Reporting and Analytics Process Flow
Budget owners and financial executives use Reporting and Analytics to monitor and analyze the company's performance. They can perform variance analyses to compare Actuals to Forecasts by Department. They can also add commentary and attachments about any significant variances at the Department level.
Reporting and Analytics tasks include providing variance commentary, analyzing monthly trends, and performing monthly executive reviews.
Best practice is to analyze the company's performance on a regular basis.
Providing Variance Commentary
The budget owner analyzes monthly variances and provides departmental commentary for significant variances on all the Variance Report forms.
The finance executive analyzes the monthly variances and any commentary made by the budget owners and provides any additional commentary. In addition, the finance executive follows up on significant changes in the business.
Analyzing Monthly Trends
The finance executive reviews current trends and monthly totals by using the following dashboards:
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CFO KPI Income Statement Dashboard
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CFO KPI Balance Sheet: Cash Flow Dashboard
Performing Monthly Executive Reviews
First, the finance executive and other executives review the monthly company performance in the Financials cluster and the consolidated financial statements in Group Reporting Currency. Then, they review the significant variances and associated commentary on all the Variance Report forms.