FYIsoft

FYIsoft Expands their Team with Two New Important Hires

FYIsoft has announced the following new hires:

Kevin Barnhill has joined as director, technical services. He is responsible for overseeing all aspects of customer support, including installation, customer environments and product testing. He will also be the primary contact for all customers regarding any technical issues escalated beyond the Support Help Desk.

Kevin has more than 20 years of product development and customer support experience. He was most recently a consultant, providing development and technical services. Prior to that he was employed by Smart Companies as a solutions architect and software developer. He was also employed by Simpson Strong-Tie as a senior software engineer developing a 3D, real-time marketing solution in C#.NET.

Kevin received his B.A. in Computer Science from the University of Central Florida and his MBA from Florida Gulf Coast University.

Rob Esmond has joined as marketing communications manager. His primary responsibility is to coordinate, monitor and support all marketing activities.

Rob was most recently a marketing specialist at Adaptive Computing responsible for email campaigns, maintaining the Salesforce database, website design, and creating and editing sales materials and collateral. He also has experience working with Camtasia for video creation. Prior to that, he was in various marketing roles at ACI Worldwide and ASG Software Solutions.

Rob received his BA from The Ohio State University.

 

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5 Reasons Why Using Excel For Financial Reporting Is Insane

Microsoft Excel has been a leading resource for accountants since the 1980s, but Excel was never designed to handle the complex needs of today’s CFO, nor the complex accounting of multi-entity organizations. With the onslaught of newer, better products on the market tailormade to meet the needs of today’s accountants, there is no reason to remain chained to Excel.

Here are five reasons why holding onto Excel is doing you more harm than good.

  • It’s not automated

Arguably the biggest issue with Excel is that it is based on manual data entry. When a formula breaks or an error is found, it can take hours–even days–to locate the issue. This is a monumental waste of staff time–time that could be better spent on strategy and advisory services if reporting were automated!

  • Data integrity is threatened

With a lack of automation comes a threat to the accuracy and integrity of data. Excel is not necessarily used as a central hub of data and reporting like a cloud-based accounting solution would be, and data entry is largely manual. Multiple people can be working off of multiple versions of the workbook on their individual desktops, which becomes a case of the chicken or the egg. Which is the most accurate version? This can be a nightmare for accountants and can lead to poor business decisions being made when an inaccurate and incomplete view of data is presented to the executive team.

  • It’s not necessarily cloud-based

While Microsoft has created a cloud version of their products, many of us still use non-cloud-based Excel. And by not working in a shared environment, a myriad of issues arise. Working off a centralized hub of data is the far superior option.

  • It can’t drill down in real-time

Cloud-based solutions can be accessed 24/7 from any device with an internet connection because they are browser based. As such, it’s possible to create and run reports on the fly at any moment, from anywhere. Excel does not afford such luxuries and instead requires significant time manually creating reports.

  • It wasn’t built to be used in this way in the first place

Excel was released in a simpler time. The needs of accountants and finance professionals have changed rapidly since the 1980s, and better technology with improved features has been created specifically to address those needs. Excel may be familiar and comfortable, but it’s far from the best option.

FYIsoft is the better solution

FYIsoft’s cloud financial reporting software is designed to elevate the CFO’s ability to quickly gain extraordinary insights and proactively communicate. FYIsoft’s foundations were built upon accuracy, ease, relevance, and speed. It’s easy to build, save, and share all the reports you need.

Stop relying on a solution that was never meant to be used as a complex, multi-entity organization’s sole accounting resource and contact FYIsoft to see how cloud-based solutions can help you drill down to the data points you need. Contact FYIsoft today to learn more.

 

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What Do Businesses Look For in a Financial Report Writer?

Financial report writers should automate financial reporting to increase productivity for your business.

A good financial report writer should be easy to implement and easy to use. Being able to slice and dice data in an accessible way is imperative. This affords your organization the ability to make educated business decisions based on timely and accurate data.

When a business is shopping for a new financial report writer, there are various features to look for. These features include:

  • Integration with Excel and all major general ledger systems (read here why Excel is a bad choice).
  • Ability to dynamically pull data from multiple sources and formats.
  • Use of familiar concepts like rows, columns, and organizational trees.
  • Multi-company consolidations (different currencies, account numbers, and calendars).
  • Auditing component to ensure general ledger accounts are not duplicated or missing.
  • Permission controls to secure user access to data, report components, and organizational trees.
  • Windows authentication to determine access to the application.
  • Centralized templates to provide uniformly branded reports.
  • Point-and-click access to summaries, account details, and transactional data.
  • Automated bursting to schedule run times, formats, and recipients.

FYIsoft for report writing

FYIsoft offers a solution that checks all the boxes of what a financial report writer should offer. ReportFYI is an automated financial report writing software that increases productivity through a smart and dynamic design that streamlines the report generation process end to end.

Ideal for CFOs, accountants, and companies of any size, FYIsoft’s award winning report writer is secure, 100% web-based, and available 24/7 from anywhere.

ReportFYI is deployed on-premises. CloudFYI is also available as a cloud-based financial reporting and accounting software. Deploying ReportFYI in the cloud is a secure way to conduct financial reporting. Cloud deployment can increase productivity and lower IT costs.

About FYIsoft

Founded in 2012, FYIsoft is focused on simplifying even the most complex financial environments with innovative software designed to enable fast, accurate, perfectly formatted financial reports – accessible 24/7 wherever, whenever business needs dictate. Over 8,500 finance professionals around the world rely on our cloud financial reporting software.

FYIsoft is SOC 2 Type I certified, ensuring that the security, integrity and processes of our company meet the stringent standards established by the internationally-recognized AICPA.

The talented team behind FYIsoft has decades of experience in areas including enterprise resource planning, finance and accounting, and information technology. Formerly known as Renovo Corporation, FYIsoft serves a global customer base from its headquarters in Naples, Florida.

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Accounting & Analytics

Analytics in Finance and Accounting – Why Is it Important?

Excel-based analytics may remain a viable option for small businesses, but Excel was never intended to handle the complex analytics needs of multi-entity corporations.

Analytics are incredibly powerful and important, and accessing them should be easy. Being able to pull data at a moment’s notice is important not just for day-to-day operations, but also to identify trends and adjust your ever changing business model. Analytics need to be easy to pull, simple to understand, and accessible to all who need them.

With cloud-based accounting software, analytics are a click away. Any user can access interactive dashboards, tables, and graphs from any device with an internet connection. And most importantly, the data is accurate. When keeping a complicated trail of Excel documents, manual errors crop up often, and staff members may not always be working off the most current numbers. Discrepancies abound and more time is spent digging through data to determine what’s the most accurate view, and not enough time is spent analyzing and building for the future.

With a centralized cloud-based system, data is always accurate, current, and accessible.

How FYIsoft can help you

FYIAnalytics provides CFOs with powerful analytics capabilities. The ability to visualize data through interactive dashboards, closely monitor trends, and easily run instant “what if” scenarios are all just a click away.

With the addition of FYIAnalytics, finance-minded professionals can quickly glean critical insights from financial reports, and truly drive the business forward. Key benefits include:

  • 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, such as by product line, location, or time frame.
  • Dynamic charts and graphs that are easily manipulated.
FYIAnalytics will 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.

FYIAnalytics is designed to elevate the CFO’s ability to quickly gain extraordinary insights and proactively communicate. Count on: accuracy, ease, relevance, and speed. Data is pulled directly from the GL without the risk of manual error, revisions and updates are immediate, dashboards reflect the metrics important to your business with just a click of a button, and multiple “what if” scenarios can be run with ease in real-time.

Contact FYIsoft today to learn more about cloud-based accounting solutions with robust analytics.

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Financial Reporting for Banks

6 Features Banks Need From a Fast Financial Reporting Solution

Banking is an industry where being speedy and precise is imperative, and as such, banking institutions require fast financial reporting solutions that work. Banks have to bend to ever-changing compliance and regulatory measures, meaning the financial reporting software used must also be flexible while being swift and exact.

When looking for a financial reporting software suitable for the banking industry, the top three criteria are speed, performance, and ease of use.

Speed: Your software should be capable of easily meet daily close requirements and creating the accurate reports you need with complete accuracy within minutes, without hours of manual labor and sifting through Excel formulas.

Performance: Your software should automate multi-entity reporting, multi-currency conversion, and other tough accounting challenges.

Ease of Use: Your software should possess an intuitive interface with the ease of cloud software to minimize the involvement of your IT team’s precious time.

Six features banks need from a fast financial reporting solution

In today’s bank environments where flawless daily close capabilities are essential, there’s no room for outdated software and Excel-based report writers that slow down the process with tedious, manual tasks. FYIsoft integrates with your existing general ledger, making it easy to gain powerful speed, control, and sophisticated features without replacing your ERP.

  • Easier Daily Close

Closing should be easy. Software that integrates with your existing GL ensures data is pulled from the source without error.

  • Multi-Entity Consolidations

Your software should easily manage multi-entity consolidations. Easily consolidate many reporting units or companies with different GLs, data sources, chart of accounts, structures, and fiscal calendars.

  • Automated Distribution

Automate as much of the task at hand as possible to keep your staff busy with strategy. Keep management of all levels well-informed with automated distribution that ensures the right reports get to the right people.

  • Powerful Drill-Down

Why wait for a research team to deep dive into your reports? With software that has web-based reports, data is delivered via secure email link to any user. Users can be empowered to conduct their own analyses and view details behind any transaction.

  • Board-Ready Reports

There’s lots of pressure coming from the top, and with the right accounting software choice, financial statements are perfectly formatted and ready for the boardroom or SEC filing right out of the system with no manual editing needed.

  • 24/7 Access, Any Device

Banks need 24/7 access to data, and cloud deployment provides secure access to reports 24/7 from any internet-enabled device.

FYIsoft for banks

Submit the form and an FYIsoft financial reporting expert will show you how our integration with your bank’s accounting system makes it easy to dramatically improve your financial reporting capabilities, without replacing your ERP solution. Contact FYIsoft today to learn more.

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Financial Analytics

Stop Sending Out The Wrong Financial Reports

Report requirements vary greatly throughout a company, from the C-level executive who requires high-level consolidated statements down to detailed statements for individuals in various cost centers. You’re responsible for making sure that the right financial reports reach the right people when and how they need them.

If you’re still using an Excel-based report writer, your report distribution process is likely not as streamlined as it could be. You might be at risk of compromised data integrity, unwanted file versions, and a lengthy process that could easily be automated with the right tools. Excel was never intended to handle the complex accounting landscape that today’s businesses work within. While it may be suitable for certain situations and some smaller businesses, for most it is compromising time, resources, and the accuracy of your data.

What’s wrong with your current reports?

If you rely on Excel for your financial reporting, the system is inherently flawed. Excel depends upon a system of manual formulas that take time to develop, as opposed to an automated report writer that can do the heavy lifting for you. With so much manual work required, it is a very timely, and therefore costly, endeavor. And when errors occur, it can take hours, if not days, to isolate the problematic formula and make the adjustment. If it’s so easy to make an error, can you ever really trust the data?

And on that note: Excel does not present a centralized hub of data in the way that a cloud-based accounting solution does. Various employees can have a copy of a spreadsheet saved on their desktop, and over time, it may be difficult to determine whose version is the most current. With a cloud-based accounting solution, users have access to a centralized hub of data from any device with an internet connection, which greatly enhances data accuracy and integrity–as well as accessibility.

FYIsoft for your financial reports

FYIsoft’s cloud-based report writer enables finance teams to pre-package any number of reports and assign access rights to each report.

At FYIsoft, the focus is on 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.

  • 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.

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Financial Reporting Solution

Can Your Financial Reporting Solution Adapt To Change?

Organic growth, acquisitions, capital expenditures, and new investments can cause you to quickly outgrow a simplistic, Excel-based financial reporting solution. Excel has its limitations, and your growing business needs a solution that is automated, feature-rich, reliable, and accurate.

Excel can be suitable for the simplified accounting needs of small businesses, but most companies need a solution that does more. Your financial reporting solution should be able to tackle:

  • Multiple GL systems: Standardize data so you can integrate with as many GL systems as you need, saving weeks or even months of time.

  • Currency conversions: The ability to automate currency conversions is a must-have for multinational corporations to greatly simplify the consolidation of global financials.
  • Multiple entities: Companies that generate 100+ reports every month require software that can slice and dice any distributions needed to deliver the right data to the right people.

 

 

Cloud-based financial reporting solutions are much more adaptable to the changing accounting landscape that your business is working within. Your business requires a solution that can navigate the various regulatory and compliance concerns of the finance world, and you should be able to count on the accuracy and integrity of your data.

The best solution will encourage:

  • Faster period close: By cutting even 2-5 days off your period close process, you have time left on the calendar for other tasks to better serve your business.

  • Easier report generation: Component-based cloud architecture can simplify consolidations for even the most complex entities.
  • Mobile access: Access to reports 24/7 from any device with an internet connection ensures you’re always ready with accurate, reliable data.
  • Data integrity: To keep data accurate, users can drill down and analyze their own expenses without the ability to make changes.
  • ROI within weeks: A low total cost of ownership combined with increases in productivity will deliver ROI in as little as eight weeks.

 

 

FYIsoft produces solutions that adapt to change

FYIsoft ensures that all impacted reports are updated automatically, saving you and your staff countless hours. FYIsoft is a powerful financial reporting solution that helps customers reduce their reporting time up to 50%.

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.

Contact FYIsoft today to learn more.

 

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Excel Financial Reporting

Why Are So Many Businesses Still Using Excel for their Financial Reporting Needs?

Microsoft Excel has been an industry standard for accountants since its release in the 1980s, but the program was never designed for the complex accounting needs of today’s business. Still, many organizations and accountants continue to use the tool in spite of cloud software that has been developed to address the many shortfalls of spreadsheet accounting.

Why are businesses still relying on Excel?

Excel is a source of comfort and familiarity to many, despite its shortcomings. It was one of the first tools of its time to offer comprehensive financial tracking–a trailblazer in its own right that allowed companies to phase out the paper trail in favor of a more streamlined electronic method.

Many have remained loyal to Excel, and while it has evolved over its years, it falls short in many aspects. Above all else, the Excel spreadsheet is still a manual tool, making way for manual errors. In the age of automation, cloud-based solutions provide much that Excel cannot.

What cloud-based software can bring to the table

Excel is a comfortable and familiar choice–but it’s not the best choice for modern accounting.

One arena that cloud-based software reigns supreme is in backing up data. With any software that is locally installed, there comes the risk of losing important data if the system should crash. Cloud-based data is stored on remote servers, providing data back-ups and enhanced security.

Additionally, cloud-based programs are browser-based, so any device with an internet connection can access the same data–24/7. This also ensures that everyone is working off the same numbers and not saving local versions of reports to their desktop. If everyone is working off a different version, it’s very difficult to determine whose version is accurate.

Cloud-based software is also built with reporting in mind. Excel users must build reports from scratch. It can be a very timely endeavor. Fortunately, reporting is simplified–both in creation and distribution–with cloud-based products.

Cost and infrastructure is another area that favors cloud-based software over local solutions like Excel. Cloud-based solutions don’t require local servers or hefty IT support–enabling accountants to advocate for themselves and allowing IT to provide exceptional service to other departments and needs.

Consider FYIsoft

If you’re thinking about dipping your toe in the water to supplement or replace your reliance on spreadsheet accounting, consider FYIsoft. Contact FYIsoft today to learn how a move to the cloud can benefit you so you can work smarter.

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soc compliance

What Does it Mean to be SOC 2 Compliant?

Service Organization Control (SOC) reports were first introduced in 2011.

While there are three types of SOC reports, SOC 2 is the report that is most pertinent to technology and cloud computing entities in 2018. SOC 1 deals with financial transactions and SOC 3 is a public document that summarizes the SOC 2 report for public consumption.

What are SOC 2 reports?

The five criteria that comprise a SOC 2 report are: Security, Availability, Processing Integrity, Confidentiality, and Privacy.

1. Security

The security principle refers to protection of system resources against unauthorized access. Access controls help prevent potential system abuse, theft or unauthorized removal of data, misuse of software, and improper alteration or disclosure of information.
IT security tools such as network and web application firewalls, two-factor authentication and intrusion detection are useful in preventing security breaches that can lead to unauthorized access of systems and data.

2. Availability

The availability principle refers to the accessibility of the system, products or services as stipulated by a contract or service level agreement (SLA). As such, the minimum acceptable performance level for system availability is set by both parties.
This principle involves security-related criteria that may affect availability. Monitoring network performance and availability, site failover, and security incident handling are critical in this context.

3. Processing Integrity

The processing integrity principle addresses whether or not a system achieves its purpose (i.e., delivers the right data at the right price at the right time). Accordingly, data processing must be complete, valid, accurate, timely and authorized.

4. Confidentiality

Data is considered confidential if its access and disclosure is restricted to a specified set of persons or organizations. Examples may include data intended only for company personnel, as well as business plans, intellectual property, internal price lists and other types of sensitive financial information.

Encryption is an important control for protecting confidentiality during transmission. Network and application firewalls, together with rigorous access controls, can be used to safeguard information being processed or stored on computer systems.

5. Privacy

The privacy principle addresses the system’s collection, use, retention, disclosure and disposal of personal information in conformity with an organization’s privacy notice, as well as with criteria set forth in the AICPA’s generally accepted privacy principles (GAPP).

Personal identifiable information (PII) refers to details that can distinguish an individual (e.g., name, address, Social Security number). Some personal data related to health, race, sexuality and religion is also considered sensitive and generally requires an extra level of protection. Controls must be put in place to protect all PII from unauthorized access.

SOC 2 Auditing

SOC 2 provides flexibility to the data provider on just how they’d like to meet the criteria. This makes SOC 2 reports unique to each company; providers review the requirements, determine which are relevant to their business, then write controls to satiate those requirements. SOC 2 auditing is simply an auditor’s opinion of how well the company’s controls are fitting the requirements. Being that auditing is more subjective in this case, the auditor’s reputation is imperative.

The importance of SOC 2 compliance

SOC 2 is extremely important and relevant right now because the public is especially interested in trusting data providers with confidential information. A clean SOC 2 report indicates that the organization can be trusted to provide compliant and secure hosting.

For organizations looking to outsource data storage or finance information, SOC 2 compliance is a must. If you are seeking a vendor that is unwilling to share their SOC 2 reports, consider finding a new vendor.

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FYIsoft and Algorithm, Inc., Team to Provide Macola ERP Customers Stronger Financial Reporting Solution

FYIsoft, a provider of cloud financial reporting solutions, announces a strategic partnership with Algorithm, a technology services company dedicated to helping businesses improve business processes and maximize the value of their ERP investments in Macola and Acumatica. The partnership will initially focus on bringing more modern, powerful financial reporting capabilities to Macola users.
 

“FYIsoft provides the ideal solution we’ve been looking for to meet the growing need for stronger reporting capabilities among Macola users,” said Michael Oswalt, CEO of Algorithm. “We are very pleased to partner with FYIsoft to offer a faster controlled solution that will make users’ lives better.”

 
Like many report writers in the market, Macola’s offering is an Excel-based reporting solution that adequately serves small companies that don’t have multiple reporting units to accommodate. But for companies with more complex reporting needs, such as consolidating multiple entities, divisions or products, or preparing financial statements for auditors and SEC filings, Excel-based reporting can be a tedious, manual process that poses significant risks. Key advantages of FYIsoft’s reporting solution include:

  • Easier Multi-Entity Consolidations: Once reports are set up, an infinite number of report consolidations can be completed with the click of a button.
  • Speed: With FYIsoft, the reporting process can be completed within minutes, saving up to weeks of time during the financial close process.
  • Distribution: FYIsoft’s report distributions are automated to deliver the right reports to the right people – all perfectly formatted straight out of the system.

 

“We are excited to welcome Algorithm into our strategic partner network, and the new opportunities that our Macola integration will bring to our joint customer base,” said FYIsoft President, Jennie Cheng. “Our focus is on making it easy for companies to add more sophisticated financial reporting capabilities to their existing ERP systems, so that they can gain tremendous efficiencies without the costs or burdens of replacing their entire ERP. Algorithm shares our vision and our commitment to meet this growing need in the marketplace.”

 
Macola is the latest general ledger integration for FYIsoft, which integrates with dozens of systems including Sage, NetSuite, Acumatica, Epicor, Flexi, and many more.   

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