Posts tagged with "financial reporting software"

What Do Businesses Look For in a Financial Report Writer?

Financial report writers should automate financial reporting to increase productivity for your business.

A good financial report writer should be easy to implement and easy to use. Being able to slice and dice data in an accessible way is imperative. This affords your organization the ability to make educated business decisions based on timely and accurate data.

When a business is shopping for a new financial report writer, there are various features to look for. These features include:

  • Integration with Excel and all major general ledger systems (read here why Excel is a bad choice).
  • Ability to dynamically pull data from multiple sources and formats.
  • Use of familiar concepts like rows, columns, and organizational trees.
  • Multi-company consolidations (different currencies, account numbers, and calendars).
  • Auditing component to ensure general ledger accounts are not duplicated or missing.
  • Permission controls to secure user access to data, report components, and organizational trees.
  • Windows authentication to determine access to the application.
  • Centralized templates to provide uniformly branded reports.
  • Point-and-click access to summaries, account details, and transactional data.
  • Automated bursting to schedule run times, formats, and recipients.

FYIsoft for report writing

FYIsoft offers a solution that checks all the boxes of what a financial report writer should offer. ReportFYI is an automated financial report writing software that increases productivity through a smart and dynamic design that streamlines the report generation process end to end.

Ideal for CFOs, accountants, and companies of any size, FYIsoft’s award winning report writer is secure, 100% web-based, and available 24/7 from anywhere.

ReportFYI is deployed on-premises. CloudFYI is also available as a cloud-based financial reporting and accounting software. Deploying ReportFYI in the cloud is a secure way to conduct financial reporting. Cloud deployment can increase productivity and lower IT costs.

About FYIsoft

Founded in 2012, FYIsoft is focused on simplifying even the most complex financial environments with innovative software designed to enable fast, accurate, perfectly formatted financial reports – accessible 24/7 wherever, whenever business needs dictate. Over 8,500 finance professionals around the world rely on our cloud financial reporting software.

FYIsoft is SOC 2 Type I certified, ensuring that the security, integrity and processes of our company meet the stringent standards established by the internationally-recognized AICPA.

The talented team behind FYIsoft has decades of experience in areas including enterprise resource planning, finance and accounting, and information technology. Formerly known as Renovo Corporation, FYIsoft serves a global customer base from its headquarters in Naples, Florida.

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Financial Reporting Solution

Can Your Financial Reporting Solution Adapt To Change?

Organic growth, acquisitions, capital expenditures, and new investments can cause you to quickly outgrow a simplistic, Excel-based financial reporting solution. Excel has its limitations, and your growing business needs a solution that is automated, feature-rich, reliable, and accurate.

Excel can be suitable for the simplified accounting needs of small businesses, but most companies need a solution that does more. Your financial reporting solution should be able to tackle:

  • Multiple GL systems: Standardize data so you can integrate with as many GL systems as you need, saving weeks or even months of time.

  • Currency conversions: The ability to automate currency conversions is a must-have for multinational corporations to greatly simplify the consolidation of global financials.
  • Multiple entities: Companies that generate 100+ reports every month require software that can slice and dice any distributions needed to deliver the right data to the right people.

 

 

Cloud-based financial reporting solutions are much more adaptable to the changing accounting landscape that your business is working within. Your business requires a solution that can navigate the various regulatory and compliance concerns of the finance world, and you should be able to count on the accuracy and integrity of your data.

The best solution will encourage:

  • Faster period close: By cutting even 2-5 days off your period close process, you have time left on the calendar for other tasks to better serve your business.

  • Easier report generation: Component-based cloud architecture can simplify consolidations for even the most complex entities.
  • Mobile access: Access to reports 24/7 from any device with an internet connection ensures you’re always ready with accurate, reliable data.
  • Data integrity: To keep data accurate, users can drill down and analyze their own expenses without the ability to make changes.
  • ROI within weeks: A low total cost of ownership combined with increases in productivity will deliver ROI in as little as eight weeks.

 

 

FYIsoft produces solutions that adapt to change

FYIsoft ensures that all impacted reports are updated automatically, saving you and your staff countless hours. FYIsoft is a powerful financial reporting solution that helps customers reduce their reporting time up to 50%.

Financial reports provide the data and insight from which all business decisions are made. For today’s finance teams, it is crucial that those reports be accurate, easy to produce, and board-ready at a moment’s notice.

The report applications found in most ERP systems just don’t cut it. That is FYIsoft’s focus.

FYIsoft is committed to delivering the best available cloud financial reporting software, specifically designed to integrate with your GL system and dramatically improve reporting processes, even in the most complex financial environments.

Contact FYIsoft today to learn more.

 

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Changing Financial Process

Why Changing your Financial Reporting Process Now is Crucial Before the New Year

We all like a fresh start with the new year rolls around on January 1. There’s no better than time than now to prepare your business for a brighter future. Set your business up for success now by revamping your financial reporting process so the big changes you’re looking to achieve are possible in 2019.

Why change your financial reporting process now?


Financial reports provide the data and insight from which all business decisions are made. For today’s finance teams, it is critical that these reports be accurate, easy to produce, and board-ready at a moment’s notice.

The report applications found in more ERP systems don’t cut it for today’s complex accounting needs. That is why partnering with a cloud-based solution provider is the first order of business to revamp your financial reporting process. A cloud-based solution that is specifically designed to integrate with your existing GL system and dramatically improve reporting processes makes it easy to improve upon your existing processes.

Still using FRx?


Microsoft retired its outdated FRx reporting solution over five years ago. If you’re of the many still using this outdated and retired solution, once FRx crashes, it’s too late. Don’t risk another financial close relying on unsupported legacy software.

Plan ahead

If you want to make a change to your 2019 financial reports, waiting until the last week of December is not the way to do it. If new software is what you’re after, start researching and building a case for it now. If process improvements are your plan, setting them in motion now will only help you as the new year draws closer.

How FYIsoft can help

A cloud-based solution like FYIsoft can help you meet your financial reporting goals for the new year.

For one, FYIsoft offers a FRx report conversion. With a familiar architecture that’s similar to FRx, FYIsoft’s cloud financial reporting software easily converts your FRx reports at the database level so the conversion process is accurate and consistent.

Furthermore, FYIsoft focuses on one thing: developing the best financial reporting software available without compromising the security of your core financial data.

The benefits include:

  • 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

Start the new year off on the right foot. Contact FYIsoft today to learn more about how FYIsoft can help your business achieve its goals.

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Financial Reporting Software - Period Close

How FYIsoft’s Financial Reporting Software Can Cut 10+ Days Off Your Period Close

Financial reports provide the data and insight from which all business decisions are made.

For today’s finance teams, it is crucial that those reports be accurate, easy to produce, and board-ready at a moment’s notice. The report applications found in most ERP systems just don’t cut it.

That is FYIsoft’s focus. FYIsoft is committed to delivering the best available cloud financial reporting software, specifically designed to integrate with your GL system and dramatically improve reporting processes, even in the most complex financial environments.

FYIsoft’s financial reporting software solves even the toughest accounting challenges your organization faces:

Multiple GL systems – FYIsoft standardizes data so you can integrate with as many GL systems as needed, saving weeks if not months of time.

Currency conversions – For multi-national companies, FYIsoft automates currency conversions, greatly simplifying the consolidation of global financials.

Multiple entities (companies, branches, divisions, franchises) – Companies that generate 100+ reports every month find huge relief with FYIsoft. Our software can slice and dice any distributions needed, giving you confidence that you’re delivering the right data to the right people.

And, FYIsoft’s financial reporting software can cut 10+ days off your period close.

Other perks of FYIsoft financial reporting software:

    • Easier report generation – Flexi’s component-based cloud architecture simplifies consolidations, even for complex multi-company entities
    • Efficient report distribution – Secure, web-based distribution process ensures you get the right data to the right people, whenever they need it

  • Mobile access – Access to financial reports 24/7, through any device, ensures you’re always ready with accurate, reliable data.
  • Data integrity – Users can drill down and analyze their own expenses – without the ability to change the data.
  • ROI within weeks – A low total cost of ownership, combined with increases in productivity, will deliver ROI in as little as eight weeks.

 

How FYIsoft can help you

Closing the books quickly and accurately is the ultimate goal, and FYIsoft can help accomplish that by cutting 10+ days off your period close. FYIsoft has 8,500 users and counting, and the team is ready to help upgrade your software, process, and workflow.

FYIsoft’s easy-to-use cloud solutions simplify even the most complex financial reporting demands by automating manual processes and enabling users to get the right information to the right people.

FYIsoft solutions help users with financial reporting, management reporting, financial consolidation, close management and reconciliation, report distribution, and more.

To start reaping the positive benefits of cloud software, including improved data accuracy, security, 24/7 access, automation, and improved communication, contact FYIsoft for a demo today.

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accounting management finance marketing business concept

How the Cloud Allows Accounting Professionals to Grow

With such an emphasis on technology solutions in today’s accounting climate, accounting professionals’ roles are changing, largely due to the shift towards adopting cloud-based accounting software to handle traditional, manual accounting tasks. As our reliance on cloud-based solutions expands, accounting professionals’ roles are steadily adapting and evolving.

The current climate

Accounting firms are expected to work more efficiently than ever before. The rise of cloud accounting software has enabled accountants to work in new and interesting ways, including the ability for real-time, 24/7 collaboration with clients.

A study by AICPA found that 90 percent of CPAs believe that the delivery of digital business processes to clients will become imperative in the next five years. While this should not be surprising as technology continues to force all industries to evolve and reinvent the wheel, accounting—with all its complexities and intricacies—tends to be forgotten as one of the major fields being transformed by automated technology.

As the cloud is more and more relied upon as a source of automation of manual tasks, the demand increases for accountants to shift to advisory roles, as well as roles with much more focus on customer service.

Empowering and growing accounting professionals

By equipping accounting professionals with intuitive, easy-to-learn tools that enable them to complete their work without the costly and time-consuming intervention of IT staff, accounting professionals can be empowered in their modern roles. However, if the chosen software is too complex, the result will be lower adoption rates, decreased productivity, higher turnover, and the risk of revenue loss.

AccountingWeb suggests that cloud software will allow accounting professionals to perform daily tasks such as:

  • Setting up a shared folder for collaboration with clients
  • Sharing/granting access to documents
  • Accelerating onboarding processes with clients

By encouraging the use of cloud technology, accounting firms can afford to bring on new clients, increasing profit margins. Employee productivity also increases as the manual task load rests on the cloud-based solutions being implemented.

Moving forward

Solutions like those discussed above are an excellent start for any accounting firm, but deployment cannot come at the cost of security breaches or failure to comply with regulations.

While some accounting professionals will be affected by the shift towards automation, the accounting profession is on track to grow, allowing its workforce to increase its skills to manage more clients at a time and focus on strategic and advisory roles.

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Financial Reporting Software

Looking to Cut Down on Financial Reporting Time? Financial Consolidation Software Will Help

In today’s economy, financial consolidation software is in high demand. Demands on financial professionals are only increasing, and new regulations, segmentation of revenue, and the desire to cut down on financial reporting time are just a few of the many reasons financial leaders are looking to invest in products that automate consolidation.

While finance professionals live and die by the Excel spreadsheet, solutions that step beyond the spreadsheet are increasingly in demand. Efficiency, accuracy, and immediate visibility are critical for internal and external financial reporting.

Why consolidate?

Consolidation allows a business to see a clear snapshot of financial performance across entities.

Years ago, it was typically only the largest companies that spent time and resources consolidating their financials. These days, the financial climate has changed. E-commerce and the internet drive business, and small- to mid-sized companies are increasingly going global.

For these reasons and more, many of the smaller and mid-sized businesses are looking for consolidation options as so many are involved in global sales, acquisitions, mergers, and buyouts. The ability to access, analyze, and sort a variety of financial data from various sources has become a necessity for businesses of all sizes.

What can financial consolidation software do for your business?

Consolidation software can simplify and automate the entire consolidation process. This avoids the extremely time-consuming task of manually creating reports, which requires one-by-one analysis of each financial entity, followed by consolidation. This process, depending on how many entities your business has, can take days, weeks, or even months.

To further complicate matters, international businesses may have the added requirement of converting currency in order to consolidate data. Many financial consolidation software options automate currency conversion. Balances can also be translated into a single currency or several different currencies for ease of analysis.

FYIsoft’s financial consolidation solution

FYIsoft’s financial consolidation solution enables simpler financial consolidation by reducing the time and resources it takes to gather and compare financial data from multiple sources. By automating critical accounting functionalities and minimizing manual processes, you can reduce errors and focus on value-added financial analysis.

For multi-national businesses, FYIsoft’s solutions enable quick translation of multi-company balances into the required reporting currencies. It enables currency conversion calculations that make it easier to evaluate consolidated financial statements in a single currency.

With FYIsoft, you can expect to:

  • Integrate with your general ledgers for a consolidated view of information
  • Utilize consolidated reports with the ability to drill down and analyze data at the transaction level
  • Facilitate and reconcile processes through automated workflows.

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Financial Reporting Software Products

Financial Reporting Software Products – Why All Are Not Created Equal

Not all financial reporting software products are created equal, as veterans of the financial industry have known for years. Some systems are limited and restricted, other systems are extremely costly to implement and support, and still others lack the intuitive user experience necessary in successful financial reporting solutions.

Your financial reporting software should embody a host of powerful features and capabilities, and out-of-the-box solutions are typically not dynamic enough to achieve this—much less achieve it easily.

FYIsoft recognizes these needs and approaches customers with customizable software that minimizes risk across multiple departments by serving as a central hub of organizational data. The best financial reporting software simplifies complex financial data so your staff can manage increasing volumes of data from multiple sources.

Limits and restrictions

A common complaint about financial software is that out-of-the-box solutions leave businesses wanting more. While there are many best practices in accounting and finance, each organization operates under its own set of principles, and out-of-the-box solutions lack the customization necessary to provide the quickest, most accessible reporting possible.

FYIsoft leverages the ability to customize and distribute a variety of financial reports based on organizational needs. The software is easily tailored to specific needs and requirements.

Costly implementation and support

Financial software is known to be costly to implement. Additionally, it has historically placed a large demand on an organization’s IT support staff. Software users are at the mercy of their IT department, leading to time waste and frustration.

Fortunately, many financial reporting software companies, like FYIsoft, are moving to cloud deployment. Cloud deployment increases productivity and lowers IT costs. The annual subscription accurately projects budgeting costs by including support, maintenance, and upgrade costs, and the software does not require upfront license purchases or IT infrastructure.

Intuitive user interface

Ease of use is a necessity when it comes to any software product. The interface should be user-friendly, intuitive, and should streamline the process to make reports as easily customizable and as accessible as ever. By prioritizing an intuitive user interface, productivity improves and departments across the organization can access and customize the data they need without having to request data from other departments.

Central data hub

Data can be mismanaged, misused, and often isn’t current. Luckily, cloud-based services like what FYIsoft offers can provide real-time, accurate data across organizations, to ensure that all users and departments are accessing the same correct numbers, but also have the flexibility to build their own reports based on their unique needs. Additionally, this central data is secure. It is encrypted, monitored 24/7, and is backed up daily.

The bottom line

Challenges are mounting in the financial services industry. Not all financial reporting software products are created equal, but companies like FYIsoft are managing client expectations in a new and impressive way with the onset of cloud-based, easy-to-use products. Cloud-based reporting software leads to increased productivity, more effective time management, less frustrated employees, and most importantly, accurate data reporting to provide your team with the highest degree of data integrity.

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Financial Reporting Solutions

Lost in Complex Financial Data? Follow Your Trusted Leader in Superior Reporting Solutions

In today’s ultra-competitive business world, it takes every conceivable advantage to survive and thrive among your industry peers. Be it insurance companies, healthcare facilities, or even your everyday megacorp, a sound financial reporting system remains a key element to any successful enterprise. However, many organizations are increasingly burdened by such a tedious, yet critical, process. The laborious data crunching of yesteryear sometimes results in little more than shoddy, undependable results.

Hence, today’s shrewd business leaders are seeking out a more streamlined approach to financial reporting. After all, a swift, simplified reporting process can preserve precious time and resources for focusing on business growth and development. With such innovative reporting solutions, heavy volumes of data can be compiled and analyzed with unrivalled efficiency, thereby enhancing your company’s productivity levels. Even better? A comprehensive financial reporting system delivers a more accurate picture of your company’s economic standing, helping you to strategize your business accordingly. If quality finance reporting is your missing ingredient, perhaps FYIsoft can add the spice.

The Proof is in the Data

FYIsoft has emerged as an industry innovator with the very finest offerings in finance reporting software. Backed by world-class engineering and seasoned expertise, FYIsoft solutions provide robust, scalable reporting platforms that rank a cut above the rest.

  • Diverse IT environments. FYIsoft offers solutions that are deployed as both virtual platforms and on-premises infrastructure.
  • User-friendly layout. Intricately-arranged rows, columns, and organizational trees display financial summaries while centralized templates deliver detailed breakdowns of data.
  • Conversion functionality. CurrencyFYI solution converts multiple company balances into one currency type, a true rarity among competitive solutions.
  • Extensive drill-down feature. Reporting solutions allows users to delve deep into detailed financial data.
  • Scalable structure. Software sports a flexible architecture to accommodate ever-changing business demands.
  • Report consolidation. Solutions can compile data from various companies and consolidate it into one all-encompassing report.

FYIsoft Delivers

Since 2012, FYIsoft has equipped organizations from many industries with intuitive financial reporting software. First-rate solutions like ReportFYI, CloudFYI, and CurrencyFYI are designed to simplify and optimize the processing of critical financial data reports. Deploying best-in-class solutions for cloud-based and in-house data centers, FYIsoft’s products include an accurate financial report writer, a general ledger integration tool, and a high-quality currency translator. Above all, award-winning software systems from FYIsoft can provide your financial reporting with agility, flexibility, and security unparalleled within the marketplace.

Schedule a free demo today!

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