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 |2019-04-23T15:56:01-04:00April 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