Tools to streamline the production of narrative commentary bundled with key financial data and metrics. Traditionally, the Finance and Accounting Teams have diverted a substantial portion of their efforts towards the creation of consolidated financial statements. However, similarly onerous is the effort involved to craft the context supporting these key financial figures – collectively known as “Narrative Reports” or “Narrative Performance Reports” (e.g., board reports, annual report, budget, pro forma, XBRL filing, etc.).
Challenges in producing Narrative Performance Reports commonly stems from:
- Tick ‘n’ Tie (same numbers are referenced in multiple places with some part of sub-totals) and adjustments thereto.
- Scaling and Footing – source numbers are expressed to the nearest thousand or million can create footing errors.
- Volume of narrative reports required per reporting unit.
- Significant number of reporting units.
- Orchestration across multiple individuals (e.g., legal, tax, operations, finance, etc.)
- Consistency of formatting throughout a report set.
- New schedules or disclosures.
- Roll-forwards (e.g., next period, next quarter, next fiscal, etc.).