It is essential for businesses to write Financial Procedures Manuals, although these need to be shared effectivey to get the benefits.
The writing of such Manual is essential for:
– respecting statutory regulations. Company auditors and internal controls demand this documentation, as it is the only way of correctly enforcing the rules.
– communicating internally and improving access to information.
– the quality of data typed-into financial applications and ensuring the timely and accurate publication of accounting and financial reports (especially for public companies).
– ensuring the coherence of financial regulations and applying standardized procedures, as the business perimeters is changing (through M&A or reorganization…), with the help of tools such as the Financial Procedures Manual.
– fastening the closure of accounts.
– improving the financial & reporting IS.
The Financial Procedures Manual should be structured to assist the consolidation and accounting specialists in the varying stages of their work: account plans, settlement rules, review paths, control definitions, financial reporting, etc.
Above all, it should be communicated to all the financial population. Whether on paper or via email, it is essential to guarantee the access to the correct financial information, at the right time.
The new tendency is that the Procedures Manual needs to be made accessible, because publishing it on the Intranet or in pdf format is no longer enough.
The Shortways virtual assistant allows you to share your Financial Procedures Manual, directly into your business application (SAP BFC, Oracle HFM Hyperion, Microsoft Excel, IBM TM1…) The user no longer needs to search for information, it’s the information that comes to him.
Directly linked to your financial information system, the Shortcuts virtual assistant allows you to carry out contextual searches relating to your financial application’s terms and key-words. You are bringing real value to your financial procedures manual and to users.