Integrated Reporting

Integrated Reporting enhances reporting and enables companies to link strategic, management and external financial reporting. 

Under Integrated Reporting, companies provide more information on the broader health of the organisation and the challenges and opportunities it faces in the future, rather than focusing on analysing past financial results. This includes more focus on active governance, resource use and exposure, strategic performance, and management of material risk to create and preserve value. 

In traditional reports, the reader is often not given sufficient information to fully assess a company’s ability to execute its strategy in the future, and so whether past earnings are likely to be sustainable in the medium to long term.

It is not surprising there has been groundswell in the adoption of Integrated Reporting in Australia and New Zealand, it’s basically better business reporting.

We are speaking together with KPMG in a CCH Tagetik webinar on 2nd October 2019 where you can hear how to make Integrated Reporting a reality, including:

  • What Integrated Reporting is and why it matters

  • The technology that is required to support Integrated Reporting

  • Integrated Reporting in action

  • The roadmap for quick and successful implementation

To register for the webinar, please go to:

https://www.tagetik.com/au/events-news/events/event?eid=/events/2019/integrated-reporting-digital-transformation-platform


The Digital Transformation of Finance

The CFO Group is running a series of webinars on the digital transformation of finance.

Here is a link to the recording of our first one together with KPMG and hosted by CCH Tagetik.

https://register.gotowebinar.com/recording/7418217337257495810

Daniel Bruce from KPMG gives an excellent view of the finance operation of the future and the webinar continues on to discuss tips on using EPM as the finance transformation platform to get there.

Setting the right Vision and Goals for EPM

Often EPM projects are justified based on the cost savings that come from the compression of planning and reporting cycle times and the corresponding reduction in effort that is required from Finance in its coordination role and across the enterprise in terms of data entry and reporting effort by the business.

Cost reductions and efficiency gains are very real outcomes from implementing a new comprehensive enterprise planning and reporting system, but there are bigger benefits on offer.

To not miss out on these, it is important to keep a focussed eye on the improvements in enterprise performance that will come from better alignment of budgets to strategic plans, more accurate forecasts, agile decision making and action based on better information, and more time for advice from Finance as business partners.

To help achieve this, it is good practice to create a Vision statement for the new EPM system that encompasses both. Then to set specific, measurable, achievable, realistic, and timely Goals for the cost and time savings arising from the streamlined planning and reporting processes and the enterprise performance improvements.

What do you think?

Comments are most welcome, including any examples of vision statements and goals that have made a big difference.

Hear about the role of EPM in digitising the office of finance

Next month, the CFO Group and KPMG are speaking about how leading Australian and New Zealand organisations are digitising the office of finance. 

You will get an opportunity to hear from us on how enterprise performance management (EPM) underpins the digital transformation of the office of finance. Planning, budgeting, forecasting and reporting processes are key for managing the performance of the enterprise and placing the right information into the right hands at the right time.

In just 30 minutes, you will hear from Daniel Bruce of KPMG and Geoff Noble of the CFO Group on how you can achieve the digital transformation of the office of finance, including:  

  • What the finance operation of the future looks like

  • The technology is required to support the digital transformation

  • The roadmap to success

  • The key benefits and payback

Speakers:

Daniel Bruce, Partner, Finance Strategy and Performance, KPMG 
Daniel Bruce is a partner at KPMG in the Sydney Finance Strategy and Performance practice and the country-wide subject matter lead for Enterprise Performance Management. Daniel is hands-on in helping CFOs modernise their finance organisations through digital transformation. 

Geoff Noble, Partner, CFO Group 
Geoff Noble is a partner at the CFO Group, a firm specialising in helping CFOs digitise the enterprise performance management processes of planning, budgeting, forecasting and reporting. Geoff has over 40 years of experience in helping finance become the very best business partners to help optimise enterprise financial and operational performance.

To register please visit:

https://www.tagetik.com/au/events-news/events/event?eid=/events/2019/digital-transformation-of-finance-webinar

Introducing the CFO Group blog

This blog is all about how to implement the very best enterprise performance management (EPM) systems for large and complex organisations.

EPM systems, on the one hand, are a critical ingredient to manage the planning, budgeting, forecasting and reporting processes, and on the other hand, difficult to get right.

This blog is all about helping consultants, CFOs and the office of finance get EPM right.

Some of the discussions in this blog stem from the CFO Group Solution Delivery Methodology for EPM.

EPM consultants and users alike are encouraged to contribute through comments to posts on this blog to help with continuous improvement to EPM practices for us all.

Should you wish to have a private conversation about EPM, please contact Geoff Noble, Managing Director, CFO Group, on geoff@cfogrp.com.