Financial reporting- Akeance Consulting

Consulting in financial reporting : our positioning

Finance departments and management control or performance departments are the key contacts for Akeance Consulting’s support services in financial reporting and management.
Our clients are of all sizes and from all sectors. A crucial aspect of reporting and management consulting is the importance of understanding the company’s industry. Therefore, Akeance Consulting’s teams typically have prior experience working in other companies before joining the firm.

Consulting in financial reporting : approach and content

Reporting and steering missions address three concerns.
The revision or implementation of a dashboard. The work consists in reviewing the existing reporting and identifying additional needs for dashboards.
This may be missions that include more information related to the “physical” aspects of the activity (volumes, numbers, weight, geography, etc.).
The second type of mission undertaken by Akeance Consulting involves the complete overhaul of the company’s financial reporting or that of a specific business unit. The approach consists of identifying, at each level of responsibility, the information needed for management purposes at that level, and so on, up to senior management.
The challenge lies in ensuring that information is not accumulated as dashboards are created at different levels of responsibility, but rather in reducing/aggregating the information to what is strictly necessary for each level of responsibility.
The third type of mission carried out by Akeance Consulting concerns the selection and project management of the implementation of a management tool such as reporting, consolidation, or business intelligence (BI). This type of mission is a regular occurrence at Akeance Consulting.

Consulting in financial reporting : some convictions

Dashboards need to be simplified

Indeed dashboards are very often numerous and the informations redundant. How many times do we find the turnover in dashboards… but not calculated in the same way… The difficulty is that any information is interesting and reports increase inexorably over time. It is difficult to only focus on useful information. Though this is necessary in order to avoid to being lost with information and no longer having any real help from the management tools.

Danger represented by many management control tools

Dashboards and reports produced by an ERP are generally insufficient (or at least considered to be so) and “complementary tables” are flourishing.
Each activity has its own Excel table (if not several), although there are not informations necessarily homogeneous or similar. That’s why in order to avoid unnecessary discussion from a table to another table gap analyses, to avoid the “autonomy of departments”, among other advantages, it is necessary to group the reports into a unique tool such as MRP (or almost unique, as perfection does not exist).

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Financial reporting consulting