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Is Automation Set to Take Over Financial Reporting to Ensure Accuracy?

Is Automation Set to Take Over Financial Reporting to Ensure Accuracy?

According to a survey by Workiva, over half of financial leaders are concerned whether internal controls work during financial reporting, raising questions about data integrity; further, 46 percent are concerned about unexpected errors in critical spreadsheets, and 40 percent are uncertain that they can always trust the accuracy of their data.

Additionally, 60 percent of CFOs are spending unnecessary time cleaning and manipulating data. With a lack of clarity and certainty surrounding data, the margin of error grows. Enter automation.

Automation as the solution

Automation during data collection has proven highly beneficial. Automation at this early stage can ultimately ensure that data is consistent and accurate across reports. Automation can streamline the processes of document consolidation, production, review, and approval. 

According to CBRonline, automation:

  • Supports multiple users and enables team collaboration
  • Provides permissions during report production
  • Ensures data governance 
  • Delivers a final board book through a secure cloud-based portal
  • Delivers digital binders on all devices and operating systems

Automation saves time traditionally spent on clerical, manual tasks, like scanning documents, formatting graphs, and combing through Excel spreadsheets to spot errors. This time can be gifted back to the organization in hours and days that can be spent on strategic and advisory services. 

By incorporating automation directly into the reporting process, executives can rely on real-time data to ensure consistency throughout reports. And, cloud-based tools are accurate in spite of location, time, and language barriers. Automation is the future, and those that refuse to keep pace will likely fall behind. 

FYIsoft provides automated tools to help your business succeed

FYIsoft can supercharge your financial reporting power. It’s proven to cut financial reporting time by up to 50 percent, it’s a smart investment because it integrates with your existing general ledger, and it can be up and running before your next financial close.

Conquer challenges like multi-entity reporting, distribute reports with ease, empower users, create perfectly formatted reports, and access the solution anywhere, anytime, as long as you’re connected to the internet.

Schedule a brief demo with FYIsoft to see how automated, cloud-based tools can work for you.

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