3 Ways VDR can simplify the statutory reporting process

The use of the Data Room reporting technologies allows our specialists to build systems of any complexity for different categories of specialists: from statutory reporting at the level of the entire company to personal analytics at the level of an ordinary employee or department.

What is statutory reporting?

The main information base on the condition of economic entities, analysis, and evaluation of its financial and economic activities is statutory reporting. It is based on current (synthetic and analytical) accounting. The purpose of preparing statutory reporting statements is to provide users with complete, truthful, and unbiased information about the financial condition, results of operations, and cash flows of the enterprise.

Thus, statutory reportings serve as a reliable and complete reflection of information about processes (operations, events) that may affect management decisions. In addition, the indicators of this reporting can provide a reasonable assessment of past, current, and future economic events.

General requirements for the quality of statutory reporting are:

  • clarity, unambiguous interpretation;
  • relevance, the ability to assess past, present, and future events and adjust them as needed, to influence user decision-making;
  • reliability, absence of errors and distortions;
  • comparability of financial statements for different periods and with other companies.

The role of the Data Room in the statutory reporting process

Many companies today experience difficulties in planning, execution, planning-fact reporting, and monitoring business performance, since such processes are carried out manually or in heterogeneous information systems and rely on disparate data.

Virtual Data Rooms offer comprehensive services for building business intelligence systems that will effectively analyze and use the data available in your company for both operational and strategic management. Data Room enables you to report across entities in one central platform. You get transparency, traceability, and confidence while eliminating risk and accelerating the statutory reporting process.

A well-prepared database, wide data analysis capabilities, and convenient administration make it possible to quickly generate statutory reports from large amounts of data, quickly and easily change their appearance without the involvement of IT specialists.

The Data Room will allow solving several urgent tasks:

  • Intuitive and flexible work with data;
  • Efficient and comprehensive use of large amounts of data;
  • Prompt management decision making based on data from disparate systems;
  • Ability to quickly respond to changing situations and find the reasons for such changes.

With the help of business analysis systems, companies can improve planning, forecasting, and budgeting processes, quickly obtain the necessary information for timely decision-making. Many organizations will be able to reduce the cost of software for a variety of purposes and reap the full benefits of a broad and unified BI infrastructure.

What are the advantages of Data Room software for business reporting?

Data Room reporting system has the following advantages:

  • Seamless integration of various data sources and applications, thanks to this – a single picture of the situation in the organization;
  • Transparency and integration with corporate systems;
  • Tracking problems and opportunities in real-time;
  • Opportunity for detailed analytics and immersion in data sources;
  • Self-service business intelligence and information visualization tools;
  • Dashboards – for easy creation and sharing;
  • Reports of any degree of complexity, access to tables of several million rows with analysis of information in RAM.

So, Data Room reporting systems are effective for obtaining information at various levels of company management. They can be directly used by both leaders making the most important decisions, as well as managers and analysts, without having specific knowledge in the field of IT.