Cost accounting and financial reporting – Time for a shake-up
Cost accounting and financial reporting is a key element of each and every performance management system. Due to rising pressure to cut costs, increasing internationalization of companies, changing business models and “new” demands from legislators and the capital markets, numerous firms are now seriously considering redesigning their current cost accounting and financial reporting systems.
The following topics are at the forefront of developments:
- Standardizing and automating processes
- Harmonizing internal and external accounting (reduce complexity, increase transparency)
- New, modified performance indicators (KPI-based management)
- New, modified management tools (cost estimating, profitability analysis, allocation systems etc.)
How can cost accounting and financial reporting support the day-to-day management of my business and my organizational units? How can I accurately portray all the objects with management relevancy within my company, such as organizational units, projects, investments, assets etc.?
In order to manage performance and to foster its sustainable growth, companies must revamp their cost and activity accounting and financial reporting by finding solutions which lead to the creation of effective steering instruments. In an environment where costs and time are becoming increasingly precious commodities, more and more questions arise as to how to make cost accounting and financial reporting more efficient. One frequent challenge is to automate cost accounting and financial reporting or to speed up the analysis and evaluation processes by using new IT technologies.
Have you found yourself confronted with issues concerning cost accounting and financial reporting and are you searching for state-of-the-art solutions? We will gladly support you with our extensive expertise in this field to help you design and technically implement systems for cost accounting and financial reporting.