Financial management systems are designed to measure and report business performance, but sadly, most systems fail to add value. Evidence of failure arises when one sees:
- A plethora of detailed, system generated reports that have varying levels of adoption across the organization
- Requests of finance for further ad hoc analysis before management can make important decisions
- Slow reaction time to operational, competitive or strategic issues as they arise
An inability to pinpoint performance issues using management information
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- What are the ONLY two possible outcomes a strong management report should lead a reader to?
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- What are the 5 requirements of any good P&L report to provide the right amount of visibility to management?
- And what are the benefits of cloud-based financial systems and a "single source of truth"?
