For companies with complex reporting needs like multi-company consolidations, nothing will compromise a financial close like spreadsheets.
For many that rely on Excel-based reporting processes, the close process involves the dreaded “financial reporting Excel dump,” where data is exported to Excel, leaving finance teams with the task of juggling massive tabs and spreadsheets, and manually consolidating the data.
The Excel dump is not only a tedious process that reoccurs every month, but it is also dangerous to the integrity of a company’s financial statements. Every manual touch point elevates the risk of errors – from data input to formula errors.
The risks associated with this type of Excel dump are well documented. As part of its series on Financial Reporting Best Practices, CFO.com published this whitepaper sharing eight compelling reasons why CFOs are trading in spreadsheets for more modern, cloud-based solutions like FYIsoft’s.
FYIsoft can easily integrate with your existing ERP (including Microsoft Dynamics, Sage, Epicor, PDI Enterprise, and many more) to automate the financial reporting process. By eliminating the manual touch points involved with Excel, FYIsoft greatly improves not only the accuracy of financial reporting, but also the productivity of finance teams.
Our customers immediately reduce financial reporting time 50% and more with FYIsoft. We can bring you this kind of savings to you – before your next quarter close – with powerful automation features like these and more:
- Automated consolidation of financial data from multiple entities (e.g., companies, locations, departments, divisions), GL systems, or currencies.
- Automated report distribution sends all financial report packages to all the right people with just one click and 100% accuracy.
- Automated formatting creates presentation-ready financial statements with no manual editing required.
Rather than chasing data from multiple sources, correcting errors, and struggling to reconcile accounts, finance professionals with FYIsoft solutions in their toolbox are able to spend more time analyzing the data and contributing value-added insights to decision makers.
Browse our case studies to learn how our customers are benefitting from FYIsoft’s financial reporting software. When you are ready to trade in spreadsheets for the enormous time savings that FYIsoft’s cloud-based solution delivers, request a demo and it will be our pleasure to take you on a personalized tour.