One of the biggest headaches of any organization can be meeting the reporting and analysis needs of different audiences. The challenges of the reporting requirements can be further amplified when data requires the amalgamation of trial balance level information with subledger details. This data may further need to be consolidated and adopted to accommodate varying metrics and trends analysis.
Any organization with bank debt knows that covenant compliance and reporting can be a tedious and time-consuming process. Leveraging the organization’s EPM with drill-in capabilities can offer an efficient method to generate reports and analysis for bank reporting – all within the existing reporting infrastructure used for management reporting.
Whether it is a standardized set of financial statements or customized metrics, an EPM solution can be leveraged as the single data set for all reporting needs. This single data set is essential to ensure that accurate data is utilized across the reporting needs of an organization – whether it’s for adhoc reporting, internal management reporting, ownership reporting, or external reporting (tax, SEC, banks, etc.). The controlled single EPM system ensures that accurate data is reported and that management can bridge the various reporting outputs to address the specific needs and analytics of each audience.
Furthermore, drill-down capabilities of modern EPM solutions, such as OneStream, can allow users to access subledger data that is stored inside various ERPs from the single EPM system. This not only ensures data integrity between subledger and trial balance data, but it also offers further controls between the various ERPs in use throughout the organization and the EPM used for consolidated reporting; not to mention the efficiencies of maintaining a single dataset. Hierarchies can be further leveraged to capture specific data groups (for example, all US entities) that might be relevant to debt covenants.
This streamlined approach ensures a controlled and efficient environment is utilized for all reporting needs AND it offers it within a familiar, one-stop reporting solution that users leverage to meet reporting requirements of diverse audiences. Reduced errors, reduced time, reduced headaches = Improved profitability, improved efficiency, improved data integrity.