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Automated Annual Financial Statements

 

Due to the extensive legislative and regulatory burden associated with compliance has long been a challenge that not only municipalities experience, but also public entities. The time, effort and cost associated with ensuring compliance across the entire spectrum of these reporting can be significant. The Business Intelligence solution provided by our client automated reporting from the source of the transaction independent of the database(s) in use as the primary financial system(s). Not only can legislative and regulatory monthly reporting be achieved in a seamless process, but other management reports can also be produced in the form of monthly financials that are fully compliant to IRFS and GRAP. The solution provides for the automation and generation of IRFS and GRAP Annual Financial Statements, including the notes with narratives. Furthermore, the fact that the solution provides for drill down capabilities from the AFS to the calculated, aggregated and source of the transaction reduces the auditing and management effort required during the annual audit. The differentiator when compared to other potential solutions is that fact that solution does not function independent of the main transactional database. As an example, should a journal be required as part of the audit process to correct a prior year error, the journal would be processed within the core financial system and the AFS base tables would automatically be updated in real-time.

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