While financial reporting is largely standard across businesses no matter the industry—accounts receivable, inventory, etc.—when it comes to the banking and insurance industry, things get a little different.
Because the banking industry makes money based on interest and fees, their revenue will look quite unlike, say, a technology company. Where the tech company will list their revenue line at the top, banking revenue is actually a total of net-interest income and non-interest income. Analysts have been known to calculate revenue by total interest income, too, instead of net interest income, which only makes things more confusing.
There are also differences in the way accounts are subclassified in banking financial statements. A typical balance sheet will include unique classes of balance sheet line items that you won’t find elsewhere.
On the insurance side, new regulatory reporting requirements are increasing the number and frequency of required calculations, revisions to financial statement presentation, and increases in financial statement disclosures. These updates will benefit the industry long term with more transparency, but staying ahead of every new requirement in such a rapidly changing industry is not easy.
All that to say: Financial reporting is challenging enough as it is, and financial reporting in the banking and insurance industry is even more challenging.
Finding Cohesion through CXO Software
Fortunately, as Netherland-based trade credit insurance and collections services company Atradius learned, there’s an easier way. Through insightsoftware’s EPM reporting solution, CXO Software, Atradius was able to take a slow, manpower-intensive reporting process and turn it into a single storyboard. And all without a single extra phone call or email across departments or countries.
While shifting influences such as trade tensions and Brexit are causing uncertain futures for business and investment, Atradius can also use its CXO Software solution to run quick predictive analytics, projecting several different scenarios in a submitted forecast. CXO Software even lets the team challenge each scenario with machine learning predictive analytics.
With CXO Software, Atradius has been able to improve the fidelity of their information, increase cohesion, efficiently compile feedback, and manage predictive analytics and forecast bias.
So How Did They Do It?
But don’t just take our word for it. Watch as Atradius shares its financial and operational reporting journey first hand and see how CXO Software gave them easy—but more importantly, accurate—automated financial and performance reporting.