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What is a Management Dashboard?
The term Management Dashboard defines a wide range of data reporting and visualization tools or dashboards that allow using various performance & efficiency measures to report on an enterprise’s ability to organize and coordinate its activities in accordance with certain policies and in achievement of pre-determined objectives. What is a Management Dashboard?
 
 
 
 
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Money Management Action Plan

In this Money Management Action Plan you can read a range of tips and suggestions that will help you manage your money in an effective manner.

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Home » Solutions » For Departments » Finance department » Financial reporting
Financial reporting  

Financial reporting



 
 

Planning tasks for financial reporting process
The financial reporting function covers a broad range of financial indicators, documentation and statements. The company management needs to know existing financial statement and how Finance department fulfils its obligations. The purpose of the financial reporting function is to analyze the scope of provided services, financial returns, credits, and banking, etc. Financial report is strictly regulated and controlled by legal and corporate authorities. The idea of Finance department solution is not to build financial reports, but to create workflow that helps arrange and maintain financial reporting function of the department. The financial statement planning process may include the following parts:

  • Income statement planning
  • Balance sheet planning
  • Cash flow planning

Each of these parts can be specified with tasks the department staff should complete to prepare financial report. Finance Director can use VIP Task Manager as a workflow manager to organize workflow for building financial statements and realize the planning of income statement, balance sheet, and cash flow. The workflow manager software allows to schedule tasks concerned the financial reporting process by using Scheduler tool. The task groups 'Income statement', 'Balance sheet', and 'Cash flow' can be displayed in 'Calendar Groups' Panel of Scheduler. Finance Manager can use 'Due Date' column and 'Priority' column to plan tasks. To prevent overdue tasks, he can set up reminders and notify the staff by e-mail notifications.

Controlling tasks for financial reporting process
In order to provide sufficient and comprehensive financial information in the report, Finance department should keep financial reporting process under control and monitor activities of involved staff members. This is about tracking the tasks assigned to Finance Specialists and Accountants who provide key financial information for the report. Finance Manager controls the staff members' work.

By using VIP Task Manager, the financial reporting process can be effectively tracked and controlled. This task tracking system allows to collect information about current job of the departmental staff members and communicate with them in real time. For example, Notifications Panel allows to keep Finance Manager informed of all task changes occurred in the task group 'Balance Sheet'. If Finance Manager wants to comment some task or leave recommendations, he can communicate with the employees by using Comments Panel. VIP Task Manager allows to keep financial reporting process in higher degree of compliance with corporate financial reporting standards.

Submitting financial report
Submission of the financial report is the last step of financial reporting process. Finance Manager reports to Finance Director on the work done and prepares the financial report for submission. In order to make sure that the financial report is completed in accordance with standards and in compliance with the statement of income, balance sheet and cash flow, Finance Manager needs to get a clear vision of the work the financial staff members do to complete the financial report. This can be done by using VIP Task Manager. Finance Manager can build task status reports and monitor performance of each employees. Such a report shows statuses, assignments, due dates and history for the tasks in the task groups 'Income', 'Balance worksheet' and 'Cash flow'. Task reports in VIP Task Manager can be converted into HTML/Excel format and then easily printed out.

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