From manual financial reporting to automated annual and interim reporting
Area of collaboration
System implementation
Industry
Healthcare
Tools
Implementation benefits
Single source of truth
Automatic data refresh
Elimination of manual work
Consistency of financial data
Full audit trail
Version control
Faster report preparation
Single version of the report
About the client
An international healthcare group providing private medical and diagnostic services. The company offers a wide range of services—from preventive care and outpatient services to specialist and hospital treatment, as well as laboratory diagnostics – serving millions of patients across Europe and other regions.
CHALLENGES
Manual financial reporting process
The client’s controlling team was responsible for preparing annual and interim reports using multiple Excel and Word files. Financial data was manually transferred from the consolidation system into tables and schedules within the reports. Each correction required updating data in multiple places, which extended the process and increased the risk of errors.
Fragmented documents
The financial report was created using multiple Excel and Word files prepared by different team members.
Manual data transfer
Data was copied from the consolidation system into tables and schedules within the reporting documents.
Lack of transparent change tracking
Working across multiple files made it difficult to determine which version of the document was current and who had made specific changes.
Time-consuming reporting process
Preparing financial reports took the team several weeks and required multiple rounds of data validation before publication.
PROJECT IMPLEMENTATION
Implementation of an automated financial reporting process
Incube supported the client in streamlining and automating the preparation of annual and interim reports. As part of the engagement, we implemented Certent Disclosure Management and integrated it with IBM Cognos Controller and IBM Planning Analytics (TM1). As a result, reports were directly connected to financial data from the consolidation system, eliminating manual data transfer and ensuring data consistency.
Step 1
We analyzed how financial reports were prepared within the controlling team. Together with users, we identified areas generating the most manual work and risk of errors. Based on this, we designed the target financial reporting process.
Step 2
We implemented Certent Disclosure Management and integrated it with IBM Cognos Controller and IBM Planning Analytics. The report was directly connected to data from the consolidation system.
Step 3
We migrated the report templates to the new environment and replaced manually entered values with automated links to financial data. The controlling team now works on a single report that can be automatically refreshed whenever the data changes.
RESULTS
Optimized financial reporting process
Automation of the reporting process significantly simplified the preparation of annual and interim reports. Financial data is directly connected to the report and can be automatically updated after any change in the consolidation system. As a result, the controlling team can focus on data analysis instead of manual work.
Significant reduction in report preparation time
The preparation of annual and interim reports was reduced from several weeks of team effort to about one week of work by a single person. Automation limited the time spent on manual data updates and document validation.
Elimination of manual errors
Direct integration of reports with financial data eliminated errors caused by manual copying between systems, spreadsheets, and documents.
Instant data updates in reports
Any change in financial data can be automatically refreshed across the entire report. This allows corrections to be made quickly, even at a late stage of report preparation.
Single source of truth for financial data
The report was directly connected to data from the consolidation system, ensuring full data consistency across the entire document.
Greater transparency for auditors
The system provides a full audit trail, making it easy to track the history of report changes and the source of the data used in the report.
Less manual work
The controlling team no longer needs to manually copy data or update multiple files. This allows them to focus on financial analysis instead of operational work.
Higher efficiency of the finance team
Reporting automation streamlined work on the document and improved team collaboration in preparing financial reports.
Why is it worth it?
End of manual work
Automatic integration of reports with financial data eliminates manual data copying and significantly simplifies the preparation of annual and interim reports.
Always up-to-date
The report is directly connected to the consolidation system, so any change in the data can be automatically refreshed across the entire document.
Full control
Centralized report management allows you to track changes, control document versions, and maintain data transparency.
More time for analysis
The finance team can focus on data analysis instead of manually preparing and updating reports.
A modern approach to financial reporting
With the support of Incube, the client streamlined the preparation of annual and interim reports and reduced manual work within the controlling team. Integrating reports with financial systems ensured data consistency and significantly accelerated report updates after any change in the consolidation system. As a result, the financial reporting process is now more structured, efficient, and scalable.
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