Automating and Simplifying your External Reporting by Integrating - PDF document

6/20/2013 Automating and Simplifying your External Reporting by Integrating XBRL Ken Pavell & Steve Sheekey Thursday, June 20, 2013 Automating & Simplifying External Reporting General Information • Share the webinar • Ask a question • Votes (polling questions) • Rate (before you leave) • Attachments (you can download today’s materials) Experis | Thursday, June 20, 2013 2 1

6/20/2013 Automating & Simplifying External Reporting Earning CPE Credit • To receive 1.0 CPE credit for this Webinar, participants must: – Attend the Webinar for at least 50 minutes on individual computers (one person per computer) – Answer polling questions asked throughout the Webinar Experis | Thursday, June 20, 2013 3 Automating & Simplifying External Reporting Meet our Presenters Ken Pavell National Director (630) 452-3659 ken.pavell@experis.com Steve Sheekey Director (863) 412-7296 Steven.sheekey@experis.com Experis | Thursday, June 20, 2013 4 2

6/20/2013 Automating & Simplifying External Reporting Agenda • The Financial Close Process & Performance Management • Integrating XBRL to the Financial Close Process • Disclosure Management Demo • Questions Experis | Thursday, June 20, 2013 5 The Financial Close Process 3

6/20/2013 Automating & Simplifying External Reporting The Financial Close Process • Close Sub Ledgers into GL • Reconcile accounts Ledger & Sub • Gather additional Data Sets to support close Ledgers & Other Data • Consolidate reconcile data Filings Consolidations based on regulations • Intercompany Eliminations • Multicurrency capabilities (translations & reevaluations) • Automate and Deliver XBRL & Other Statutory filings External Internal Reporting Reporting • Compliant with principals and reporting standards • Produce financial statements and “book” capability • Render and Deliver reporting for performance analysis • Automate external reporting disclosures Experis | Thursday, June 20, 2013 7 Automating & Simplifying External Reporting Performance Management • Link strategic goals to operational decisions Set Goals • Integrates all management processes Align Plan • Deliver consistent, reliable Insight Performance insights to drive action Action • Lower costs and reduces Report Monitor system complexity • Single version of the truth Analyze Experis | Thursday, June 20, 2013 8 4

6/20/2013 Automating & Simplifying External Reporting Core components of BPM • Short-term financial budgeting – set detailed financial targets BP&F • Longer-term planning – set high-level targets and key strategic initiatives • Consolidate, reconcile data based on standards and regulations Financial • Automatic intercompany eliminations Consolidations • Multicurrency capabilities including & Close translation and reevaluations • Compliant with principles and reporting standards, and support reporting technologies Financial, Statutory, • Produce financial statements and “book” capability Management Reporting • Render and Delivery options to fit the needs & Disclosure of all consumers of the data Experis | Thursday, June 20, 2013 9 Automating & Simplifying External Reporting Current view of BPM & BI • Providing accuracy and transparency to core areas such as: – Consolidation & Close – Financial, Statutory & Management Reporting – Budgeting, Planning & Forecasting • Expanded Scope => Looking to deliver a better understanding of: – Drivers of profitability – Profitability modeling and optimization (PM&O) – Strategy management – XBRL/IFRS standards • Nearly 35 percent of large enterprises and as much as 65 percent of midsize businesses are using spreadsheets or legacy applications • Increasing looking at strategy management and profitability modeling Source: Gartner Magic Quadrant Report on Corporate Performance Management Suites - March 2012 Experis | Thursday, June 20, 2013 10 5

6/20/2013 Automating & Simplifying External Reporting Polling Question What BPM solution have you deployed? Oracle/Hyperion A. B. SAP/Business Objects/OutlookSoft C. IBM/Cognos/TM1 D. None E. Other Experis | Thursday, June 20, 2013 11 Automating & Simplifying External Reporting Organizations that have implemented Performance Management more broadly are nearly four times more likely to be among the most competitive organizations in their industry Source: IDC Financial Performance & Strategy Management Experis | Thursday, June 20, 2013 12 6

6/20/2013 Integrating XBRL to the Financial Close Process Automating & Simplifying External Reporting The Financial Close Process • Close Sub Ledgers into GL • Reconcile accounts Ledger & Sub • Gather additional Data Sets to support close Ledgers & Other Data • Consolidate reconcile data Filings Consolidations based on regulations • Intercompany Eliminations • Multicurrency capabilities (translations & reevaluations) • Automate and Deliver XBRL & Other Statutory filings External Internal Reporting Reporting • Compliant with principals and reporting standards • Produce financial statements and “book” capability • Render and Deliver reporting for performance analysis • Automate external reporting disclosures Experis | Thursday, June 20, 2013 14 7

6/20/2013 Automating & Simplifying External Reporting The Challenge of Regulatory Disclosures: Lack of Automation, Visibility and Control • Collecting disparate data is time-consuming • Disparate data sources across system landscapes • Regulatory information contained in spreadsheets • Manual cut-and-paste for narrative content • Manipulating data manually increases cost • E-mail workflow reduces visibility into status • Multiple document instances and versions • Approvals are cumbersome to manage and audit • Decentralized disclosures increase risk • Manual cut-and-paste into different formats • XBRL filing separate from statement publication • Last-minute adjustments may cause inconsistencies Experis | Thursday, June 20, 2013 15 Automating & Simplifying External Reporting Accelerating the Last Mile of Finance Reduces Costs “ Tools that can help coordinate the financial statement, regulatory reporting and investor report production activities in one central product that can provide a collaborative environment for all contributing parties can reduce process costs by up to 30%. ” Gartner Research Financial Statement Production Solutions Increase Market Penetration John E. Van Decker November 2010 Experis | Thursday, June 20, 2013 16 8

6/20/2013 Automating & Simplifying External Reporting What Is XBRL? eXtensible Business Reporting Language • Global demand for consistency in disclosures • Revolutionizes the reporting and disclosure of financial and business information • Standardizes the content of financial information for consistency in disclosures • Makes financial information easier to search, compare, and analyze • XBRL taxonomies identify information • A set of agreed-upon, computer-readable tags of information – equivalent to “bar - coding” • Defines individual data items in business reports and how they interrelate • Taxonomies can be extended for specific industries or by individual corporations • Compliance is mandatory by regulatory agencies, stock exchanges, and central banks • U.S. Securities and Exchange Commission (SEC), UK Tax Authority, etc. • Projects underway on all continents, in over 30 countries • Taxonomies are defined by jurisdiction Experis | Thursday, June 20, 2013 17 Automating & Simplifying External Reporting Common XBRL Practices • Manual management and creation of critical documents • Process of Gathering and Managing content and commentary is Manual • Adjusting the Financial Data is Manual • Reformatting Documents is not Only Manual, but prone to Errors • Control is Limited Experis | Thursday, June 20, 2013 18 9

6/20/2013 Automating & Simplifying External Reporting The Challenge of Regulatory Disclosures: Lack of Automation, Visibility and Control Lack of audit trail <HTML> of approvals Many data sources Manual data consolidation Decentralized statement publication <HTML> Numerous document Holding versions SGE 1 SGE 2 SGE 3 SGE 4 ZH 2 ZH 1 EG 3 EG 5 EG 1 EG 2 EG 4 EG 6 Experis | Thursday, June 20, 2013 19 Automating & Simplifying External Reporting Polling Question What method are you currently using to comply with the XBRL regulations? A. Outsource to Publisher B. Use a 3 rd Party solution (UB Matrix, Rivet, Clarity) C. Performance Management solution D. Other E. Not required Experis | Thursday, June 20, 2013 20 10