In the article “4 Reasons CFOs Should Care about Integrated Reporting”, Bob Laux, Senior Director of Financial Accounting and Reporting at Microsoft, discusses key reasons why integrated reporting is so important for organizations. Below is a summary of the four key points.
- Communicating vs. Complying
- Organizations often look at integrated reporting as something they have to do rather than something that can be useful for their business.
- Integrated reporting provides a universal process for explaining where an organization is financially and acts as a tool for predicting how an organization will perform in the future.
- Reporting the Intangibles
- The value of an organization is increasingly becoming driven by intangible assets such as intellectual and human capital. Intangibles even include how employees and the public perceive the organization, and how well it operates in relation to environmental, social, and governance issues.
- Integrated reporting provides a coordinated view that helps organizations rooted in the information age report on their real sources of value and accomplishments beyond financial results.
- Breaking Down Silos
- Because it provides feedback on how organizations are functioning on multiple levels, integrated reporting helps organizations break down silos and promotes information sharing, which helps the organization run better.
- Increasing Transparency
- Integrated reporting is an idea evolved by financial experts to improve transparency and help organizations communicate more information about performance to investors, constituents, board members, and the public. Using integrated reporting, CFOs have a chance to take a leadership role in telling an organization’s story in a more effective way, making an even bigger impact.
Serenic’s suite of financial management software for nonprofits has helped many organizations improve reporting capabilities. Serenic Navigator is Certified for Dynamics NAV and is Microsoft’s leading solution for nonprofit organizations. AVF Consulting is a leading Serenic partner serving Maryland, Washington, D.C., New York, Boston, Atlanta, and Orlando and was named Serenic’s Partner of Excellence two consecutive sessions. AVF’s clients using Serenic Navigator accounting software for nonprofits include Catholic Charities USA, Tammy Lynn Center for Developmental Disabilities, American Urological Association, League of Women Voters, and many more. For more information, visit www.avfconsulting.com.
AVF Consulting is a leading Serenic partner and Microsoft Silver ERP partner serving nonprofit organizations and NGOs across the United States.