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Reducing Financial Reporting Time

Why Reducing Financial Reporting Time Can Lead to an Increase in ROI

Reducing financial reporting time is one of the benefits of cloud-based accounting services such as those provided by FYIsoft.

Cloud accounting systems improve efficiency and productivity, as well as offering the ability to access data remotely, improving collaboration, and providing automation features. By reducing financial reporting time by improving processes, increasing collaboration, and automating certain tasks, organizations can see an increase in ROI.

Additionally, the fees to power cloud-based services are very often less than the cost of traditional accounting software. This is because space is not required to house the software or data—which means your IT team will need fewer servers and fewer hours spent on supporting and troubleshooting the software in-house.

A slow close

Many organizations are accustomed to slower closing processes than they’d like. With traditional accounting systems, many of the closing tasks to be completed are manual. Cloud-based services offer automation for many of these manual tasks, speeding up the closing process considerably.

Likewise, with the added ability to access data remotely, information is always at users’ fingertips regardless of whether they are in the office or not.

With a centralized hub of data that all employees are accessing, the data that is utilized for certain reports is always the most current and most accurate. Not having a centralized data hub can be extremely problematic when departments are using different numbers to generate their reports.

Why reducing financial reporting time leads to increased ROI

So if it takes less time and manpower to run reports and close the books, and the cost to run the software in the cloud is less than what it would take for your IT team to support it internally, then what can your employees be doing with their time instead?

By reducing the time it takes to run reports and close, team members can pour their efforts into business development, financial analysis, consulting services, and advisory services—ultimately leading to an increase in ROI. With simple accounting tasks being automated and simplified, there is less room for error and more time gifted back to employees to work on more pressing tasks.

How FYIsoft can help

Financial reports provide the data and insight from which all business decisions are made.

For today’s finance teams, it is crucial that those reports be accurate, easy to produce, and board-ready at a moment’s notice. The report applications found in most ERP systems just don’t cut it.

FYIsoft is committed to delivering the best available cloud financial reporting software, specifically designed to integrate with your GL system and dramatically improve reporting processes, even in the most complex financial environments.

By fulfilling these promises, FYIsoft can help your business’s accounting needs succeed by reducing the time spent on financial reporting so your team can focus on other revenue-generating efforts, ultimately leading to an increase in ROI.

Accounting Processes Cloud

Why More and More Accounting Processes are Moving to the Cloud

Many organizations are moving their accounting processes to the cloud, but to new users, the “cloud” can seem elusive and mysterious. The trend toward moving services to the cloud has certainly gained momentum and cloud-based service subscribers have increased rapidly, but what exactly is the cloud, and why are so many accounting processes moving to it?

The Cloud

The cloud is a system that allows you to save and access data remotely. You already use many cloud-based systems, but you may not even realize it. Common cloud systems that millions of users access daily include Dropbox, ShareFile, Google Apps, and Microsoft Office 365. To use these systems, you simply log in to your account. You have access to any and all of your saved data from any location—as long as you have an internet connection—including your laptop, iPad or tablet, or smartphone.

When using a cloud-based accounting system, your data is not saved locally on your own computer or server. Instead, it is stored on secure, remote servers, where it can’t be lost, stolen, deleted, or otherwise compromised.

For many organizations, cloud-based services make good business sense. Gone are the days of physical limitations to on-site infrastructure. Instead, processes can be streamlined and data can be saved remotely and securely—often much more cheaply as compared to traditional systems.

The benefits

Besides cost savings, there are many other benefits to cloud-based accounting systems. Some of the many benefits include:

  • Mobility

You can access your data anywhere, anytime, as long as you’re connected to the internet.

  • Easy collaboration

Everyone in your organization with sufficient privileges will be able to access real-time, current data. Gone are the days of working off different reports with different numbers!

  • Productivity and Efficiency

Once your organization is onboarded with cloud-based technology, you’ll notice significant increases in productivity and efficiency compared to older systems.

  • Revenue

With increased efficiency comes the opportunity for increased revenue. Staff can spend more of their valuable time on business development, consulting services, and other revenue-generating tasks.

  • Customization

Not all businesses work the same way or have the same processes, and cloud-based system providers like FYIsoft realize that. Customization is easier than ever with cloud-based tools.

Migrating to cloud-based services

With the many benefits associated with cloud-based accounting software, making the transition is a no-brainer. Still, it is a decision that should be well-researched and made carefully. Some concerns regarding the move to the cloud include privacy concerns, service availability, reputational risk, and cost. While there is risk involved with any business transition, when done correctly cloud systems will help your accounting team in myriad ways, making the benefits of migration well worth the risk.

Enterprise accounting software, FYIsoft, provides comprehensive cloud-based and on-premises financial reporting solutions. FYIsoft’s easy-to-use accounting analysis software solutions simplify even the most complex financial reporting demands by automating manual processes and enabling you to get the right information to the right people.

complex accounting software

Is the Complex Accounting Industry Pushing More Firms Towards the Cloud?

As an accounting professional, you know how even the most minute detail can affect the accuracy of your reporting. Add on layer upon layer of complex accounting practices, and it is easy to see why assuring that your reports are free of errors is of the utmost importance.

According to a survey by Capterra, 61 percent of users have locally installed accounting software rather than cloud-based software. But, 52 percent of users who had moved to the cloud saw a decrease in financial errors. And, as of the summer of 2015, 39 percent of businesses surveyed had begun using the online cloud version of their preferred accounting program—and that number is steadily increasing.

These numbers show that a mass exodus from traditional accounting software to the much-anticipated cloud-based future is already in progress. What’s driving the surge? According to Capterra, the most commonly cited reason for switching software packages is that their previous software didn’t have the right features.

To keep up with the wave of the future, accounting processes continue to become more and more complex. Is it this complexity that is pushing so many accounting firms towards the cloud?

The future of accounting

While most accounting professionals admit that the future is in the cloud, fewer are ready to make the leap. Migrating systems comes with risk, and the transition can be quite the undertaking. But, with statistics to support that accuracy improves with the use of cloud-based services, the cloud is rapidly gaining momentum.

Accounting tasks are tedious work, and with so much manual work and a reliance on spreadsheets to house that work, errors are bound to happen. One tiny error in one formula can snowball, and backtracking to find where the formula went wrong eats up a lot of hours of your best and brightest.

The tedium and complexities are arguably what is driving the wave toward cloud-based programs like those offered by FYIsoft. It is estimated that cloud programs will really take off within the next 5 years, but software companies like FYIsoft have beat the curve and started producing just the software that can reduce the time and complexity associated with accounting tasks.

FYIsoft and you

With over 8,500 finance professionals around the world relying on FYIsoft’s cloud financial reporting software, the company is quickly emerging as a leading force in the Financial Corporate Performance Management (FCPM) space. FYIsoft has the tools, team, and expertise to help your organization succeed with cloud technology. Don’t let accounting complexities slow you down—embrace the change and move forward with the cloud-based future.

 

Financial Cloud Reporting

Why Cloud Financial Reporting is the Future

Traditional methods of obtaining analytics have been historically problematic for employees in corporate finance. Fortunately, these methods are being replaced by a new wave of data acquisition and analysis: cloud-based reporting. Pain points with traditional reporting have included:

  • Data silos with frequent disagreement on the accuracy of data
  • Discrepancies with data requirements among teams
  • Dependence on IT staff
  • Rigid constraints with data formatting
  • Restrictions on report generation
  • Exhaustive amount of time, effort, and cost to maintain

Cloud reporting is essential to the future of data analytics, bringing real-time updates and improved usability to financial reports and the finance employees who use them. Cloud reporting is a comprehensive reporting option that streamlines the design, integration, and distribution of corporate financial information. Cloud reporting is such a boon for the finance industry because it is secure, it increases productivity, and it lowers costs.

Cloud reporting is secure

Cloud reporting is extremely secure, which is a necessity when working with classified information like corporate finances. Cloud reporting uses HTTPS encrypted transmissions and secures data with daily back-ups. The software is also securely monitored 24/7.

Cloud reporting increases productivity

Cloud reporting can also increase productivity, making the production of financial statements exceedingly quick. Cloud reporting can be instantly accessed from any device with an internet connection, meaning data is always at your fingertips. Cloud report users no longer require long hours to pull and analyze weekly, monthly, or annual reports.

Cloud reporting lowers costs

Cloud reporting also lowers costs by projecting accurate subscription costs that include support, maintenance, and upgrades. Additionally, cloud reporting often does not require upfront purchases of software licenses or IT infrastructure.

Cloud reporting from FYIsoft

FYIsoft (formerly Renovo Corporation) provides browser-based solutions that assist complex financial environments by enabling on-demand reporting. FYIsoft’s cloud-based solutions also easily integrate with virtually all general ledger systems.

ReportFYI is a cloud-based financial solution offered by FYIsoft. ReportFYI offers the following benefits:

  • Integrates with Excel and all major general ledger systems
  • Dynamically pulls in data from multiple sources and formats
  • Auditing component ensures general ledger accounts are not duplicated or missing
  • Permission controls secure user access to data, report components, and organizational trees
  • Reports use familiar concepts like rows, columns, and organizational trees
  • Centralized templates provide uniformly branded reports
  • Point-and-click access to summaries, account details, and transactional data
  • Automated bursting to schedule run times, formats, and recipients
  • Multi-company consolidations (different currencies, account numbers, and calendars)

The bottom line

Cloud reporting promises improvements that traditional, archaic data models cannot achieve. Cloud reporting offers real-time data sharing across organizations, ease of use, security, an increase in productivity, and lower costs. By decreasing dependence on IT staff and infrastructure, employees can be more efficient and accurate with their reporting needs.

Financial Reporting Software

Looking to Cut Down on Financial Reporting Time? Financial Consolidation Software Will Help

In today’s economy, financial consolidation software is in high demand. Demands on financial professionals are only increasing, and new regulations, segmentation of revenue, and the desire to cut down on financial reporting time are just a few of the many reasons financial leaders are looking to invest in products that automate consolidation.

While finance professionals live and die by the Excel spreadsheet, solutions that step beyond the spreadsheet are increasingly in demand. Efficiency, accuracy, and immediate visibility are critical for internal and external financial reporting.

Why consolidate?

Consolidation allows a business to see a clear snapshot of financial performance across entities.

Years ago, it was typically only the largest companies that spent time and resources consolidating their financials. These days, the financial climate has changed. E-commerce and the internet drive business, and small- to mid-sized companies are increasingly going global.

For these reasons and more, many of the smaller and mid-sized businesses are looking for consolidation options as so many are involved in global sales, acquisitions, mergers, and buyouts. The ability to access, analyze, and sort a variety of financial data from various sources has become a necessity for businesses of all sizes.

What can financial consolidation software do for your business?

Consolidation software can simplify and automate the entire consolidation process. This avoids the extremely time-consuming task of manually creating reports, which requires one-by-one analysis of each financial entity, followed by consolidation. This process, depending on how many entities your business has, can take days, weeks, or even months.

To further complicate matters, international businesses may have the added requirement of converting currency in order to consolidate data. Many financial consolidation software options automate currency conversion. Balances can also be translated into a single currency or several different currencies for ease of analysis.

FYIsoft’s financial consolidation solution

FYIsoft’s financial consolidation solution enables simpler financial consolidation by reducing the time and resources it takes to gather and compare financial data from multiple sources. By automating critical accounting functionalities and minimizing manual processes, you can reduce errors and focus on value-added financial analysis.

For multi-national businesses, FYIsoft’s solutions enable quick translation of multi-company balances into the required reporting currencies. It enables currency conversion calculations that make it easier to evaluate consolidated financial statements in a single currency.

With FYIsoft, you can expect to:

  • Integrate with your general ledgers for a consolidated view of information
  • Utilize consolidated reports with the ability to drill down and analyze data at the transaction level
  • Facilitate and reconcile processes through automated workflows.
Banking Software

3 Reasons Why the Banking Industry Needs Safe and Agile Accounting Software

It is important that the accounting software you choose performs its job accurately, quickly, and reliably. Agile is an approach to software that builds software incrementally based on user stories. Rather than deliver an out-of-the-box software package and then making tweaks to customize it for the organization’s needs, this approach employs the tactic of building the software incrementally, providing periodic iterations.

Though the agile approach is well-received overall, some organizations hesitate to rework their software, plans, and processes. The banking industry specifically tends to be stuck in its ways, for better or worse.

Though there is some industry hesitation in adopting the agile framework, there are a few reasons why the banking industry could benefit from safe and agile accounting software.

Banks spend big money to maintain aging systems

How many times have you heard someone say, “well, that’s just the way we’ve always done it”? “The way we’ve always done it” may not necessarily be the most cost-effective or efficient way of managing the task at hand. As a result, banks spend large chunks of money to maintain these aging systems just because those systems work in a predictable manner.

Waterfall methodologies may not be as efficient as they seem

Along those same lines, due to such a high amount of regulation within the industry, banks tend to subscribe to “waterfall methodologies”—the “tried and true” method of doing things. This way, regulations will always be met, due to the perception that these methods offer predictable outcomes. But, again, just because regulations are met doesn’t mean that the best way of doing so has been isolated.

Reducing risk could be maximized

Many banking institutions fear that by adopting a new approach, that errors will be more likely. In  fact the banking industry would benefit from the adoption of agile accounting software because its entire purpose is to deliver high value software that reduces risk. By producing a software package based on step-by-step information provided incrementally, fears of errors and risk are mitigated by the accuracy of the needs captured by the user stories.

By adopting the agile software approach, banking institutions can greatly improve their processes, ridding themselves of aging systems, waterfall methodologies, and fear of risk. Partnering with a software provider like FYIsoft can help organizations of all kinds maximize success, increase ROI, improve processes, and ensure accuracy.

 

FRx Reporting – What Does it Mean for your Company?

Microsoft officially retired its FRx reporting module in 2012. FRx was a software product used by small- to mid-sized organizations for financial reporting and analysis. The retirement of FRx lead some organizations to adopt Microsoft’s Management Reporter, while others held onto FRx, stalling the inevitable transition to a new report writer out of fear of what the transition would entail.

In a post-FRx world, existing FRx reports can still be run with conversion software, but new software also includes improvements and enhanced features. The transition to new software is a welcome one for many former-FRx users as the conversion from FRx makes old reports and data easy to access, while the enhancements to the new reporting software make the product more robust.

Conversion Checklist

What should your team be looking for when choosing FRx conversion software?

  • Is the interface user-friendly?

Arguably the most important feature of your conversion software, besides the fact that it converts properly, is that it is easy to use. We are creatures of habit, so learning a new software product to replace a retired product can be frustrating. Make sure the interface makes sense and is fully operable before purchasing.

  • Is the software Excel-based?

Financial professionals have been using Excel for their entire careers, making it a comfortable, familiar, user-friendly choice. When choosing a conversion product, avoid products that use proprietary software that exports data to Excel and opt for software that uses a native Excel interface instead.

  • Is the software cloud-based?

Cloud-based financial reporting software is the future. Cloud-based software is lower-cost, easier to maintain, and enables real-time, current data to be shared organization-wide. It is also more easily customized to fit your organization’s unique needs.

  • Does the software provide mobile interfaces?

Software that provides mobile compatibility means that any device you work from can access the software you need, whether that be a PC, laptop, tablet, or mobile phone. Data is always at the tip of your fingers whether you are in the office or on the road. As busy professionals, options for accessing financial data is imperative.

  • Are there enhanced features available?

Being able to convert your old FRx reports is vital, but many software conversion products on the market do more than just the bare minimum. Check to see if your chosen software conversion product can provide enhanced features or functionalities that FRx could not.

How FYIsoft can help your post-FRx organization

ConvertFYI is a FYIsoft solution that provides accurate, efficient conversion of your existing FRx reports to FYIsoft reports. ConvertFYI includes elements such as catalogs, rows, columns, trees, account sets, font styles, formulas, and more familiar features from FRx.

ConvertFYI’s intuitive and user-friendly interface offers a comfortable navigation environment with point-and-click features, drag-and-drop actions, and pull-down menus. FYIsoft solutions offer the same key FRx benefits that you have come to depend on, plus enhancements that will take your financial reporting to the next level.

Financial Reporting Software Products

Financial Reporting Software Products – Why All Are Not Created Equal

Not all financial reporting software products are created equal, as veterans of the financial industry have known for years. Some systems are limited and restricted, other systems are extremely costly to implement and support, and still others lack the intuitive user experience necessary in successful financial reporting solutions.

Your financial reporting software should embody a host of powerful features and capabilities, and out-of-the-box solutions are typically not dynamic enough to achieve this—much less achieve it easily.

FYIsoft recognizes these needs and approaches customers with customizable software that minimizes risk across multiple departments by serving as a central hub of organizational data. The best financial reporting software simplifies complex financial data so your staff can manage increasing volumes of data from multiple sources.

Limits and restrictions

A common complaint about financial software is that out-of-the-box solutions leave businesses wanting more. While there are many best practices in accounting and finance, each organization operates under its own set of principles, and out-of-the-box solutions lack the customization necessary to provide the quickest, most accessible reporting possible.

FYIsoft leverages the ability to customize and distribute a variety of financial reports based on organizational needs. The software is easily tailored to specific needs and requirements.

Costly implementation and support

Financial software is known to be costly to implement. Additionally, it has historically placed a large demand on an organization’s IT support staff. Software users are at the mercy of their IT department, leading to time waste and frustration.

Fortunately, many financial reporting software companies, like FYIsoft, are moving to cloud deployment. Cloud deployment increases productivity and lowers IT costs. The annual subscription accurately projects budgeting costs by including support, maintenance, and upgrade costs, and the software does not require upfront license purchases or IT infrastructure.

Intuitive user interface

Ease of use is a necessity when it comes to any software product. The interface should be user-friendly, intuitive, and should streamline the process to make reports as easily customizable and as accessible as ever. By prioritizing an intuitive user interface, productivity improves and departments across the organization can access and customize the data they need without having to request data from other departments.

Central data hub

Data can be mismanaged, misused, and often isn’t current. Luckily, cloud-based services like what FYIsoft offers can provide real-time, accurate data across organizations, to ensure that all users and departments are accessing the same correct numbers, but also have the flexibility to build their own reports based on their unique needs. Additionally, this central data is secure. It is encrypted, monitored 24/7, and is backed up daily.

The bottom line

Challenges are mounting in the financial services industry. Not all financial reporting software products are created equal, but companies like FYIsoft are managing client expectations in a new and impressive way with the onset of cloud-based, easy-to-use products. Cloud-based reporting software leads to increased productivity, more effective time management, less frustrated employees, and most importantly, accurate data reporting to provide your team with the highest degree of data integrity.

Financial Reporting Solutions

Lost in Complex Financial Data? Follow Your Trusted Leader in Superior Reporting Solutions

In today’s ultra-competitive business world, it takes every conceivable advantage to survive and thrive among your industry peers. Be it insurance companies, healthcare facilities, or even your everyday megacorp, a sound financial reporting system remains a key element to any successful enterprise. However, many organizations are increasingly burdened by such a tedious, yet critical, process. The laborious data crunching of yesteryear sometimes results in little more than shoddy, undependable results.

Hence, today’s shrewd business leaders are seeking out a more streamlined approach to financial reporting. After all, a swift, simplified reporting process can preserve precious time and resources for focusing on business growth and development. With such innovative reporting solutions, heavy volumes of data can be compiled and analyzed with unrivalled efficiency, thereby enhancing your company’s productivity levels. Even better? A comprehensive financial reporting system delivers a more accurate picture of your company’s economic standing, helping you to strategize your business accordingly. If quality finance reporting is your missing ingredient, perhaps FYIsoft can add the spice.

The Proof is in the Data

FYIsoft has emerged as an industry innovator with the very finest offerings in finance reporting software. Backed by world-class engineering and seasoned expertise, FYIsoft solutions provide robust, scalable reporting platforms that rank a cut above the rest.

  • Diverse IT environments. FYIsoft offers solutions that are deployed as both virtual platforms and on-premises infrastructure.
  • User-friendly layout. Intricately-arranged rows, columns, and organizational trees display financial summaries while centralized templates deliver detailed breakdowns of data.
  • Conversion functionality. CurrencyFYI solution converts multiple company balances into one currency type, a true rarity among competitive solutions.
  • Extensive drill-down feature. Reporting solutions allows users to delve deep into detailed financial data.
  • Scalable structure. Software sports a flexible architecture to accommodate ever-changing business demands.
  • Report consolidation. Solutions can compile data from various companies and consolidate it into one all-encompassing report.

FYIsoft Delivers

Since 2012, FYIsoft has equipped organizations from many industries with intuitive financial reporting software. First-rate solutions like ReportFYI, CloudFYI, and CurrencyFYI are designed to simplify and optimize the processing of critical financial data reports. Deploying best-in-class solutions for cloud-based and in-house data centers, FYIsoft’s products include an accurate financial report writer, a general ledger integration tool, and a high-quality currency translator. Above all, award-winning software systems from FYIsoft can provide your financial reporting with agility, flexibility, and security unparalleled within the marketplace.

Schedule a free demo today!

Financial Reporting Sofware

Ready to Unlock the Secret to Modernized Financial Reporting? FYIsoft Holds the Key

We live amid an era of unfathomable breakthroughs, where innovation is profound and the possibilities remain boundless. After all, who could’ve fathomed in decades past that we’d conduct our daily transactions from a handheld device, or that streaming real-time videos could reach millions in virtual seconds? Whereas the once-impossible now seems altogether plausible, the marvels of today’s digital world continue to stride forward with each passing day.

Thus, the evolution of technology holds an immense impact upon today’s business scope. With corporations benefiting from such cutting-edge solutions as cloud-based data centers, why not apply the wonders of modern technology to your financial reporting? Imagine replacing those clunky spreadsheets with a first-rate application that consolidates data and processes reports at blinding speeds. How about a system that expands to fit your ever-changing business needs and distributes complex financial reports to countless recipients? Thankfully, the prospect of a highly scalable and efficient reporting solution is no longer out of reach. With FYIsoft, you can thrust your financial reporting system straight into the modern age of technology and beyond.

FYIsoft: Where Innovation Meets Quality Results

FYIsoft combines a unique sophistication with vast flexibility to deliver world-class financial reporting solutions. Embracing the modern age of cloud computing, FYIsoft provides intuitive software for compiling and analyzing data with enhanced accuracy and efficiency. Industry-leading solutions like ReportFYI are designed to handle complex tasks in order to simplify your business. In short, FYIsoft offers first-rate reporting systems that are:

  • Scalable. Flexible solutions that conform to the constant changing of your business needs.
  • Compatible. Regardless of your existing general ledger, FYIsoft software can be easily integrated into your financial reporting system.
  • Versatile. Software that can effectively extract data from various sources and formats.
  • Comprehensive. Solutions contain a unique auditing component to prevent data duplications and/or gaps.
  • Automated. Bursting feature allows schedule runtimes for software and associated components.
  • Simple. Collection of easy-to-use templates provide detailed uniformed reports that are simple to read and systemize.

Quality Financial Reporting is as Simple as FYIsoft

As your foremost provider of cutting-edge solutions, FYIsoftware products serve as the ideal option for optimizing your financial reporting system. Whereas many of today’s reporting systems are inundated with loopholes and complexities, FYIsoft solutions simplify the process to ensure accurate data across multiple sources and formats. Engineered for the utmost efficiency, FYIsoft allows your company to maximize time and resources for achieving your long-term business objectives. Innovative software packages like ReportFYI, CloudFYI, and CurrencyFYI are geared for such industries as healthcare, insurance, and non-profit organizations, among others.

Contact FYIsoft (link) today to learn more about our best-in-class reporting solutions and training services.