Financial Reporting Challenges For Fast-Growing Companies

Fast-growing companies often face a myriad of issues that can have an impact on the company’s performance. Changes in personnel, reporting needs, and budgets require financial reporting software that is flexible enough to quickly adjust.

Adding new staff is an important part of a growing company. Depending on the rate of growth, they may add as much as 25 percent in new staff every year. Recruiting new employees in today’s job market is a challenge, and finding them with the right expertise for a vital area like financial reporting is critical to avoid disruptions with the financial processes. A software product that is intuitive and easy to use will allow more to be done with existing employees, reduce training time and ensure the company’s productivity remains at a high level.

When financial reporting requirements suddenly change due to fast growth, expensive outside consultants may be required to create new customized reports. A better option is to choose a software package that offers ease of customization, so existing staff can quickly and efficiently handle all the changes.

The ability to attract venture or investment capital is critical to any fast-growing company. Inexperienced staff that use Excel spreadsheets to create financial reports almost guarantees there will be errors. Failure to produce accurate financial reports on a timely basis, and in a manner that is easily understood by potential investors, can also be very detrimental to a company’s future growth.

Organizations that rapidly outgrow their financial reporting solution should choose new software that:

  • is scalable, so the company can grow but the number of people it takes to produce financial reports doesn’t have to
  • doesn’t require replacement of existing GLs and ERPs
  • handles high volumes of transactions
  • offers complex features and functions, including multi-entity reporting and automated report distribution
  • generates, packages and distributes 100% accurate reports in seconds

FYIsoft understands the financial reporting pain points of fast-growing companies, and was designed to alleviate these challenges. A 15-minute demo is all it takes to see how FYIsoft can improve productivity by 50% or more. Contact us for more information.