TechnologyAccounting SoftwareFDs slammed for lack of vision

FDs slammed for lack of vision

Analytical tools the key for dealing with the OFR, argues Cartesis

Software vendor Cartesis has accused FTSE350 finance directors of a ‘lack of
external vision’ for failing to appreciate the benefits of using analytical
software to deal with the onerous requirements of the OFR.

Its survey of 80 FDs found that only one-third chose ‘reporting performance
externally’ as a driver for investing in performance management software.

But the software vendor has argued that the most difficult aspects of the OFR
that listed companies must deal with, such as communicating externally on
present and future performance of the company, will require the use of
benchmarking and analytical tools to help with compliance with the legislation.

‘Internal finance reporting is just the tip of the iceberg when considering
what stakeholders need to see when reviewing investment and performance,’ said
James Fisher, a director at Cartesis.

‘Companies that are serious about their business performance and are required
to meet regulations, such as the OFR, must go beyond internal updates on
financials.’

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