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Wrong Data in Your Quarterly Reports

3 Repercussions of Having the Wrong Data in Your Quarterly Reports

Your organization’s leadership expects that your quarterly reports are consistent and accurate. The most critical role of your accounting team is the ability to produce accurate reports whenever they’re needed. Developing, producing, and distributing these reports must be proven and effective because the health of your business depends on it.

In spite of this, mistakes happen. Data can be inaccurate, incomplete, or inconsistent. It isn’t just a headache for your accounting team–it can have critical effects on your business far beyond that.

Below are the top three repercussions of having the wrong data in your quarterly reports.

  • Unsound business decisions

Your executive board uses the information from your quarterly reports to make informed business decisions. If that data is unknowingly incorrect or incomplete, this can have devastating effects on the business decisions you make. Especially if sales, profits, and losses are inaccurately recorded, how can you ensure that revenue is on track?

  • Tax fees, penalties, and audits

If your data isn’t compliant, you could face tax fees, penalties, and audits. This puts your business in a vulnerable spot–not only are your executives potentially making unsound business decisions based on inaccurate data but now you are paying fines on top of it. This affects your reputation and your bottom line and is avoidable by taking the right steps to ensure data integrity.

  • Support for your company depends on it

Your advisors, vendors, investors, and even your customers depend on the accuracy and transparency of your quarterly reports. If your reports are inaccurate or incomplete, you may lose out on crucial support and profits. Just as no man is an island, no business is either–it is this support that helps you keep your doors open and stay profitable, so don’t risk it.

How can FYIsoft help?

FYIsoft focuses on one thing: developing the best financial reporting software available. By relying on FYIsoft, you can trust that your financial reports are accurate and compliant. Integrated with your existing general ledger, FYIsoft provides all the benefits of the cloud without compromising the security of your core financial data.

Benefits include:

  • Faster period close can save up to five days, allowing more time for analysis
  • Easier consolidations, even for complex multi-company entities
  • Streamlined, accurate report distributions – automatically formatted every time
  • Secure, 24/7 access to transactional data, from anywhere, anytime

Contact FYIsoft today to learn more about how FYIsoft can help your business achieve its goals.

Why Accountants Should No Longer Be Scared of the Cloud

Cloud accounting software provides several benefits to accounting professionals, yet some accountants are still wary of embracing the cloud. While cloud-based systems introduce a certain amount of unfamiliarity and risk, the rewards make the leap of faith worth it.

Why should your organization embrace the cloud?

Cloud-based accounting solutions provide several benefits. Among the multitude of benefits are improved access and mobility, increased security, intuitive interfaces and enhanced ease of use, and faster period closes.

Improved access and mobility

Cloud-based solutions are easy to access. Rather than relying on software locally installed on your hard drive, you can access the solution from any web browser of any device with an active internet connection. In today’s remote workplace, this on-the-go functionality keeps everyone current with the latest and most significant data and reporting–from the office, from the airport, and even from the beach. And, when everyone is working off of the same data, there is less chance of data discrepancy between departments, leading to enhanced data integrity.

Increased security

Additionally, browser access rather than local installation leads to increased security. One aspect of this security is redundancy. If an on-site server crashes, you may lose critical data. Cloud data, however, is backed up. Many accountants falsely believe that local hardware is more secure than cloud software when in actuality data that is stored on remote servers is less prone to attack than local data. The lack of physical, on-premises access makes it much more difficult for third parties to locate and tap into data. Additionally, multi-tiered levels of defense and encryption are implemented by cloud service providers.

Intuitive interfaces and enhanced ease of use

Cloud systems are built with the user in mind. Many cloud-based accounting solution providers use drag-and-drop report builders, making it easier than ever to run reports–and save them for future use. In fact, with mobile access, the data is always just a few clicks away, and permissions can be set to protect data and users. It’s easier than ever to gain access to exactly the information you’re seeking.

Faster period closes

Closing the books is stressful, but it doesn’t have to be. With automation, enhanced reporting capabilities, and easier report distribution, it’s easier–and faster–than ever to close. This not only gains your team access to critical data days ahead of time, but also gives time back to the accounting team to focus on analysis, strategy, and advisory services. When your accountants have time back to do more, your firm stays relevant in this competitive marketplace.

Consider FYIsoft for your cloud accounting needs

FYIsoft can help you transition to the cloud. Realize faster period closes, easier consolidations, streamlined reports, and secure 24/7 access. Contact FYIsoft today to learn how a move to the cloud can benefit you.

Is Trump Trying to Get Rid of Quarterly Financial Reporting?

President Donald Trump recently proposed a scaling back of the frequency in which publicly traded companies are required to report financial results. Currently required to report earnings quarterly, the new system would require only semi-annual reports. This would be a drastic change to the longstanding tradition of quarterly reporting set by the Securities and Exchange Commission (SEC) in the 1930s.

The proposal tweeted in August, was prompted by a conversation with “some of the world’s top business leaders,” one of which was later identified as Indra Nooyi, CEO of PepsiCo, about what would improve business and the U.S. job market. Nooyi is stepping down as CEO of PepsiCo in October 2018.

Defenders of the proposal believe that the semi-annual system would allow for greater flexibility and allow companies to save money.

Some believe that the quarterly system is costly and distracts companies from creating and focusing on long-term strategy, instead of putting the focus on short-term performance and stock price gains, while others believe that the quarterly system sets a precedent for transparency and reduces the incentive for insider trading and other unethical practices.

The SEC, established during the Great Depression in the 1930s, has required public companies to report on profit and revenues every three months since the regulation was first established in the ‘30s as a means of giving investors confidence. As recently as 2016, the SEC considered doing away with the quarterly reporting requirement, so the president’s proposal was not entirely out of the blue.

Jay Clayton, SEC chairman, made a statement following Trump’s proposal indicating that the SEC “continues to study” the rules and requirements for publicly-owned companies.

While the future frequency of financial reporting for public companies is yet to be determined, proponents on both side have been weighing in since Trump’s proposal in mid-August. Though companies would be freer to focus on long-term growth, critics are concerned with earnings manipulation and reduced transparency.

No matter the frequency of your financial reports, FYIsoft can help

While the U.S. and the SEC make determinations on the right frequency for reports to be disseminated to the public, you can focus on your organization’s reporting. With automation and cloud-based solutions comes enhanced data integrity, efficient reporting, and speedy report distribution.

Contact FYIsoft today to learn how a move to the cloud can benefit your organization and enhance your reporting.

Why Efficient Financial Reporting is Going to Get More Important

Running financial reports quickly and accurately is extremely important for organizations. While you may be accustomed to the executive board wanting information yesterday, efficient financial reporting is even more pressing when your compliance is dependent on it. Without an efficient report generator, you may not just let the board down–but you may be sacked with fines to boot. Choosing software that enables you to run the types of reports you need is critical to your success as a business.

Why are efficient financial reports so important?

Financial reports shine a light in the window of a company’s inner workings, exposing financial conditions, operating results, cash flows, and shareholders’ equity. Financial reports communicate past successes, future projections, and current status. This information is extremely important to be able to pull together quickly and accurately. Much of the information presented in these reports is required by law, so mistakes and misgivings are not often tolerated.

Missouri: a case study

A recent law that went into effect in Missouri is making expedient financial reporting even more imperative, and other governments and organizations are likely to follow suit.

Missouri municipalities are required to file annual reports within six months of the close of their fiscal year. A law that went into effect on August 28, 2017 added a penalty fine of $500 per day that these reports are absent or late. These fines can add up quickly, lighting a fire beneath all local governments to ensure that the reports filed are accurate and punctual.

Prior to this legislation, nearly half of local Missouri governments failed to meet these requirements, in spite of the six-month lead time to produce reports after the close of the fiscal year. Compliance has vastly improved with the new legislation.

As more legislation is introduced across the U.S. to enact fines and penalties associated with financial compliance, it is increasingly important that your accounting software can accommodate your constantly evolving business needs.

Advanced financial reporting software can lead you to easier report generation, automated report distribution, increased security, enhanced data integrity, and 24/7 mobile access. Choosing software that will help you meet your regulatory needs and maintain compliance is critical as regulations and compliance are constantly evolving across all industries.

Choosing FYIsoft for efficient financial reporting

Contact FYIsoft today to learn how a move to the cloud can benefit your organization and provide you with the most efficient financial reporting–according to your deadlines.

Is Technology One of the Biggest Challenges for Accountants?

Technology disruption is a buzzword across industries right now–especially in the accounting realm. Yet a recent survey cited by Pymnts.com shows that accountants understand technology disruption as a major challenge but very few are actually addressing it.

The numbers

Workflow management is an area of specific concern, yet 43 percent of respondents do not yet use workflow management software. Additional tech concerns for small businesses are the rates in which they are adopting new technology, with only 33 percent of sole practitioners and 26 percent of small firms having updated their tax software in the past 5 years.

Even more telling, only 12 percent of sole practitioners consider themselves “very likely” to embrace cloud-based accounting; the number climbs to 33 percent for accounting firms with over 11 or more partners. While a sizable chunk (nearly 30 percent) report that their technology and training budgets exceed 3 percent of their annual revenue, 25 percent reported having no budget for technology and training at all.

The reasons

While it is unclear on a holistic level why accountants are seemingly not prioritizing technology training in an environment that is gearing up for disruption, there are a few possibilities. Among them: cost and fear.

Implementing new technology is a costly and time consuming endeavor. While the overall cost of implementing and maintaining cloud software provides a significant decrease in IT and infrastructure costs, there are upfront costs associated with making the switch. For companies without robust budgets, it may not seem cost-effective to scrap a system that still works in favor of a new, riskier system–even if it will save money in the long run.

And that brings us to fear. Cloud accounting software isn’t “new,” but it hasn’t been around long enough to prove itself–from some accountants’ perspectives, anyway. Before jumping head first, decision makers want to be sure they are making a sound investment with demonstrable ROI.

Many accountants are naturally inclined to risk aversion, which could explain why technology is less widely embraced in this industry compared to others.

The bottom line

One thing is clear: staying safe and adhering to your comfort zone isn’t going to give your business the edge in this market. A step towards embracing new technology could be the saving grace for your organization or firm as traditional accountants are losing their appeal. To stay relevant in the industry, embracing and learning technology is just as important as capitalizing on strategic and advisory services that can be provided as value-adds to loyal customers.

FYIsoft can help get you there

Technology disruption is coming. Don’t be on the wrong side of it. Contact FYIsoft today to learn how a move to the cloud can benefit you.

 

Accountants Changing

Accountants Are Adjusting to the Changes in the Industry

Since the mid-1980s, accountants have relied heavily on spreadsheets–a technology that was never intended nor designed for the complicated multi-entity work common in accounting today. As technology evolves, so does the accounting and finance industry, and with the advent of automation and artificial intelligence (AI), accountants are gearing to adjust to a changing industry.

While some have warned that automation and AI will lead to the end of accounting as we know it, savvy accountants know that embracing the changing tide and allowing the industry to undergo this seachange will leave opportunity aplenty–as long as they remain as versatile and open to change as the industry.

How accountants must adjust

Remaining relevant in today’s accounting sphere requires adaptability. Crunching numbers in Excel spreadsheets and otherwise completing tasks in the same manner and cadence as before will not propel future-thinking accountants forward. Instead, embracing technology and capitalizing on strategic and advisory services is necessary.

Where do you stand?

According to AccountingWeb, people can be divided into five segments based on how willing they are to adopt new, innovative technology: innovators, early adopters, early majorities, late majorities, and laggards. Innovators and early adopters only comprise 16 percent of the population, but they highly influence the next subgroups: the early and late majorities. The graph follows a bell curve, with the final 16 percent being laggards. Laggards refuse to adopt new technologies until their existing, tried and true technologies are no longer available.

Adopt cloud technology

Don’t fear automation: you will not be replaced by robots if you can learn to work with advanced technology. Technology can never replace the human component of processing, analyzing, and strategizing–but it can buy you time to do those things. In the past, manual number crunching and hunting for errors was a necessary evil of the job. Now, by implementing cloud-based technology, much of the bulk of your hours of work can be automated. This frees your time and mind to sit with the data and reflect upon it. And this leads to better, stronger business decisions.

Learn

We’re never done learning. As technology changes, it is imperative that you keep up with the change. There are courses, webinars, and even networking opportunities to connect with the latest technology–and its users.

Consider FYIsoft

FYIsoft can help you propel your business forward. Stay relevant by embracing this tectonic shift and stay on the right side of accounting so you don’t lose credibility as your competitors capitalize on new technology. Contact FYIsoft today to learn how a move to the cloud can benefit you.

 

Is Your Period Close Time Exhausting? Tips On How to Reduce the Crazy

Closing the books is a stressful process for any organization, and added pressure often comes from the executive team to close the books as quickly–and accurately–as possible. Fortunately there are some ways to reduce the chaos and craziness of the period close, such as adopting a “continuous accounting” model and implementing a cloud-based solution.

Adopt a “continuous accounting” model

By working some of the tasks of a period close into your staff’s daily accounting activities, the period close can be in turn speedier and more efficient. Working reconciliations into daily activities can not only speed up your next period close, but can also enable real-time reporting which allows for faster, better business decisions. Your executive team will surely appreciate the added bonus of accurate and timely reports available at a moment’s notice.

Utilize a cloud-based approach

Continuous accounting is made easier by the implementation and use of a cloud-based accounting solution. When all teams can access the same system and data, the period close is made that much easier. Automation of many processes can be added to the daily accounting workload, meaning your accounting team will spend far less time crunching numbers during the period close. Easy browser-based solutions mean your team, regardless of location or time zone, can access data and reports on the go at just a click of a button.

FYIsoft helps reduce the crazy

Implementation of FYIsoft’s financial reporting software can help your period close be the fastest and most efficient it can possibly be.

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. That is FYIsoft’s focus.

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.

Among many other benefits, FYIsoft can cut down the chaos of your period close. FYIsoft customers routinely see 2-5 days–and up to 10+ days–cut off their period close processes, which affords accounting staff time and energy for strategy, advisory services, and business growth.

Request a demo today and learn how FYIsoft can help your period close run as smoothly as possible.

The Awesome Benefits to Cloud Accounting

As an accounting professional, you want your ship to run smoothly. You have increasing demands from other departments to close the books fast and provide accurate, timely reports to the executive board, and you want your staff to focus their time on the most important tasks.

Cloud accounting software provides multiple benefits to the businesses that implement it. Cloud solutions are truly the way of the future, and by onboarding now, your business can start to reap the many benefits for a stronger, more profitable business in the future. Start appeasing your executive board today through the implementation of a cloud-based accounting solution.

Benefits of cloud accounting for your business

The many benefits of cloud-based solutions include:

Faster Period Close

Customers utilizing cloud-based software can cut days off their period close processes–time your staff can now spend on more value-added activities like strategic and advisory services. Spend valuable staff time on growing the business, not fixing errors caused by broken processes.

Easier Report Generation

Component-based cloud architecture simplifies consolidations, even for complex multi-company entities.

Efficient Report Distribution

Secure, web-based distribution process ensures you get the right data to the right people, whenever they need it.

MobileAccess

Access to financial reports 24/7, through any device with an internet connection, ensures you’re always ready with accurate, reliable data.

Data Integrity

With cloud reports, users can drill down and analyze their own expenses without the ability to change the data.

ROI Within Weeks

A low total cost of ownership, combined with increases in productivity, will deliver ROI in as little as eight weeks.

Other benefits

Users can also enjoy automation, enhanced security, real-time reporting, and low costs. Because data is stored on the cloud rather than locally, your company can save money not just on equipment but also on IT staff time. And, data is far more secure and far less vulnerable to cyber attack or physical theft.

FYIsoft provides awesome benefits to your business

At FYIsoft, we focus on one thing: developing the best financial reporting software available. Integrated with your general ledger, FYIsoft provides all the benefits of the cloud, without compromising the security of your core financial data.

Our easy to use, cloud 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, exactly when they need it.

Request a demo today and learn how FYIsoft can help your business succeed.

Top Five Reasons to Upgrade to FYIsoft Version 7.0 NOW

FYIsoft helps your accounting team look good every time by focusing on developing the best financial reporting software available. Integrating with your general ledger, FYIsoft provides all the benefits of the cloud without compromising the security of your core financial data.

With FYIsoft, you’ll enjoy:

  • A faster period close, saving up to five days and allowing more time for analysis
  • Easier consolidations, even for complex multi-company entities
  • Streamlined, accurate report distributions – automatically formatted every time
  • Secure, 24/7 access to transactional data, from anywhere, anytime

Here are the top five reasons to upgrade to FYIsoft version 7.0:

Save Hours of Time


The reporting process is perhaps the most undervalued of all accounting tasks, but FYIsoft knows the truth: you invest hours of time creating and ensuring all your reports are accurate and timely – in fact, your career depends on it. Version 7.0 is all about saving time with less clicks, faster run times, and features like advanced copy/paste and search functions.

Increase Productivity


Because software should never remain complacent, FYIsoft is continually working to make your job easier. FYIsoft has given its database processing engine a tune-up and modified its report generation service. FYIsoft’s latest release will bring increased efficiency with improved report performance.

Reveal a Better YOU!


Better software means better functionality – which means you can create better reports. Don’t get left behind with outdated software. Let your inner-superstar shine with the ability to create faster reports and get them to the right people, without missing a deadline!

 

Up Your Game with Advanced Analysis


Version 7.0 includes powerful drill down capabilities. With just a click you can do a deep dive into any transaction, viewing the journal entries and scanned documents. You also have the ability to add on FYIsoft’s newest product, FYIAnalytics, which will basically put your analytical skills on steroids with data visualization to easily spot trends and variances. So as they’re firing off all those questions, you’ll be ready for anything.

Evaluate the Cloud


If you haven’t yet moved to the cloud, FYIsoft gives you a great first look – without rushing into big software investments. You can move your reporting software to the cloud, without the costs of replacing your entire ERP. And when you’re ready for all the benefits of the cloud, you won’t have to change your reporting software.

See more benefits and request a demo to implement FYIsoft version 7.0 today.

The Power of FYIsoft’s Financial Analytics Software

Pulling accurate and timely analytics is of key importance to finance executives. It is imperative that reports be accurate and trustworthy, and that they can be run at the click of a button to appease executives. Fortunately, FYIsoft has a solution: FYIAnalytics.

Finance professionals know that with the advent of FYIAnalytics, FYIsoft continues as a force to be reckoned with in the industry. FYIAnalytics complements FYIsoft’s core financial reporting solution, providing CFOs and finance leaders with the ability to visualize data through interactive dashboards, closely monitor trends, and easily run “what if” scenarios instantly.

Because FYIsoft provides cloud-based software, FYIAnalytics is secure and accessible 24/7 from any device with an internet connection. All users can access the same data and reports (pending specific user permissions), meaning the data is always current–which is not always the case with organizations depend on manual solutions like Excel.

Among other things, FYIAnalytics provides:

  • Easy on-demand analysis of data that always ties back to financial statements
  • Customizable data visualization tools, including dashboards focused on the KPIs and trends most important to finance executives
  • Flexibility to easily slice and dice data any way needed
  • Dynamic charts and graphics that are easily manipulated
  • Interactive financial presentations, making it easy to run “what if” scenarios at the click of a button

FYIsoft products also provide finance executives with:

  • Reliability
  • Accuracy
  • Ease
  • Relevance
  • Speed

Data is pulled directly from the GL without the risk of manual error. Revisions and updates are immediate with just a click of a button. Dashboards reflect the metrics most important to your business. And, real-time reporting is a breeze–even during spur of the moment meetings! This makes FYIAnalytics an excellent choice for finance teams.

FYIsoft can help

While excel-based analytics remain a viable option for small businesses, Excel was never designed to handle the complex needs of today’s financial professionals. As finance needs evolve, so does an organization’s software needs. FYIsoft’s FYIAnalytics is an affordable complement to the other FYIsoft cloud reporting products. Reporting and analytics have never been easier!

FYIAnalytics can have you prepared for anything. You’ll have the tools you need to proactively communicate strategic business insights and be ready with the financial intelligence needed to answer any question that comes your way.

Request a demo today and learn how FYIsoft can help your business succeed. Never question your reporting or analytics again by implementing FYIsoft’s suite of products.