Cognos has enhanced its financial performance management offering with new performance blueprint, the Group Consolidation and Corporate Reporting (GCCR) Blueprint, designed to help finance departments renew and improve the close, consolidate and report process through industry best-practices.
Finance departments worldwide face continuous pressure to deliver efficient and accurate financial and regulatory reports as well as support the appropriate systems and processes to drive better performance.
Many departments are challenged by a lengthy, or inefficient, close process with multiple manual steps and checkpoints. For these departments, collecting and verifying data is challenging, as is processing consolidations such as minority interest, currency, multiple GAAP and regulatory reports. Financial statements are delivered just in time, with little time available for analysis or review.
The new GCCR Performance Blueprint helps customers address the challenge of facilitating continuous performance improvement practices while efficiently meeting the demands of compliance and external reporting under International Financial Reporting Standards (IFRS).
The blueprint is specifically designed to support organisations that are required report under IFRS guidelines, and provides a financial consolidation foundation system to support additional regulatory and management reporting.
Says David McWilliam, MD of Cognos South Africa: "Too often, financial performance information is not timely enough for corporate reporting or for business decision-makers to use effectively. Our GCCR blueprint augments the efficiency of Cognos 8 Controller 8.2 by reducing close cycle times and ensures company accounts across the organisation are reliable, transparent and can be easily compared.
"The Performance Blueprint will further assist organisations to lay the foundation for continually renewing and improving their close, consolidate and report processes and provides a best practices guide to achieve these process improvements and meet reporting compliance"
Cognos 8 Controller is a finance-owned solution with out of the box functionality that enables users to deploy and manage the financial consolidation process. Developed by the Cognos Innovation Center for Performance Management, Cognos' Group Consolidation and Corporate Reporting Blueprint augments the Cognos 8 Controller solution by providing templates for IFRS specific processes, including for example a standard chart of accounts, dimensionality for segment reporting, and rules for acquisition calculations and currency conversion. Customers can modify and adapt the blueprint to suit their specific consolidation requirements.
Cognos offers a full suite of Performance Blueprints to address planning and performance management process areas that directly impact an organisation's ability to create business value. Both functional and industry-specific process areas can now be automated, streamlined and transformed to help organisations quickly create more business value.
Developed by the Cognos Innovation Center for Performance Management, the Cognos Performance Blueprints are a key component within the Cognos Performance Management System, which combines technology, best practices, analytical applications and solutions, and a broad network of partners into a single performance management solution.