The GL Company Presents

1. The GL CompanyPresents 7 Steps to Financial Integrity Presented by: James Taylor Account Manager The GL Company Australasia

2. Financial Integrity • Ensuring that financial information accurately reflects the underlying accounting transactions • … and that the accuracy of the information can be easily verified

3. Who cares about Financial Integrity? • Who doesn’t? • Legal requirement to accurately report financials • Organisations need relevant, reliable, timely financial information in order to operate effectively, to: • Control costs • Review revenue • Ensure on-going financial viability

4. Two Words….. Month End Does it Send shivers down your spine????

5. Challenges in achieving Financial Integrity • Time pressure • Difficult reporting, reconcilliation & validation processes • Imperfect toolsets • ERP Inquiry Screens & Report Writers • Spreadsheets • Business Intelligence & 3rd Party Reporting tools

6. Does this look familiar?

7. ERP inquiry screens & report writers • Run directly against ERP system – good! • Inquiry screens very limited & inflexible • Report writers are technical IT tools • No financial transparency in reports: hard-coded, static, no drill down • Difficult & time-consuming to validate & reconcile reports

8. Spreadsheets & Excel-based solutions Spreadsheets provide a familiar interface for Accountants but compromise financial integrity: • 95% of spreadsheets contain at least 1 error (KPMG white paper) • Results can be manually adjusted - no audit trail on what’s changed • Can easily be proliferated without security both internally & externally • Many local copies are created, which is the correct version? • Difficult to manage if the person who wrote them leaves • No Control System. Who publishes what and when? • Financial Integrity nightmare

9. Business Intelligence (BI) Useful for post-month end management reporting but does not necessarily provide Financial Integrity: • Complex Meta Data / End User Layers (EUL) require setup & on-going maintenance • Limited financial transparency, difficult to reconcile • Data often exported to separate database: reports do not run over core accounting data • Fixed set of reports - new requests require specification, development (modification of Meta Data); a technical process prone to error

10. What’s needed • Safe, secure, ad-hoc inquiry & reporting for accountants • Real Time – post a journal, see the results immediately • Pre-configured for the ERP system: meta data is built-in • No staging – runs directly against core accounting system • Financial transparency – drill to details & transactions • Used by Accountants, not IT • FAST – relieves time pressure at month end

11. 7 Steps to Financial Integrity • Direct Inquiry • Interactive Trial Balance • Financial Transparency through drill down • Audit Unposted Batches • Review Currency Translation • Validate Financial Statement Lines • Analyse Results against Multiple Budgets

12. Step 1: Direct Inquiry Inquire directly over the Balance & Journals tables, not through a view, or against a data extract. Post a journal & see the results immediately.

13. Step 2: Interactive Trial Balance Analyze Trial Balances & multiple accounts across segments in summary or detail for multiple periods on a single screen.

14. Step 3: Financial Transparency Drill from consolidated account balances, to transactions to sub ledgers to quickly investigate issues.

15. Step 4: Unposted Batches Reconcile between journals & financial statement balances and investigate any unposted batches.

16. Step 5: Currency Translations Review base and translated currency summaries with drill to Entered & Accounted journal amounts.

17. Step 6: Validate Financial Statements Identify any accounts missing from financial reporting lines by validating parent account rollups, summary accounts or selecting totals for ranges.

18. Step 7: Actuals ‘v’ Budgets Analyze financial results against multiple budget versions simultaneously.

19. The 7 steps: • Step 1: Direct Inquiry – Post a journal and see the results immediately • Step 2: Interactive Trial Balance - Analyse accounts across segments, consolidated or detailed • Step 3: Financial Transparency - Drill from balances to transactions, sub ledgers, journal entries • Step 4: Unposted batches – Investigate unposted batch errors • Step 5: Currency Conversions and Translations – Review base and translated currency summaries • Step 6: Validate Financial Statement Consolidation Lines – Identify any accounts missing from financial reporting lines by validating parent account rollups and summary accounts • Step 7: Analyse Actuals Against Multiple Budgetversions • At the completion of the 7 steps, financial reports can be published in confidence, with their financial integrity intact

20. Really Real Time Inquiry Suite • Easy interface to audit the data in the Oracle General Ledger • Pre-configured ad-hoc inquiry & reporting for Accountants • Can be used to validate or replace FSGs • Secure environment used by Accountants but controlled by IT

21. A few ANZ customers we’ve worked with

22. Really Real Time Inquiry Suite for Oracle Are you involved in Month End or Project Accounting? We can help make your life easier www.TheGLCompany.com