Disclosure management is crucial for accurate and transparent reporting. However, the challenges faced by finance teams are continually growing. Businesses need to process vast amounts of financial and non-financial data from various sources. The collaboration of numerous stakeholders within a company needs to be coordinated. And new regulatory requirements, such as ESG and ESEF reporting, are intensifying the pressure.
This is where disclosure management software comes into play. It simplifies report creation, reduces manual effort, and improves accuracy. But which solution is the right fit for your company? In this article, you will learn what to consider when selecting a provider and how to find the right one.
What is disclosure management?
Disclosure management involves the preparation, review, and submission of material financial and non-financial information to regulatory authorities, shareholders, and the public. These include annual financial statements, annual reports, and sustainability reports – essentially any report that provides insight into an organization's financial position, operational performance, and future prospects.
Key challenges in disclosure management
Disclosure management is a complex task that presents considerable difficulties for many companies. Maybe you know this from personal experience: You are required to collect and consolidate a wide range of financial data from different sources. This data must not only be correct but also be presented in a manner that is both comprehensible and legally compliant. That requires thorough planning, efficient processes, and close collaboration between different departments to maintain consistency and ensure accuracy.
When many people are involved in report creation, however, questions and issues often arise regarding access rights, change tracking, and data consistency. Coordination becomes challenging, and mistakes creep in more easily.
In addition, you need to keep up with evolving legal regulations and reporting standards such as GAAP, IFRS, and ESRS. Non-compliance may result in substantial penalties, reputational damage, and legal repercussions. This is why you need a flexible reporting format that complies with current legal requirements and allows for quick adaptation.
How disclosure management software can solve your problems
With suitable disclosure management software, you can streamline your reporting processes while ensuring compliance with all legal requirements and delivering flawless reports to your stakeholders.
This is how the software sets itself apart:
