It’s the same scenario every month: Company accountants and finance advisors rush to organize and close their financial statements. What’s even more frustrating – within the mass scramble – is stopping to carefully examine the data after using the financial statement generator (FSG) via Oracle’s E-Business Suite. This scenario invites a myriad of problems; without properly authenticating the statements, it can inevitably introduce GL account balances to errors and inaccuracies. In turn, this wreaks havoc on reporting features and further degrades their credibility.
So, a question to ask: If the validity of the FSG data is questioned, how will this affect the future integrity of the reporting? Like mothers conveniently say, “Always wear clean underwear!”
Oracle’s FSG solution isn’t new and many use it on a daily basis. What many users don’t understand is the likelihood of significant data decay within the statements – specifically with row sets, column sets, content sets, etc. No doubt, this all proves to be an apt time for an FSG integrity check.
A few points to keep in mind when working with unverified financial reports:
- There’s the possibility that several rows sets contain errors and are affecting the reports
- Checksums for financial reports may go unused
- Bad calculations (and a devious FSG editor) can easily ruin the outcome
- Data security becomes an afterthought when introducing Excel into the mix. Nobody likes a spreadsheet that’s irrevocably wrong.
All too often, companies invest millions of dollars into a combined ERP and BI system that emits unreliable data. In the end, what becomes the more important segment of ERP is the need for reliable reporting that has the correct functionality – not a solution that causes data integrity, security and compliance issues.
With International Financial Reporting Standards (IFRS) looming, data quality and security becomes a necessity rather than a luxury. Nowadays, companies trying to resolve auditing and Sarbanes-Oxley issues agree with that statement. It’s losing confidence in a multi-million dollar system that creates a gap between success and the muddy waters of noncompliance.
Again, listen to mother: “Always wear clean underwear!”
To purify that flawed report that will soon bear a signature of approval from a C-level executive, give it a good washing: http://www.insightsoftware.com/fsgchecker. Nobody likes a dirty spreadsheet. Better yet, nobody likes to see money wasted on reporting about…money. Make sense?
