Frequently Asked Questions

Financial reporting software helps to speed and simplify financial statement creation, consolidation, and analysis. FYIsoft’s financial reporting software connects directly to your general ledger for real-time, accurate reporting across all entities.

Companies that have outgrown spreadsheets or the reporting capabilities found natively in their ERP system. FYIsoft was built for organizations  with more complex reporting needs. Those companies managing multiple entities or GL systems benefit most. 

FYIsoft supports unlimited entities and large transaction volumes, automating consolidations across multiple entities, companies, reporting units, or even GL systems without the need for manual mapping.

Yes — FYIsoft integrates seamlessly with many ERP systems to  extract financial data directly from the GL and standardize the data into a uniform reporting format.

FYIsoft delivers enterprise performance at scale with instant consolidation, robust automation features, multi-GL and multi-currency support, and complete auditability. Although our technology is sophisticated, it is also designed to be easy to use for finance teams — providing the ability to create and change any report needed, without any IT assistance and without a long, disruptive learning curve.

Implementations can vary based on complexity and the ERP system(s) involved, but in general, clients can be up and running within weeks, not months. Because FYIsoft connects directly to existing GLs, setup can be quick, especially if your team is ready to prioritize the action items needed. 

FYIsoft maintains enterprise-grade security, including SOC 2 certification, encryption, and role-based access controls. Our software is natively built on Microsoft technologies and runs on the world-class Azure cloud platform.

FYIsoft automates much of the tasks that typically slow down the financial close cycle — multi-entity consolidations, formatting, compiling report packages, sending reports — to speed the financial close and reduce manual errors.

Customers have reported up to an 80% faster month-end close and significant labor savings within the first year. More typically,  FYIsoft customer case studies show a 50% reduction in the time spent on reporting, which is valuable time that can now be spent on more strategic initiatives.

For more on this subject, download the whitepaper by BPM Partners, A Strong ROI Case for Finance Transformation.

No — FYIsoft is industry-agnostic, serving any company with multiple entities or complex reporting structures.

Absolutely. FYIsoft’s software architecture supports unlimited entities, transactions, and users without performance loss. The latest release of our ConnectFYI technology  shows the ability to process millions of transactions in less than five minutes.

Reporting setup is flexible so that it’s easy to create custom reports for any unique need. Third party stakeholders such as auditors can be assigned role-based access so they can view reports and drill down to view all the transaction-level details behind a line item. Finally, every adjustment and report has a traceable audit trail for full transparency.

• Yes, FYIsoft’s core financial reporting software, ReportFYI, is part of a fully integrated  suite of solutions for finance teams.
• ReportFYI integrates with BudgetFYI — our modern, cloud-based budgeting software thats implifies budgeting and eliminates the chaos of spreadsheets.
• Our DataStreamFYI product is ideal for building custom dashboards and other analytics/AI applications within BI tools.

Request a personalized demo to see how FYIsoft simplifies multi-entity consolidations and reporting. Request a Demo