Financial reporting and Analytics provides an accurate and reliable financial information to both the internal and external stakeholders to help them make better decisions. As a part of good governance, the CFO of the company should fulfil the responsibility of maintaining sound and ethical financial management along with reporting, also striving for efficient and productive use of resources and also maintain necessary skills, qualities, and professional standards.
Financial reporting and Analytics provides an accurate and reliable financial information to both the internal and external stakeholders to help them make better decisions. As a part of good governance, the CFO of the company should fulfil the responsibility of maintaining sound and ethical financial management along with reporting, also striving for efficient and productive use of resources and also maintain necessary skills, qualities, and professional standards.
The basic role of MIS (management information system) is to focus on the information relating to organization and also technology systems. It analyzes the problems of the business and prepares designs and maintains computer applications to solve the organization's problems. On the other hand, board reporting is an effort to streamline the financial reporting process and providing the directors a meaningful and timely financial information. It is preparation of a complete checklist for senior management defining the key performance indicators. Thus, it is consolidation and redesigning of financial reports, financial analysis report, investment report, budget report etc. thus this involves both external and internal reporting through preparation of detailed MIS reports
Turnaround management is a dedicated towards corporate renewal. A CFO's duties are to do analysis and planning to save the troubled company and also to find reasons for failing performance in the market and rectify them.
Thus, when companies suffer troubles relating to cash flow crises, major losses etc., they require a financial professional to handle the turnaround requirements. There is an outline of steps involved and good understanding of this process will make it easier to identify when applied
once the business is stabilized, it is time to commence the strategic planning process. Also the SWOT analysis shall be done. it is important stage to look internally (strengths and weaknesses) but also to strategically analyses the external environment (opportunities and threats) as well. From SWOT analysis, the long term vision, mission and objectives for the business can be defined. Knowing where the business is heading then allows the development of a strategic plan.
the next step is development of action plan. The tasks are the daily, weekly and monthly activities to be done and with this strategic planning process, each one will be contributing to the overall mission. Without the implementation step, all the planning can go waste. It is important that employee are aligned with the overall vision for the business. This is achieved through communication, consultation on regular basis by the CFO of the company.
the regular reviews are considered after the planning and implementation process. In effect the process of turnaround management is quite similar to the strategic planning, however there are some distinctive areas of stress. For upcoming of this stress, the consultation of turnaround management is required.
In this process, a clear definition of performance problems are defined and outlined. It helps in identification of the areas of financial stress within the business and steps to be taken.
