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.
Automating your processes means you can reduce your workforce, or bring outsourced services back in house by redirecting your staff’s attention. You will also save in IT and infrastructure costs because cloud services are not installed locally and don’t require the same level of IT support as locally installed solutions.
Speed up your processes
Because cloud accounting software is automated, the time it takes for your accounting staff to close is greatly reduced. Rather than crunching numbers manually, much of the process is performed by simple clicks of the button.
Cloud software is less prone to cyber attack or even local theft because it is not installed on local servers. Information is encrypted and stored in the cloud, boosting security and making your data less vulnerable than ever before.
FYIsoft can replace Microsoft Excel for your company
Schedule a brief demo with FYIsoft today to learn how FYIsoft can help your accounting and reporting flourish in a way that Microsoft Excel hasn’t allowed.