For today’s government finance organizations, preparing budgets, periodic reports, and CAFR reports is a collection of manual, fragmented, and error-prone processes. IBM Cognos FSR can fix this.
IBM Cognos FSR provides a collaborative environment where many contributors can participate in creating an external document, all within a secure environment with a tight audit trail and seamless connection to source data. With IBM Cognos FSR, you can produce external financial documents more efficiently, with more controls and in compliance with the appropriate regulatory bodies.
IBM Cognos FSR is a unified financial governance solution that focuses on improving financial processes and controls, particularly in the final stages before disclosure. It helps the finance department:
- Improve the timeliness and quality of financial management processes and reporting
- Facilitate audits
- Extend ERP transactional controls
- Improve financial risk management
nexDimension CAFR Solutions™ – powered by IBM Cognos FSR, is a CAFR solution designed specifically for municipal governments.
- Link Source Data to Report Data—Every number in the final report links back to a single data source ensuring that there are no conflicting numbers anywhere in the report. Changes to that source number automatically cascade through the report.
- Use Prior Report as a Template for the Next Report—The latest data is automatically loaded into a report template that is pre-formatted, letting you focus on editing the document than collecting, consolidating & formatting data.
- Powerful Built-in XBRL Functionality—Easily tag financial data and commentary once and have it automatically flow to future reports.
- Collaboration—Each section of a document can be assigned to a separate user, so that any number of users can work on the same document simultaneously.
- Internal Control—Ensure that the proper steps are being following in the creation, submission and approval of each section in the document.
- Audit Trail—Track each change to the document. Easily compare any two versions of the document to see what changed, who changed it, and when it changed.
- Workflow—Track the status of each section of the document, with due dates and responsibility assignments.
- Data Integration—Pull data from a variety of data sources including: leading ERP systems, leading financial consolidation applications, relational databases, OLAP databases and MS-Excel.