The days of preparing SEC and internal financial reporting with a series of complicated Excel spreadsheets and Word documents are gone forever. The modernization of financial reporting includes the systemization of the financial reporting process.
The systemization of financial reporting utilizes integrated systems in order to manage tasks and the actual construction of financial reports. This includes the complete process from monthly financial close procedures all the way to the construction of SEC reports (10-K and 10-Q) and internal managerial reports. But, where can you find this technology?
Two systems, in particular, are very useful in this area:
- Workiva WDesk
BlackLine helps organizations systemize the month-end financial close reporting process. The activities of the close cycle are captured and completed electronically (everything from journal entries through account reconciliation and results). This allows for constant monitoring of the process from start to finish. Embedding controls allows for identification of inaccuracies and inconsistencies in the close cycle, thereby insuring the integrity of the final results. Blackline delivers greater visibility to the financial close process to the organization and allows for greater value to the business with this improved insight.
For the creation of the financial reports, Workiva WDesk works in conjunction with BlackLine. Using the results from BlackLine, WDesk allows you to create financial reports (on a monthly, quarterly or annual basis) in a collaborative fashion across functions, teams and departments. The data is shared and systemized and replaces manual printouts for reviews and distribution, thereby eliminating version control and audit trail issues.