JJB Sports seeks financial goals
Software ensures retailer meets financial reporting standards
JJB Sports has implemented software designed to speed up financial reporting processes and meet international financial reporting standards (IFRS).
The retailer believes the software will help it achieve compliance with emerging governance legislation and cut the cost of documenting and maintaining internal controls.
‘It is important that our IFRS processes are sustainable over time and that our financial reports are consistent year on year,’ said finance manager Bill Leyland.
‘The software will help us control and automate detailed processes in a logical order that we can follow every time and adapt as necessary.’
Leyland says it offers absolute visibility of processes and the confidence that they are being carried out consistently, yet is flexible enough to adapt to ongoing changes in the standards.
As a publicly listed company, it is subject to IFRS standards and must communicate any changes likely to affect underlying performance to the wider market place.
So JJB implemented Coda-Control Manager, which uses Microsoft technology for implementing internal controls and processes, automating them and making them visible, repeatable and auditable across the organisation.
‘In theory, we can apply this technology in any department,’ Leyland said. ‘In addition, we plan to use it for implementing project management controls, but are restricting it to the finance function in the short term.
‘Coda-Control will help us design and document our processes in a methodical way, so that the overhead of designing, documenting, executing and testing them doesn’t have to be repeated every year.’
Coda-Control Manager integrates directly with JJB’s finance system so that real-time financial data can be viewed and attached to tasks in the engine.
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