Can financial reporting be fun? Yes, if Andriy Sysoyev, a founder of the “First Financial Architect” consultancy, CFO, and advisor of the Club Ukraine, explains how to do that. Here is what he said at the meeting with MIM-Kyiv’s community.

- Finance may seem complicated, but it is very logical and consistent. If you don’t understand something in your reporting, there is a problem. Finance is an algorithm based on double-entry bookkeeping and developed in the XV century. If something is missing, you are doing something wrong.

- Understanding is key. If you think that you can merely replicate a ready solution it does not work. You have to develop a consistent model and understand each element of it.

- Providing management with timely and accurate information is one of the finance department’s top priorities. If it is different, you’d better have other financiers. If the situation repeats, it is the whole system that needs changing. If there is a problem that your finance people are reporting you, it is about business rather than finance.

- Finance function does not make money if it is not a financial or banking institution. In other words, the financial function may promote or limit business growth.

- There are five types of financiers in my classification. A securities trader is an entrepreneur rather than a financier. The second type is bankers with their reversed balances. The third one is public finance. There is also a non-profit sector with its special features. And the last one is corporate finance or the financial function of businesses.

- Financial function could be bought. It cannot be “downloaded” to the minds of  CEOs or entrepreneurs.

- Implementation of financial reporting and its quality depends on top management education. Mistakes in financial reporting compromise the quality.