Prd 032 The fundamental problems with corporate financial data Created by James on 6/26/2013 11:39:06 AM
The following is an overview of what I have found to be the fundamental problems with corporate financial data that I am planning to overcome:
1. Partially or totally unstructured when compared with the JAR&A standards.
2. Limited or no code structure when compared with JAR&A standards.
3. Frequently just carried over from the previous system for human convenience resulting in ALL the deficiencies of the previous system being present in the new system.
4. Frequently originally developed by mid-level or junior consultants with no appropriate knowledge or experience who facilitate mid-level book-keeping staff to produce lists that lack any form of structure or strategic insight or logic.
5. Lack of input at an executive level and lack of a correspondingly highly experienced executive facilitator.
6. Senior contractors making some level of sense of the data in order to write reports resulting in persistent dependence on that contractor.
7. Low level changes to the Chart of Accounts break all reports with the result that the organization never gets beyond basic financial statements.
8. If two people try and produce the same report independently they produce results that do not agree, multiple related reports give multiple answers for the same values, nobody trusts the system.
9. Managers keep records outside the system because they do not trust the system.
10. Financial statements are prepared in Excel by highly qualified accounting personnel and take weeks to prepare – cannot drill down to source data without considerable effort by those same personnel.
11. Wait days or weeks to get answers to simple questions or cannot get any answers at all!
I hope that this outline has given some idea of the issues that the proposed Analytical Suite is intended to address in a comprehensive holistic solution.
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