Digital Financial Reporting

Workiva published a little ebook called Connected Reporting that is worth reading.  In the ebook Workiva does a good job of explaining that connected reporting should be utilized, why connected reporting should be utilized, and even the five qualities of connected data.  They even explain three broad steps that you need to take to get to the point where you can do connected reporting.

What is not explained are the implementation details of how to get to connected reporting.

What is needed is a proven method of implementing connected reporting. The method needs to be auditable.

But the first step is to up your digital maturity. This is not about pawning off some task to the IT department.  That is probably the worst thing you could do. Remember, "Digital maturity is primarily about people and the realization that effective digital transformation involves changes to organizational dynamics and how work gets done."

You need to avoid creating a fragile house of cards.  Recognize that 81% of business leaders do not really understand artificial intelligence.

"Connected reporting" is just a buzz word Workiva created that refers to the same thing others are talking about using other terms such as "financial transformation", the "modern finance platform", "continuous reporting", and other such terms.  Essentially, they are all talking about the same thing.

Start here.  Be wary of the snake oil salesmen that are out there ready to part you and your money. There is no rush.  There is no need to be on the bleeding edge.  But there is a need to start and to build in the right direction. Gradually increase your digital maturity so that you can be ready for accounting, reporting, auditing, and analysis in the fourth industrial revolution.

Also, see this survey by Workiva and the AICPA; 2019 State of Financial Reporting Survey.