Report requirements vary greatly throughout a company, from the C-level executive who requires high-level consolidated statements down to detailed statements for individuals in various cost centers. You’re responsible for making sure that the right financial reports reach the right people when and how they need them.
If you’re still using an Excel-based report writer, your report distribution process is likely not as streamlined as it could be. You might be at risk of compromised data integrity, unwanted file versions, and a lengthy process that could easily be automated with the right tools. Excel was never intended to handle the complex accounting landscape that today’s businesses work within. While it may be suitable for certain situations and some smaller businesses, for most it is compromising time, resources, and the accuracy of your data.
What’s wrong with your current reports?
If you rely on Excel for your financial reporting, the system is inherently flawed. Excel depends upon a system of manual formulas that take time to develop, as opposed to an automated report writer that can do the heavy lifting for you. With so much manual work required, it is a very timely, and therefore costly, endeavor. And when errors occur, it can take hours, if not days, to isolate the problematic formula and make the adjustment. If it’s so easy to make an error, can you ever really trust the data?
And on that note: Excel does not present a centralized hub of data in the way that a cloud-based accounting solution does. Various employees can have a copy of a spreadsheet saved on their desktop, and over time, it may be difficult to determine whose version is the most current. With a cloud-based accounting solution, users have access to a centralized hub of data from any device with an internet connection, which greatly enhances data accuracy and integrity–as well as accessibility.
FYIsoft for your financial reports
FYIsoft’s cloud-based report writer enables finance teams to pre-package any number of reports and assign access rights to each report.
At FYIsoft, the focus is on developing the best financial reporting software available. Integrated with your general ledger, FYIsoft provides all the benefits of the cloud, without compromising the security of your core financial data.
- Faster period close can save up to five days, allowing more time for analysis
- Easier consolidations, even for complex multi-company entities
- Streamlined, accurate report distributions – automatically formatted every time
- Secure, 24/7 access to transactional data, from anywhere, anytime
Contact FYIsoft today to learn more.