About admin

This author has not yet filled in any details.
So far admin has created 10 blog entries.

What is the Purpose of Financial Reporting?

Accountants know the importance of financial reporting. Financial reports not only allow companies to distribute financial information to those outside of the company, but they also offer internal insight to the leadership team on what’s working, what’s not, and how to fix it. Financial reports can include: Financial statements (such as income statement, balance sheet, statement of comprehensive income, statement of cash flows, and statement of stockholders’ equity) Quarterly and annual reports Quarterly earnings distributed externally via press releases, conference calls, or company website Quarterly and annual reports for governmental agencies such as the Securities and Exchange Commission (SEC) Financial reports are important in terms of reputation, compliance, and keeping a finger on the pulse of the business’s overall health. More important than the reports themselves, though, is the accuracy of the reports. The importance of reliable and accurate reports cannot be understated. Providing accurate information is arguably the most important aspect to staying in good standing, especially in terms of transparency. Quality reporting solutions should: Increase productivity and reduce risk of error Provide 24/7 access and increase security Above all else: be accurate Increase productivity and reduce risk of error Because cloud accounting software is automated, building reports is a breeze, and you can count on the accuracy of the data. This gives time back to your staff to focus on other areas, and saves your company money. With staff time spent on reporting reduced, you may opt to reduce your workforce, or you may find the opportunity to bring outsourced services back in house. You can also save on IT infrastructure. Provide 24/7 access and increase security Cloud reporting software is available through any browser with an internet connection. Long gone are the days of only having access to data when you have access to your work computer. [...]

By |2019-06-07T09:03:52-04:00June 7th, 2019|Financial Reporting|0 Comments

International Financial Reporting Standards – What You Need to Know

To ensure that financial statements are consistent, comparable around the world, and transparent, a set of common rules called International Financial Reporting Standards (IFRS) exists, issued by the International Accounting Standards Board (IASB). The IFRS foundation sets the standards. These rules specify that companies maintain and report their accounts and define different types of transactions and other financially impactful events. They were established with the purpose of creating a common, international accounting language. Companies benefit because investors are more likely to invest in a company whose finances are transparent. As of March 2018, IFRS was used in at least 120 countries worldwide, although the U.S. uses the Generally Accepted Accounting Principles (GAAP). The U.S. Securities and Exchange Commission (SED) has indicated that the GAAP will remain the “gold standard” of accounting, though many believe that by adopting the IFRS, money would be saved on duplicative accounting work and the costs of internationally comparing and analyzing companies. IFRS originated in the European Union and then spread globally. Although the U.S. and some other countries do not use IFRS, most do, making it the most global set of standards. The goal is to make international comparisons as simple as possible, but this goal has yet to be achieved because the U.S. uses GAAP and other countries use other standards. And, the Canadian GAAP is different from the U.S. GAAP, which further complicates matters. IFRS are occasionally confused with International Accounting Standards (IAS), but the IFRS actually replaced these standards. While IAS was issued from 1973 to 2000, the IASB replaced the IASC in 2001. The standard IFRS requirements include: Statement of Financial Position: commonly known as a balance sheet Statement of Comprehensive Income Statement of Changes in Equity Statement of Cash Flow In addition to these reports, a company also must provide [...]

By |2019-06-05T13:23:29-04:00May 30th, 2019|Financial Reporting|0 Comments

Performance is Everything (Especially in Financial Reporting)

When it’s time to purchase a new vehicle, most of us would opt for the best performance that money could buy. We’d focus on things like speed, a smooth ride, efficiency, and superior safety features. Translate those performance factors into the world of finance, and we’ve just described FYIsoft’s financial reporting software. FYISOFT: BECAUSE PERFORMANCE IS EVERYTHING The powerful engine behind FYIsoft includes our component-based architecture, designed to make financial reporting fast, easy and accurate, whether you have 10 reports or 1000. Our software integrates with your existing GL to deliver all the reporting power needed, without the high cost of replacing your ERP or accounting system. Customers have reduced their reporting time by as much as 50% with features like: Speed: Create mass volumes of perfectly-formatted financial statements in seconds, and distribute them all with just one click. Ease: Extremely intuitive, reports are easy to set up and change without any coding or IT involvement needed Efficiency: Proven to save 10+ days with every close, not to mention the convenience of accessing web-based reports, 24/7 from any device. Security: Any authorized user can view their financial statements, and drill down to see transaction-level details including scanned invoices. But unlike Excel, data is protected and cannot be altered. FYIsoft offers a best-in-class solution, at a very attractive price point…one that delivers ROI within weeks. There’s no longer a reason to let the financial reporting process slow down your close cycle. Allow us to show you how easy it is to rev up your engines with FYIsoft! Take a Look Under Our Hood! Schedule a Demo

By |2019-05-23T09:23:01-04:00May 23rd, 2019|Financial Reporting|0 Comments

Financial Accounting, Financial Reporting, and Financial Statements – What’s the Difference?

Financial accounting, financial reporting, and financial statements are related but separate concepts that accountants use in the day-to-day function of their jobs. Financial accounting is a branch of accounting that keeps tabs on a company’s financial transactions. The transactions are recorded, summarized, and presented in a financial report or a financial statement such as a balance sheet or income statement. Financial statements are external--they are provided to people outside of the company, such as lenders, owners, and stockholders. If a company’s stock happens to be publicly traded, the information can be widely circulated, ending up in the hands of customers, employees, competitors, and more. An important distinction to make is that financial accounting is not meant to report the value of a company, but rather to provide information for others to assess the value of the company for themselves. Financial accounting has rules known as accounting standards and generally accepted accounting principles (GAAP) to accommodate the fact that financial statements are used in a variety of ways by a variety of people. What are financial statements? Financial accounting generates external financial statements, such as income statement, balance sheet, statement of cash flows, and statement of stockholders’ equity. An income statement reports a company’s profitability. It can report on a specific period of time at any time interval chosen by the company. A balance sheet is organized into assets, liabilities, and stockholders’ equity at a specific date (usually, the last day of an accounting period). A statement of cash flows indicates the change in a company’s cash or cash equivalents during a specific time interval. A statement of stockholders’ equity indicates changes in stockholders’ equity for the time period of the income statement and cash flow statement. How are financial statements different from financial reporting? Financial reporting is a broader concept [...]

By |2019-05-08T10:17:02-04:00May 8th, 2019|Financial Reporting|0 Comments

What is Meant By the Term “Financial Reporting” and Why Is It So Important?

Financial reporting is a buzzword in the accounting space, but what is meant by the term “financial reporting” and why is it so important? Financial reporting compiles all pertinent financial information for distribution to those outside of the company. Examples of financial reporting include: Financial statements including income statement, balance sheet, statement of comprehensive income, statement of cash flows, and statement of stockholders’ equity Quarterly and annual reports Quarterly earnings distributed via press releases, conference calls, or company website Quarterly and annual reports for governmental agencies such as the Securities and Exchange Commission (SEC) Accurate and timely financial reporting is incredibly important for businesses, not just for the purposes of making their own informed business decisions, but for their reputation in the industry and for the purposes of compliance. A good financial reporting solution should be fast, easy to use, and always accurate. Financial reporting software can integrate with your existing general ledger (GL), affording you powerful and modern reporting capabilities without the high cost of replacing your GL or ERP. A strong financial reporting solution can cut your financial reporting time by up to 50 percent, even in complex multi-entity or global currency environments. Faster, easier financial reporting matters for your business because you’ve worked hard to account for every number and transaction, and it should be easy to report on it. With the right reporting solution, you can improve productivity by generating, packaging, and distributing reports with precision and speed, even when consolidating data from different sources, locations, and currencies is involved. And, the ability to automate reports means that deadlines are never missed, and the reports are perfectly formatted for your needs--whether they are meant for the board or the SEC. What FYIsoft can do for your financial reporting needs With FYIsoft, you can supercharge your financial [...]

By |2019-04-30T12:19:00-04:00April 30th, 2019|Financial Reporting|0 Comments

Corporate Financial Reporting – Why Excel Spreadsheets Won’t Cut It

Accountants have been relying on Microsoft Excel since the 1980s, but in today’s day and age, the technology is no longer cutting it. When accurate and timely financial reports are needed, cloud accounting software is chief. Financial reporting distributes a company’s pertinent financial information to those outside of the company. Financial reports can include: Financial statements including income statement, balance sheet, statement of comprehensive income, statement of cash flows, and statement of stockholders’ equity Quarterly and annual reports Quarterly earnings distributed via press releases, conference calls, or company website Quarterly and annual reports for governmental agencies such as the Securities and Exchange Commission (SEC) Financial reports are important for a company’s reputation and compliance. Relying on a solution like Microsoft Excel to meet strict deadlines and provide the most accurate data is no longer the most viable option. Due to risk of manual errors and compromised data integrity, the manual processes used for Excel reporting can no longer get the job done in the fastest, most efficient way, especially where complex multi-entity situations are concerned. Finding a cloud-based financial reporting solution is more important than ever before. Cloud solutions can help your company: Reduce the risk of manual error Cloud solutions automate much of the accounting processes that were once manual with solutions like Microsoft Excel, thereby boosting your data integrity and minimizing the risk of error. Provide access 24/7 from any device with an internet connection Software was historically installed locally, so if you weren’t in the office, you couldn’t access the information you needed. Now you can always access your data and reporting with any device with an internet connection because cloud software is web-based. Save money Automating your processes means you can reduce your workforce, or bring outsourced services back in house by redirecting your staff’s attention. [...]

By |2019-06-03T10:27:53-04:00April 23rd, 2019|Financial Reporting|0 Comments

5 Ways the Latest Technology in Financial Reporting Can Benefit Your Company

Financial reporting is an important part of running a business in any niche or industry. However, if your company isn’t using the latest technology to generate its reports, you are missing out on several very important benefits that could propel your business forward. Here are some of the ways in which investing in newer, better, and faster financial reporting software can benefit your business. #1 – Generating Reports with Data from Multiple Sources Gone are the days of running individual reports for each entity associated with your business, then spending hours (or even days) attempting to consolidate that data for analysis. Your financial reporting software should have the ability to gather, process, and consolidate data from as many sources as necessary – even if those sources use different currencies. If it doesn’t, it is time to consider making a switch. #2 – Automating Report Distribution Financial reports are crucial across several of your company’s departments, so it’s vital that you distribute your reports on time. If your current software doesn’t automate the distribution aspect of your reporting, this is a benefit that can completely change the way you run your business. Imagine setting up distribution from a simple, easy-to-use dashboard in such a way that the exact reports you choose go out to the right people at the right times. The time savings is incredible. #3 – Boosting Productivity It’s also important to think about how your current software may be slowing down your company’s productivity behind the scenes. Antiquated software isn’t very precise, and it takes ages to generate even those reports in many cases. When you make the switch to the latest financial reporting software and technology, you can enjoy a serious speed boost, make sure your reports are more accurate, and boost your company’s productivity by up [...]

By |2019-04-17T12:34:37-04:00April 16th, 2019|Financial Reporting|0 Comments

Streamline Your Financial Reporting Software with FYIsoft

Creating financial reports is an essential task for CFOs, accountants, and companies of any size – but it’s often tedious. Pulling data and compiling it in a way that makes sense can take up a lot of precious time that you could be spending more productively. With financial reporting software from FYIsoft, you can streamline the entire report generation process. Smart, Dynamic Design Our award winning report writer has the ability to integrate with all major general ledger systems, including Excel, meaning that you don’t have to completely abandon your current reporting system for a new one. It can also pull data from multiple sources and perform audits to ensure that nothing is missing or duplicated. One of the best features our reporting software has is automated bursting, which makes scheduling your reports simple. It can also consolidate financial data across accounts and currencies. Easily Available Because our software is web-based, you can access your reports from anywhere 24/7. It’s also secure so you can rest easy knowing that your reports are safe. When running a business, it’s helpful to have the ability to access your reports easily at any moment that you need them. Uniformity Centralized templates provide uniformly branded reports, making them easy to read and easy to keep track of from month to month. Efficiency What each of these features boils down to is increased efficiency. The reporting software streamlines the entire reporting process, allowing you to spend more time on other important aspects of your business. It can also help you get ahead of the game when it comes to expanding your business as well, since you’ll have an accurate and easy to read report on which to base strategies, and more time to fulfill those strategies. Contact FYIsoft today for more information about our software [...]

By |2019-02-13T14:39:29-04:00April 5th, 2017|Uncategorized|Comments Off on Streamline Your Financial Reporting Software with FYIsoft

The Benefits of Using Cloud Based Accounting Software

Spreadsheets are a handy way to keep track of data, but there are many disadvantages to using them as the sole program for important financial tracking. Even with a pivot table equipped with various filters to make looking at data easier, it can still take forever to compile, report, and analyze your financial data. This is especially true if you have massive amounts of data to compile. Spreadsheets also create more possibility for human error – something that you definitely don’t want in your financial reporting. So how can you streamline your accounting process? Cloud Based Reporting Cloud based accounting software is a great way to simplify your accounting process from start to finish. The best part is that it allows you to keep your current ledger systems, whether you use Excel or another system to manage your accounts. The software is simply a way to compile, report on, and analyze financial data more efficiently and accurately. Integrates with Your General Ledger System – Whether you use Excel or another major general ledger system, the cloud based software can easily integrate into the system. Pulls Data from Multiple Sources and Formats – This software can pull data from multiple places, which is handy for business owners who store important data across multiple sources. Auditing Component – The auditing component in the cloud based accounting software prevents information from being duplicated, and can ensure that data is not missing. Centralized Templates – Centralized templates provide uniform reports so they are easier to read and keep organized. Automated Bursting – The software also allows you to schedule runtimes for the software, as well as other aspects of the system. Consolidations – Cloud based reporting software also allows you to consolidate data across multiple calendars, account numbers, and currency so that you can [...]

By |2019-02-13T14:44:06-04:00March 31st, 2017|Uncategorized|Comments Off on The Benefits of Using Cloud Based Accounting Software

Welcome to the FYIsoft Blog

When running a business, there are a million things to keep track of. Keeping your finances in check is arguably the most important – and the most difficult tasks that need to be completed. That’s where the financial reporting tools from FYIsoft come in. Our cloud-based financial reporting software makes it easy to maintain the financial health of your business without spending countless hours balancing your books and creating financial reports. In this blog we will cover a range of financial topics, including the various benefits of using our financial software. If you run a business and want to learn some financial tips and tricks, or learn more about our business before purchasing software from us, you should subscribe. Keeping track of your finances shouldn’t be a struggle. When you use our software, you free up time that you can use to analyze financial data and develop new strategies for financial growth. Our software can be used across a wide variety of industries including hospitality, insurance, healthcare, non-profit, and more. No matter what type of industry you work in, or the size of your company, our software can streamline your financial reporting and analysis process and reduce operating costs for your business. Contact us today for more information.

By |2019-02-13T14:42:50-04:00March 22nd, 2017|Uncategorized|Comments Off on Welcome to the FYIsoft Blog