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Are Finance Departments Ready for the Audit of the Future?

Are Finance Departments Ready for the Audit of the Future?

Audits play a huge part for companies looking to raise capital and continue growing business. However, according to a Deloitte survey of financial statement preparers, audit committee members, and financial statement users, external parties are looking for more. Are companies prepared to provide it?

If the survey points to things to come in auditing, the audit profession has an opportunity to adapt, becoming more proactive in addressing evolving demands and expand auditing to include assurance beyond traditional financial statements.

Things like key performance indicators, industry metrics, and non-GAAP measures would be considered “most important” in accuracy to stakeholders, according to Joe Ucuzoglu, chairman and CEO of Deloitte & Touche LLP.

“Many investors are looking for broader and deeper insights that can help them make smarter, more informed decisions,” said Ucuzoglu. “The audit profession as a whole will be looked at to expand outside the domain of the historical financial statements.”

As this turns to companies, whether they are publicly traded, pre-IPO, or seeking venture capital, it simply means that stakeholders and auditors will expect more—both in standard and expanded metrics.

Being able to report with more accuracy, faster, while providing a wider variety of metrics for comparison. Your success will depend more than ever on smart, fast decision making and flawless execution.

How can your business provide this? It all starts with accounting software preferred by the AICPA and built for growing companies. With Intacct Cloud Accounting and Finance software, your company can:

  • See every dimension of your business: More easily create reports, graphs, dashboards, and visualizations that analyze performance by business driver. Add context by creating custom dimensions to highlight business drivers and improve your reporting to all stakeholders.
  • Get the rich reports you need— the way you want them: Create reports that go deeper by drawing on your combined financial and operational data. What’s more, you can drill down to source transactions for immediate, granular details, or easily view consolidated reports without waiting for period-end. With Intacct, you can do it all without exporting data to a spreadsheet, writing custom scripts, or waiting on someone to customize reports. Take advantage of more than 150 pre-built accounting and financial reports—or build and customize your own reports right from within Intacct.
  • Make it easy for stakeholders to get the insights they need: Display real-time reports, metrics, and insights tuned to the needs and perspectives of all stakeholders—in finance, sales, operations, and the boardroom—wherever and whenever they need them. Dashboards provide at-a-glance views of what matters most: cash balances, project profitability, deferred revenues, revenue per square foot—practically any ratio or metric you need. Data visualization features let you easily flag important trends, display critical comparisons, highlight missed or hit targets, and more. Skip the hassle of exporting data to a spreadsheet or presentation program and emailing it; instead, just build a dashboard once, then let Intacct update it for you in real time.

Learn more about the key features of Intacct Reporting and Dashboards by downloading the fact sheet here. For even more on the impact of Intacct, see how Performance Cards can help you to make more informed managerial decisions, and learn how the Digital Board Book can make reporting to the board or to stakeholders faster and more accurate.

Intacct has continued to build upon its product offering, and has been chosen by a plethora of public and now-public companies.

To learn more, watch the on-demand webinar “Your IPO is Coming. Is Your Finance Team Ready?” and download the whitepaper The IPO and Beyond: The Keys to an Enduring Financial Foundation.

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