Improving the timely preparation and submission of management financial report

Date of Publication

7-18-2019

Document Type

Insider Action Research

Degree Name

Master of Business Administration

Subject Categories

Finance and Financial Management

College

Ramon V. Del Rosario College of Business

Department/Unit

Management and Organization

Thesis Adviser

Rachel Alvendia Quero

Defense Panel Chair

Maria Victoria P. Tibon

Defense Panel Member

Angelique C. Blasa
Jaime T. Cempron

Abstract/Summary

Timeliness of the Financial Reports is vital in any organization as it provides shareholders information for their reference and decision making. Our private company is engaged in medical care (hospital services) and I serve as the Chief Finance Officer of the parent firm. This action research was conducted in our company and its subsidiaries to address the delay in submission of financial management reports by the subsidiaries to our parent company. Our team used the PDCA framework which guided us in carrying out specific interventions within two completed cycles of action research. In the first cycle, the interventions focused on the preparation of the list of tasks to be accomplished by the subsidiaries for the month end close, and the preparation of standard template of the financial report for improving the financial analysis and decision making. By completing the first cycle, the list of tasks was accomplished and a standard template for submission to parent company was provided to the subsidiaries. The list of tasks has a turn-around time (TAT) that serves as a guide for the subsidiaries to finish their task in closing the accounting books for the month. The standard management report template serves as their guide in the analysis of the financial performance of their entity. By following the list of tasks and putting it in the standard management report template, the subsidiaries were able to finish their financial statements and submitted them to the parent company earlier than usual, but not completely on time. In the second cycle, our team prepared a Monthly Financial Report Submission Tracker to show and keep track of the date of submission of each subsidiary. Through these interventions, our parent company was able to consolidate the financial reports in a timely manner and provided better analysis on how the financial performance can be improved through the standard management report template. Our team continued to improve the financial report submissions of the subsidiaries through collaboration with the company’s Group Chief Finance Officer (CFO) and other departments of the organization by all the Finance Leads.

Abstract Format

html

Note

Title on CD label: An action research to improve the timely preparation and submission of management financial report

Language

English

Format

Electronic

Accession Number

CDTG008124

Keywords

Financial statements; Managerial accounting; Business enterprises—Finance

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1-14-2025

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