Is Your Financial Reporting Ready for the Future?

The challenge all organisations, big and small, face is answering and implementing solutions to solve this key question: How can finance and accounting teams work faster, smarter and more accurately? In the recent episode of the Don’t Panic It’s Just Data podcast, host Scott Taylor, The Data Whisperer and Principal Consultant at MetaMeta Consulting, speaks with Kevin Gibson, CPA and Principal Solutions Engineer at insightsoftware. They talk about the constantly changing nature of financial reporting. Additionally, they discuss the pros and cons of modern financial reporting and the importance of connecting financial data with familiar tools like Excel. The conversation also touches on the future of financial reporting technology and the need for organisations to adapt to changing data access needs. To learn more, watch or listen to the podcast on EM360Tech. Takeaways Finance professionals are facing increased pressure to analyse data amidst uncertainty. The ideal state for finance teams is immediate access to data without barriers. Modern financial reporting has its good, bad, and ugly aspects, primarily revolving around data accessibility. Different industries have unique data needs and KPIs that impact financial reporting. Excel remains a critical tool for finance professionals despite the rise of cloud-based solutions. Organisations must find ways to connect their financial data with familiar reporting tools. The future of financial reporting will continue to evolve around Excel and data accessibility. Companies are beginning to realise the limitations of cloud-based systems and may revert to on-prem solutions. AI is emerging as a significant factor in data access and reporting. C-level executives should engage with finance teams to ensure they have the tools they need. Chapters 00:00 Introduction to the Podcast and Guest 00:59 Understanding the Role of Finance in Uncertain Times 04:00 The Good, Bad, and Ugly of Financial Reporting 08:13 Types of Data and Industry-Specific Challenges 10:00 Connecting Financial Data with Reporting Tools 13:59 The Future of Financial Reporting and Technology 17:58 Key Takeaways for C-Level Executives