Australian Boardrooms Lack Clear View of Business

According to a recent survey, more than half (55%) of Senior Finance Professionals are worried their internal controls are not working effectively during their reporting period. In addition to this, 46% are concerned about unexpected errors being identified in critical spreadsheets while 40% don’t believe their data is always trustworthy and accurate.

From our experience at Bi5 Solutions, this doesn’t come as any great surprise. At Bi5 we believe in the benefits of Integrated Business Reporting, a seamless way to bring all your data into one integrated system, providing for reporting, planning and forecasting.

Whilst there are some pretty self evident benefits to such an integrated system, there is one benefit which despite it’s importance is often overlooked.

In assessing the cost/benefits of implementing such a system, most people look at how it will make things easier and faster, how it will allow improved analysis and forecasting, and enable greater insight into their business. What they often forget however is that all this relies on source data being correct.

Through the development, implementation and testing of an integrated system solution, and the increased ease of access to detailed data, previously undiscovered errors in source data and existing reports suddenly come to light.

These benefits are like getting a little biscuit with your morning coffee, they’re not the prime reason for your purchase, but you’re very happy when you get it.

Read the full article on the survey here