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.