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Towards cracking the King III sustainable reporting conundrum


As the demand for sustainable reporting has grown, so too has the body of knowledge and practices regarding its disclosure. While the initiative provides standards as to what should be included in integrated reports, there is still no standard as to how the data should be collated, consolidated and communicated. It is here that RollupSheets can prove invaluable.

As a locally developed consolidation software solution, RollupSheets has been specifically developed for the growing African organisation. Its functionality is ideally suited to the local environment as it can adequately capture financial and non-financial data across different languages and cultures, variations in best practice and the use of multiple technologies in a sustainable, cost-effective and simplified manner.

Being local has the added advantage of purchasing a product in rands and dealing with a supplier that understands the South African market. However the real value comes from a development and support perspective. Should you require specific functionality to be developed or even if you need a particular problem to be resolved, you won’t need to go into an international queuing system.

Q&A A look at a few financial consolidation solution must-haves

Q: What type of functionality should I be looking for in a financial consolidation solution?

A: Ideally the consolidation solution should be able to provide all the required financial functionality in a simplified way. Streamlining and simplifying this functionality allows the financial manager to apply the technical expertise and skill that they have been trained and employed to do, without the hassle of having to deal with ineffective, complex and time-consuming collating and reporting processes.

 

Q: Are larger international software brands superior?

A: Although large international software solution brands have their benefits, they are not always the best solution for growing organisations. Opting for an international solution provider not only requires dealing with foreign currencies and time zones, but more importantly does not always provide the development and support turn-around that many smaller local solutions have to offer. Being required to join an international queuing system for development and support requirements, puts an organisation at a distinct reporting disadvantage.

 

Q: What can I do to control project scope and cost?

A: To maximise efficiency and successfully control project scope and cost, organisations should ideally manage their own financial consolidation as opposed to leaving it primarily in the hands of the solution provider. Organisations should therefore insist on defining fixed scope, time and the cost of their agreements with solution providers, and thoroughly investigate their track record before committing.

 

Q: How do I ensure I get the best value for money?

A: While the addition of all sorts of fancy ‘bells & whistles’ to the final product and service may appear desirable, these often come with a hefty price tag. Helpful here is weighing up whether these ‘bells & whistles’ are a nice to have or whether they offering real core reporting advantages to the organisation.  One needs to bear in mind that often the more expensive solutions are often just that - more expensive, and not necessarily superior.

 

Q: As my business continues to grow, how often will the financial consolidation software need to be upgraded?

A: No matter how big or complex the organisation, the consolidation solution should be flexible enough to be scaled according to the organisation’s requirements. This greatly simplifies processes where simplicity often unlocks time and cost savings.  

 

Q: Will I have to sign a Service Level Agreement with the solution provider?

A: Significant time, energy and cost savings can be realised by opting for a solution that is completely self-maintainable. This allows organisations the choice to avoid contracting in consultants every time there is a change or scale-up in complexity, size or reporting application.

 

Q: Will I have to upgrade my IT infrastructure?

A: Some consolidation software solutions require a large amount of resources to ensure the IT infrastructure remains compatible with the consolidation solution. It is this additional labour and resources required from the IT department, which can dramatically drive-up internal costs of reporting. There are however solutions available that require no additions or upgrades to the infrastructure.

 

Q: How much time will be needed to train my staff?

A: Here, research is required to determine which solution has the highest adoption rate and how much training will be required during and after implementation. In this scenario, time once again equates to money.

 

Streamlining and simplifying functionality allows the financial manager to apply the technical expertise and skill that they have been trained and employed to do, without the hassle of having to deal with ineffective, complex and time-consuming collating and reporting processes.

 

Simply put RollupSheets brings simplicity to collating, consolidating and communicating!

 

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