives. 

2. Use suitable indicators and analysis 

In order to control the financial information consistency and to present the indicators evolution, the Financial Management can rely on already available KPIs and analyses. For example, those that provide the appropriate financial software from the detail of accounting entries or calculated data such as economic and financial ratios, and others. 

3. Financial information covering a wide range of functions 

Appropriate software, such as Talentia Financial Suite, allows the creation of indicators and analysis for each of the achievable breakdowns of these business functions: 

• Clients and debt collection.
• Purchasing and investment.
• Cash management.
• Accounting audit and internal control.

4. Financial department working in a collaborative way

The standardization of data facilitates the efficient exchange of information between departments. Healthy and prosperous businesses are based on effective cooperation. A collaborative, intuitive and UX designed solution communication between teams.   

To achieve such quality information, financial software is needed to provide relevant information to make the best decision. 

Talentia Financial Suite has these characteristics and includes all these business functions: accounting, assets management, cash management, accounting review for internal controls and financial BI. It is the ideal tool to successfully ensure your financial information quality and face financial management challenges.