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Making Data the Center of your Information System



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Q Christopher 10xbrl doc Making Data the Center of your Information System By Neal Hannon Suppose you were called into the CEO s office and she said to you Don t give me any excuses about your silly accounting closing schedules and your system incompatibilities with our legacy systems and consolidation problems with our newest subsidiaries I want solid business results reported every morning delivered to my desktop dashboard I want the data to be checked against our business rules exceptions investigated and handled audit trails created and internal controls followed and verified The information I want every day should be of such high quality that we could use that same information in an SEC filing or as input to a Sarbanes Oxley audit If anything is out of order I expect an e mail or voice mail alert to be sent to me and to the appropriate person in our company for immediate correction And I don t want you to spend the next three years installing a mammoth ERP system I want to see real results within six months with no increases in staff The Information Technology IT staff is at your disposal How would you answer the challenge A Resign Retire B Request more time money and resources C Accept the project and start looking for another job or D Radically redesign the information system If you answered D you might be able to meet your CEO s demands Here s how The core of business information The essence of accounting is collecting storing and reporting on events that describe the economic condition of a company Created in many different forms and formats data is collected processed stored and retrieved by business to support the many informational needs of organizations Modern accounting systems however do a curious thing They take accounting data capture it and immediately lock it up in proprietary formats Business data enters an organization s information system through software applications The software applications process and code the data with proprietary formats



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