Financial reports are an integral part of accounting. They compile a company’s pertinent financial information for external distribution. Examples include:
- Financial statements (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)
It should come as no surprise that accurate financial reports are the crux of accounting. Without accurate financial reports, it is impossible to gauge the health and success of your business, and your reputation as an organization suffers.
And while financial reports are imperative to your business, accountants experience many pain points with their existing financial reporting solutions. A good reporting solution should not only provide accurate data, but should also increase productivity, reduce risk of error, provide 24/7 access for users, and increase security.
Automation for accurate data, increased productivity, and reduced risk of error
Leveraging automation features means your staff can spend less time crunching numbers and running reports and more time on strategy. This can lead to a larger focus on advisory services, or perhaps a reduction in workforce or a pull to bring outsourced services back in house. Automation makes running reports fast and easy, and with automation on your side, there is less risk of manual error, leading to more faith in the accuracy of the data.
Cloud technology for 24/7 access and increased security
Cloud reporting solutions offer added benefits. When your solution lives in the cloud, it can be accessed from any device with an internet connection at any time. Users can access data at a moment’s notice even when inclement weather keeps them home or travel takes them far. And, since data is stored on remote servers rather than locally, there are added security benefits. Data is less susceptible to local theft, and encryption makes it even harder to hack.
FYIsoft addresses your pain points
FYIsoft knows that there are many pain points in financial reporting, but they each can be addressed by the right solution. FYIsoft can help you produce your reports in a fast, easy, and accurate manner, in one case 500 percent faster than a competitor.
Schedule a brief demo with FYIsoft today to learn how FYIsoft can address your financial reporting woes.