INFOTECH: Cortell Adds Clarity FSR to Its Stable
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Cortell Corporate Performance Management, a local provider of enterprise
business intelligence, planning and consolidation software and
services, has recently added the Clarity FSR product set to its stable
of offerings. The addition of Clarity FSR brings automated last-mile
reporting and financial governance capabilities to the company's
Says Greg Bogiages, Director of Cortell Corporate Performance Management: "Clarity Systems is an IBM company, and as an IBM partner we are pleased to be able to add the selling and service rights for the Clarity FSR product to our solutions set. This makes our offering more comprehensive than before, enabling us to offer a complete package from planning and modelling to budgeting and forecasting, consolidation reporting, and now the last mile, which enables us to deliver the very best in total solutions to our customers."
Clarity FSR is a product that has been designed to help finance to improve the timeliness and quality of financial management processes and reporting, providing a comprehensive solution for external reporting requirements by automating the 'last mile' of reporting, the creation of the annual report, Corporate Social Investment (CSI) reports and any other statutory and regulatory filing. This removes the potential for human error which is prevalent in any manual process dominated environment, and improves efficiency and accuracy of reporting.
"Many organisations, while they may have sophisticated intelligence systems in place, continue to struggle with manually producing external financial documents such as the annual report, which is time consuming, inefficient, often inaccurate and does not leave an audit trail documenting who made what changes when," says Tiani Annandale, Senior Consultant at Cortell Corporate Performance Management. "Clarity FSR addresses all of these concerns and enables external reports to be quickly and accurately generated, reducing risk and ensuring compliance. An easy to use interface with familiar formatting and calculation capabilities similar to Microsoft Office Suite tools makes people feel immediately comfortable with using the system. "
With Clarity FSR report, data is linked from multiple external data sources and stored in a single database to ensure no conflicts occur in the report, and changes made in the source data are automatically applied to and cascaded through the report. Previous reports can be used as templates for future reports, automatically loading updated data into the preformatted document, saving time for editing rather than people wasting it on consolidating and formatting.
"This innovative tool uses XBRL to tag financial data and commentary once and have this flow to future reports, ensuring that changes are easy to implement across the report without errors. Taxonomy Manager, Editor and Designer can be used to help a company's specific taxonomy to meet statutory and regulatory requirements. And the XBRL Viewer enables users to view the final XBRL report in plain English without any mark-up code, just like an electronic document," Annandale adds.
Other features of Clarity FSR include a comprehensive audit trail tracking each and every change made to documents, integration with online resources allowing for direct access of analysis, official texts of regulations and so on, workflow process to track the status of each section of the document and support for a variety of outputs including Microsoft Word and PowerPoint, Adobe PDF and InDesign and optionally XBRL documents for filing to the Security Exchange Control (SEC).
"XBRL was created to improve the comparability and consistency of industry information, and local companies with a listing in the USA or the UK already have to comply with the SEC requirements around XBRL. While the use of XBRL is not yet mandated in South Africa, for multinational corporations the need to comply already exists, and the possibility is strong that the JSE regulator may implement similar standards. The FSB (Financial Services Board) is a member of XBRL South Africa, and has announced in the 2010 FSB Annual Report (CEO Section) that their long-term vision is to establish XBRL as the only standard for digital financial reporting. Clarity FSR enables organisations to get a head start on this compliance requirement while improving efficiency, productivity and accuracy of external reporting at the same time," Annandale concludes.
Business News Sector Tags: Infotech|