This paper illustrates how the quality and value contribution of management reporting activities at a global manufacturing company can be analyzed, benchmarked and improved. The proposed improvement process will be backed up with a case study and a survey made with 20 controllers and finance managers of manufacturing companies across Eastern Europe. The results of this survey were benchmarked with a peer group of companies based on a reference survey made by Deloitte Consulting across Europe. Based on the illustrated benchmarking process the process efficiency, the reporting relevance, reporting volume and the cost/benefit ratio are identified as weak areas with major improvement potential. For these weak areas improvement recommendations are illustrated and outlined. The paper closes with an outlook how further optimization can be reached in a changed company set up using controlling shared service centers. The paper is expected to have high relevance for multinational companies seeking for improvements in their management reporting activities.