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.