IE Business School and Everis have launched a research report on financial closing processes and all the factors that enable better management in this field. The observatory on Information for Boards of Directors created by IE and Everis will oversee the project.
The report will cover each phase of financial closing, providing a detailed vision that will help organizations achieve more precision in terms of data, while shortening the preparation cycle and reducing costs. The initiative is a direct response to the demand for greater financial information, coupled with more organizational and control data. Corporate reporting is a critical process for any firm and, ultimately, for its board of directors, who need said information to take decisions and provide markets with essential information.
â??Financial information is not only important for corporate administrators to be able to gauge the situation and take decisions, it also enables the company to keep markets and different stakeholders informedâ?, explains TomÃ¡s Garicano, Director of the Observatory. â??Information not only has to be totally reliable, but every care must be taken with regard to the money and time spent obtaining itâ?.
Everis partner, Luis Ramos affirms that â??the fundamental objective is to identify the parts of the process that can be improved and activities that enable optimization of the time and HR resources employed in financial closing, as well as the quality of information. We also aim to use this analysis to establish best practices, in collaboration with participating companies. Moreover, it will serve as an exercise in benchmarking, bringing opportunities for improvement for our clientsâ??.
The Observatory on Information for Boards of Directors has created a coordination committee comprised of Luis Ramos and IvÃ¡n Ruiz, directors at Everis; Santiago IÃ±iguez, Dean of IE Business School; and TomÃ¡s Garicano, Director of the Observatory and professor of IE Business School.