Annual report: a time-consuming process?
Annual reporting simplified and supported with Disclosure Management Tooling
Are you and your colleagues also spending far too much time, energy and hassle to deliver the annual report every year?
Are you also constantly chasing people and having difficulty keeping up with all the email changes when putting together these types of reports? Is it hard to keep track of progress with so many different people who have to contribute to various sections? And does it continue to be difficult to maintain data security and accuracy?
Then maybe it’s time to start looking for a more efficient way to tackle this task!
So what is the problem?
For many companies, producing the annual report is still a manual, ad-hoc process. Crucial information behind the data is missing, and the collaboration and insight needed to deliver these reports is sorely lacking.
The quality of the reports influences the perception of the management team. It is not just about providing the right numbers; stakeholders also want context, which increases the pressure to deliver flawless reports.
To solve this problem, Disclosure Management tools are available on the market. Tentive has previously implemented a number of these solutions for various clients. From a generic perspective, they offer the following benefits in producing and publishing financial, management and regulatory report packages:
- Disclosure Management tools can aid you in combining data and narratives;
- These tools enable you to easily view the original basic figures and analyse them in the right context;
- They support and streamline the process for creating and distributing reports;
- They facilitate collaboration with content authors and reviewers, without compromising data security or accuracy;
- You can provide your contribution to the reports or consult the contents using your mobile device or desktop computer, wherever and whenever you want.
The cloud solution by Oracle
Oracle’s Enterprise Performance Reporting Cloud (Oracle EPRCS) is a secure, collaborative and process-driven solution for defining, authoring, reviewing and publishing reports for internal and external stakeholders. Oracle EPRCS reveals data in the content of written reports.
In general, that is what Disclosure Management is all about: providing access to data in reports. Within Oracle, that is called Narrative Reporting. Oracle primarily sees Disclosure Management as its XBRL creation and management solution. For now, we will mainly focus on how to implement Narrative Reporting.
Figure 1 : Main screen Oracle EPRCS
Oracle EPRCS combines financial, management and regulatory report packages into a single solution in a unique way. Whether you use existing documents, work with a previous reporting suite, or have the system automatically create ‘doclets’ (parts of a reporting suite that have been assigned to various contributors/authors who provide the content of the report), you can easily create a reporting suite with minimal information in a short time.
The system will guide you through the settings, following the steps it will take to activate the reporting suite. You set up the final data, add doclets and assign users to their roles (owner, authors, approver, reviewer and viewer). The report centre provides a web interface for contributors to the reports. The report package owners define, manage, review and communicate about the content through this interface, while assigned users only get to see the content that is relevant for their assigned role. If users prefer a Microsoft Office environment, they can also authorise, approve and review tasks via SmartView for Office.
Collaboration over the entire process is essential and will help to reduce the time it takes to define, produce and deliver reports. Let’s say you’re the user. The system informs you about a task; you connect, log in, complete your task, and easily submit your contribution.
In addition, Oracle EPRCS is also a cloud solution, so it is simple to implement and easy to maintain. Patches, backups and upgrades are implemented by Oracle.
Would you like more information about Disclosure Management and reporting solutions? Are you curious to see what a successful implementation could mean for your organisation? We would be happy to answer any questions or contribute ideas based on your own reporting process! Feel free to contact us.