Financial reporting in the cloud in the wake of COVID-19

Mandy Leonard, Business Development Director, iOCO

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There is no denying that the world is currently in a state of economic uncertainty. Companies are bracing themselves for the economic backlash of the COVID-19 pandemic. Many have already felt the repercussions seeping through their crumbling company structure. In times such as this, earnings are becoming more volatile. Technological advances have become imperative to function and progress. To stay afloat, organisations are having to learn how to survive and thrive while operating exclusively in the online world.

This essential endeavour is not without its challenges. Data and available technologies are rapidly evolving. It is imperative that reliable and effective systems are employed. Utilising technology for financial reporting can be highly advantageous, to provide business managers with reports that deliver insights that are easy to analyse. As more and more businesses are turning to such online solutions, the value of such services is becoming increasingly apparent.

In an era where businesses are racing to beat the clock, seeking financial solutions and lifeboats, manual financial reporting can hinder progress. Manual reporting is known to be time-consuming and often presents with flaws and errors. These errors usually occur when failing to link the data to the cause (narrative). This disconnection leads to a lack of integration, the inability to track progress and determine who is responsible for individual areas of content, and a lack of access control. These cost the organisation valuable resources that simply cannot be spared.

“Managers have found that online solutions for financial reporting, such as cloud-based services, are more reliable and offer more streamlined information. Manual reporting systems are antiquated and often contain errors and duplications,” explains Mandy Leonard, Business Development Director, iOCO.

Financial reporting in the cloud has proven to be advantageous for many reasons. With cloud-based services – such as Oracle Enterprise Performance Management Cloud Services (EPM) offered by the Oracle Services team at iOCO – organisations consolidate their financial information. This combines both the data and the narrative into a streamlined process. With the captured data, managerial reports can easily and effectively be compiled. Such reports drive strategic decisions with clear and concise information.

Within the unstable global financial environment, these reports assist in providing concise information to make impactful decisions. The advanced analytical capabilities offered by this information aids in creating a roadmap for strategic financial intervention. This technology allows business owners and managers the opportunity to rely on a secure, collaborative, process-driven approach for defining, authoring, reviewing and publishing financial and management report packages, as well as allowing for cross-cloud services for reporting.

“In today’s financial climate, it is essential that management can clearly explain the quality and sustainability of corporate performance. Embracing financial reporting in the cloud helps to achieve this, while ensuring that businesses are complying with all regulatory reporting requirements – all while staying ahead in these uncertain times,” concludes Leonard.