Vision Financial & MIS Adjustments
Businesses require a process to perform automated and manual adjustments to the Financials and MIS Results. These adjustments are GAAP compliant and allow the businesses to prepare and present the financials / MIS in a regulated and compliant manner.
Vision provides a number of distinct functions to support the financial and MIS adjustment process.
Vision Adjustments can be split into the following main categories:
Remapping or enrichment of data – where the basic data fed from the source GL and product processors is enhanced or amended to provide the required level of information/accuracy for reporting. In this function, data amounts are NOT amended, only the static data such as Customer ID / OUC / GL type information. These types of adjustments tend to be repetitive i.e. performed every month, to correct known deficiencies in the data. However, the function could also be used to address ‘one off errors’, if necessary.
Data Correction: In this process, actual adjustment amounts are loaded into the financial or other static fields are amended as required. This function requires special adjustment screen and excel upload processes. These types of adjustments can be one off error corrections e.g. items not booked by operations or last minute addition to financials or known issues for which a standard adjustment is required every month.
Financial Offsets: Specific processes are required to generate automated adjustments e.g. FTP balancing/ Inter- company elimination adjustments /Average balance plugs, minority interest computation etc. A detailed audit log of every adjustment is maintained, complete with the adjustment reference code, maker, authorizer, reason for adjustment, originating area and supplementary description plus the details of each adjustment posting. This audit log is a permanent record, with similar history and back up requirements to the key monthly financial data sets.
For any meaningful reporting and analytics, clean data and maintaining data integrity is the most critical element.
The data mart is a collection of information from multiple sources. It also permits adjustments and enrichments in an auditable environment. This increases the risk and issues of data integrity. Vision has been strengthened with an internal policing program that scans all the key risk areas for referential integrity and redundancies in data. The process is automated and examines more than 80 key referential integrity points for issues and errors.
The DBP process also allows fixes to the damaged relationship and re-validates the new relationships in line with business policies. This helps convert all your data into meaningful information that can be used to make critical decisions.