FIVE KEYS TO IMPLEMENTING YOUR CONSOLIDATED MANAGEMENT REPORTING
Analyze the existing situation
The implementation of this type of project requires mature reflection and
involves an in-depth analysis of the existing situation and current organization.
A comprehensive analysis is made up of three parts:
- Information systems
- Internal control
- Key indicators
Define your expectations clearly
Generally, the benefits of this implementation should:
- Facilitate decision-making
- Optimize the sharing of information
- Ensure data accuracy
- Improve fast closing for business management
- Reduce lead times for producing consolidated accounts
Define relevant KPIs
KPIs should be defined based on the target audience. Specific metrics should be implemented
for internal customers as well as for external use, e.g. investors or financial disclosure.
Certain key indicators should be common to both audiences.
Define the role and responsibility of each contributor
Management reporting increases the number of people involved
in the production of reports and communication.
You must ensure that you have all of the required resources to initiate and
successfully accomplish this type of project.
You should identify the team members you need to rely on and involve
them actively to ensure that your project is a success.
Control project costs
Remain alert as regards financial cost containment as well
as manpower costs for your project.
The scope of your reporting must not be over-dimensioned to
ensure effective management, readability and optimization.