Annual Report and Financial Statements

One headache that every finance team member has the period when they need to create the financial statements for the year. This is when any misposted or wrongly allocated funds come to haunt them. This is the period when the Auditors become the arch-enemies of the finance team. This is the period when the statement "not balancing" is synonymous with "you are dead". This is the period when having a sleeping bag in the office is a necessity for the finance team.

Some of the causes of the stress involved in the production of finance statements can be reduced or eliminated by ensuring data from the financial system to Excel (where the financial statements are prepared) is transfered with as little manipulation by staff as possible. One solution we have offered a number of organizations for this purpose is creating an Excel template that uses an import of the TB from the financial system to give the P&L, Balance sheet and Cash flow by using formulas linking these reports to the TB.

The value add for this template to the process is that any changes made during the audit process can quickly be included into the final accounts without having to lose "balance" in the balance sheet.

Have a great new year and an easy reporting process.