Managing timely submission of financial reports of BR Corporation

• Main Author: Dacanay, Donna Fel B.
• Format: text
• Language: English
• Published: Animo Repository 2022
• Subjects: Financial statements; Accounting; Business Administration, Management, and Operations
• Online Access: https://animorepository.dlsu.edu.ph/etdm_manorg/93; https://animorepository.dlsu.edu.ph/context/etdm_manorg/article/1110/viewcontent/Managing_timely_submission_of_financial_reports_of_BR_Corporation_Redacted.pdf
• Institution: De La Salle University

Financial reports present a full story of how the business is going and operating. It can show the current financial position of the company and how profitable it is at a given period of time. Decision-making, particularly those that involve the need for financial information such as investing and financing decisions, relies heavily on the financial statements and reports prepared by the accounting department from which trust was given that the financial information provided is in accordance with the standards and conceptual framework. As meticulous as it can be in preparing financial reports, the timely availability of this information must also be taken into consideration. There are situations where an immediate decision has to be taken, thus the latest financial information must always be readily available for it to be reliable. This action research resolved the long-time challenge of the company on the timely submission of its monthly financial report. The delay arises from the identified bottleneck in the process coupled with some external factors that contributed to the late completion of the accounting documents. These challenges have been addressed throughout the two cycles of this action research. In the first cycle, the intervention was guided by the PDSA framework wherein the company was able to determine that the non-compliance of the tenants influenced the timing of the report submission. For the second cycle, the researchers decided to utilize another Six Sigma framework, the DMAIC process, to further improve the intervention and address the issue. After the two cycles, the action research resulted in a redesigned workflow for the company that provides for a distributed workload throughout the month and addressed the bottleneck in the accounting process.