Posts tagged with "financial reporting"

Is Trump Trying to Get Rid of Quarterly Financial Reporting?

President Donald Trump recently proposed a scaling back of the frequency in which publicly traded companies are required to report financial results. Currently required to report earnings quarterly, the new system would require only semi-annual reports. This would be a drastic change to the longstanding tradition of quarterly reporting set by the Securities and Exchange Commission (SEC) in the 1930s.

The proposal tweeted in August, was prompted by a conversation with “some of the world’s top business leaders,” one of which was later identified as Indra Nooyi, CEO of PepsiCo, about what would improve business and the U.S. job market. Nooyi is stepping down as CEO of PepsiCo in October 2018.

Defenders of the proposal believe that the semi-annual system would allow for greater flexibility and allow companies to save money.

Some believe that the quarterly system is costly and distracts companies from creating and focusing on long-term strategy, instead of putting the focus on short-term performance and stock price gains, while others believe that the quarterly system sets a precedent for transparency and reduces the incentive for insider trading and other unethical practices.

The SEC, established during the Great Depression in the 1930s, has required public companies to report on profit and revenues every three months since the regulation was first established in the ‘30s as a means of giving investors confidence. As recently as 2016, the SEC considered doing away with the quarterly reporting requirement, so the president’s proposal was not entirely out of the blue.

Jay Clayton, SEC chairman, made a statement following Trump’s proposal indicating that the SEC “continues to study” the rules and requirements for publicly-owned companies.

While the future frequency of financial reporting for public companies is yet to be determined, proponents on both side have been weighing in since Trump’s proposal in mid-August. Though companies would be freer to focus on long-term growth, critics are concerned with earnings manipulation and reduced transparency.

No matter the frequency of your financial reports, FYIsoft can help

While the U.S. and the SEC make determinations on the right frequency for reports to be disseminated to the public, you can focus on your organization’s reporting. With automation and cloud-based solutions comes enhanced data integrity, efficient reporting, and speedy report distribution.

Contact FYIsoft today to learn how a move to the cloud can benefit your organization and enhance your reporting.

Why Efficient Financial Reporting is Going to Get More Important

Running financial reports quickly and accurately is extremely important for organizations. While you may be accustomed to the executive board wanting information yesterday, efficient financial reporting is even more pressing when your compliance is dependent on it. Without an efficient report generator, you may not just let the board down–but you may be sacked with fines to boot. Choosing software that enables you to run the types of reports you need is critical to your success as a business.

Why are efficient financial reports so important?

Financial reports shine a light in the window of a company’s inner workings, exposing financial conditions, operating results, cash flows, and shareholders’ equity. Financial reports communicate past successes, future projections, and current status. This information is extremely important to be able to pull together quickly and accurately. Much of the information presented in these reports is required by law, so mistakes and misgivings are not often tolerated.

Missouri: a case study

A recent law that went into effect in Missouri is making expedient financial reporting even more imperative, and other governments and organizations are likely to follow suit.

Missouri municipalities are required to file annual reports within six months of the close of their fiscal year. A law that went into effect on August 28, 2017 added a penalty fine of $500 per day that these reports are absent or late. These fines can add up quickly, lighting a fire beneath all local governments to ensure that the reports filed are accurate and punctual.

Prior to this legislation, nearly half of local Missouri governments failed to meet these requirements, in spite of the six-month lead time to produce reports after the close of the fiscal year. Compliance has vastly improved with the new legislation.

As more legislation is introduced across the U.S. to enact fines and penalties associated with financial compliance, it is increasingly important that your accounting software can accommodate your constantly evolving business needs.

Advanced financial reporting software can lead you to easier report generation, automated report distribution, increased security, enhanced data integrity, and 24/7 mobile access. Choosing software that will help you meet your regulatory needs and maintain compliance is critical as regulations and compliance are constantly evolving across all industries.

Choosing FYIsoft for efficient financial reporting

Contact FYIsoft today to learn how a move to the cloud can benefit your organization and provide you with the most efficient financial reporting–according to your deadlines.

Top Five Reasons to Upgrade to FYIsoft Version 7.0 NOW

FYIsoft helps your accounting team look good every time by focusing on developing the best financial reporting software available. Integrating with your general ledger, FYIsoft provides all the benefits of the cloud without compromising the security of your core financial data.

With FYIsoft, you’ll enjoy:

  • A faster period close, saving up to five days and 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

Here are the top five reasons to upgrade to FYIsoft version 7.0:

Save Hours of Time

The reporting process is perhaps the most undervalued of all accounting tasks, but FYIsoft knows the truth: you invest hours of time creating and ensuring all your reports are accurate and timely – in fact, your career depends on it. Version 7.0 is all about saving time with less clicks, faster run times, and features like advanced copy/paste and search functions.

Increase Productivity

Because software should never remain complacent, FYIsoft is continually working to make your job easier. FYIsoft has given its database processing engine a tune-up and modified its report generation service. FYIsoft’s latest release will bring increased efficiency with improved report performance.

Reveal a Better YOU!

Better software means better functionality – which means you can create better reports. Don’t get left behind with outdated software. Let your inner-superstar shine with the ability to create faster reports and get them to the right people, without missing a deadline!


Up Your Game with Advanced Analysis

Version 7.0 includes powerful drill down capabilities. With just a click you can do a deep dive into any transaction, viewing the journal entries and scanned documents. You also have the ability to add on FYIsoft’s newest product, FYIAnalytics, which will basically put your analytical skills on steroids with data visualization to easily spot trends and variances. So as they’re firing off all those questions, you’ll be ready for anything.

Evaluate the Cloud

If you haven’t yet moved to the cloud, FYIsoft gives you a great first look – without rushing into big software investments. You can move your reporting software to the cloud, without the costs of replacing your entire ERP. And when you’re ready for all the benefits of the cloud, you won’t have to change your reporting software.

See more benefits and request a demo to implement FYIsoft version 7.0 today.

No More Slow, Clumsy Financial Reporting – FYIsoft Has the Solution

Financial reporting is a notoriously laborious process. With FYIsoft, it doesn’t have to be.

At FYIsoft, the focus is 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.

What this means for you? No more slow, clumsy financial reporting.

FYIsoft’s financial reporting

FYIsoft’s financial reporting software boasts:

  • Faster period close (with many customers saving 10+ days)
  • More time for strategy and analysis
  • Easier consolidations, even for complex multi-entities
  • Streamlined, accurate report distribution with automatic formatting
  • Secure, 24/7 access to transactional data–anytime, anywhere

FYIsoft enables not only fast, accurate, and actionable financial reporting, but also the ability to remain proactive and competitive amidst changing business, market, and regulatory demands.

Financial Reporting


  • Empowers you to generate, package, and distribute reports faster allowing additional time for review and analysis
  • Increases the relevancy and value of your financial reports
  • Enables staff to gain the insight needed to run your business more efficiently
  • Users are empowered to drill down into transaction details and perform their own analysis

FYIsoft also offers management reporting solutions. FYIsoft understands your crucial role in providing management with the useful data they need to make well-informed and timely decisions to achieve business goals and objectives.

  • Reports are easily customized for content, format and delivery method
  • Automated distribution process saves hours of time and ensures that users receive only those reports they are authorized to view
  • Reports can be accessed 24/7, from anywhere, through any device; management receives the data they want, when they need it and you look good every time

Report distribution with FYIsoft is also a breeze. FYIsoft provides secure financial report distribution that saves your team hours, days, even weeks. Users can access and analyze reports 24/7 but cannot change the data, protecting the integrity of your financials.

  • Distribution lists are easy to setup and maintain, speeding the process to distribute based on any number of parameters such as permissions, departments, locations
  • Interactive, cloud reports can be delivered via URL link, enabling users to drill down and see transaction details (saving your team hours of time answering all of their questions)
  • Flexibility to slice and dice reports any way your business needs dictate

FYIsoft can help you eradicate slow, clumsy reporting

FYIsoft knows there are many pain points in your day-to-day accounting. But FYIsoft can help.

Request a demo today and learn how FYIsoft can help your financial reporting game.

Is Distributing Financial Reports a Nightmare? Then Meet Jack

Getting the right data to the right people at just the right time is perhaps the most stressful part of financial reporting and accounting. When slicing and dicing manual spreadsheets, not only can running reports be an extremely timely process (in an already time-sensitive environment), but it can also mean that data is inaccurate–or worse, not current.

Enter Jack. Jack used to spend hours laboring over financial reports for executives, ensuring that he captured all of the most current data. Each report was agonized over in great detail to ensure accuracy, but the tight deadlines and stress was too much to bear.

Fortunately for Jack, FYIsoft made an hours- or days-long process into 3 easy minutes. And the best part is that this frees up Jack’s time to do more than just crunch numbers and try to locate and fix broken Excel formulas–Jack can add value to his role, his team, and his clients by engaging in strategic and advisory services. In fact, this means Jack can bring more revenue in by adding additional clients to his client base!

How you can be like Jack

FYIsoft customers love the confidence they have in FYIsoft’s report distribution. One click and the reports are on their way.

With FYIsoft, customers can generate reports easily. FYIsoft’s component-based cloud architecture simplifies consolidations, even for complex multi-company entities. And the secure, web-based distribution process ensures that data is easily accessed by those that need it.

With cloud reports, users can drill down without fear of changing data. Mobile access makes it a breeze to access data 24/7 from any device with an internet connection. The cloud-based system means that all users are always working with the more current, accurate, reliable data available.

FYIsoft can accommodate multiple GL systems, currency conversions, and multiple entities.

Report distribution doesn’t have to be a nightmare

FYIsoft provides secure financial report distribution that saves your team hours, days, even weeks. Users can access and analyze reports 24/7. Additionally:

  • Distribution lists are easy to setup and maintain, speeding the process to distribute based on any number of parameters such as permissions, departments, locations.
  • Interactive, cloud reports can be delivered via URL link, enabling users to drill down and see transaction details (saving your team hours of time answering all of their questions).
  • Customers have ultimate flexibility to slice and dice reports any way your business needs dictate.

Request a demo today and learn how FYIsoft can help you run and distribute reports at the click of a button. You’ll be as happy as Jack in no time.

FYIsoft: Financial Reporting Software that Adds Value to your Entire Team

At FYIsoft, the focus is on developing the best financial reporting software available. FYIsoft integrates with your existing general ledger, providing benefits of the cloud without compromising security of your core financial data.

Because of its reach, FYIsoft offers value to your entire team, from administrative staff all the way up to the executives and board. Benefits like a faster period close, easier consolidations, streamlined report generation and distribution, and secure access benefit your company at all levels.

How FYIsoft stacks up

When the time comes to upgrade your software, it’s important to get buy-in from the whole team. Fortunately, FYIsoft can help all levels of your organization. FYIsoft helps your team in the following ways:

Executive & Board

When it comes to accounting, key decision makers typically care about one thing: reporting. They rely on you to deliver accurate, fast reports, whenever and wherever they need them. With FYIsoft, meeting those demands become extraordinarily easy…and you become a star.

Snapshot view: Executive officers can gain accurate, immediate reports–anytime, anywhere.


FYIsoft is proven to cut 10+ days off the financial close. That’s time you can now use to focus on the analytics and earn yourself a seat at the strategic table. Your team’s improved speed and quality of reports will showcase your financial expertise.

Snapshot view: CFOs can communicate proactively with strategic insights and board-ready reports.


When consolidations go wrong, or deadlines are not met, you’re the one to blame. FYIsoft can end all those late nights and last-minute fire drills. You can now confidently create and share reports in minutes, even when multiple entities, different GLs, or global currencies are involved.

Snapshot view: Controllers/Directors gain the ability to produce reports with extreme precision and efficiency.

Administrative Staff

With intuitive cloud-based software, reports are easy to setup or change. Report distribution is also a breeze, and users are empowered with drill down capabilities that allow independent analysis, without compromising data integrity.

Snapshot view: Staff enjoys ease of use and ability to create reports without reliance on IT.

FYIsoft for the entire organization

FYIsoft’s easy to use cloud solutions simplify even the most complex financial reporting demands by automating manual processes and enabling you to get the right information to the right people, exactly when they need it.

Request a demo today and learn how FYIsoft can help your organization, from administrative staff to the board and beyond.

Download the full infographic here.


Excel Financial Reporting

Excel Is Still Relevant for Financial Reporting, But Should It Be?

Microsoft Excel has been a mainstay in the accounting world since it made its debut in the 1980s. Accountants and finance professionals are widely literate in Microsoft Excel for a variety of reasons–some of which being that it is a low cost, versatile, and commonplace solution.

Being part of the Microsoft Office package, which is prolifically available to businesses of all sizes, it makes sense that Excel has made such a splash. But has Excel earned its staying power? Is it still relevant in a complex accounting setting?

Excel brings a lot to the table, such as formulas, charts, and graphs, but it was never intended for the complex accounting needs of enterprise environments. In fact, Excel’s limitations have been a point of contention for many accountants and businesses, leading to frustration and hours of overtime to check and double-check manual work.

A limited and flawed solution

Excel can be a viable solution for small businesses, but medium-to-large businesses and businesses with multiple entities are becoming increasingly dissatisfied with Excel.

Some of Excel’s many limitations include:

  • Duplication: The same spreadsheet containing the same data exists in multiple inboxes and desktops. Which is the most current? Without a centralized hub, data integrity is jeopardized.
  • Errors: Have you ever had the experience of combing through every cell and every formula to find what’s broken? It can take hours or even days to locate and fix the mistake. Without solid checks and balances, this is one area Excel falls short.
  • Formatting: Like other Microsoft Office products, there are endless formatting possibilities–font type, font size, font color, highlighting… An individual may have a system of color-coding, but is that public knowledge? It is difficult to enforce a company-wide formatting policy designating how data should be formatted and presented on a product that offers endless options.

Fortunately, dedicated financial reporting and analytics software exists to fill in the gaps, ending the accountants’ dependence on a solution that was never intended to satisfy the complex needs multi-entity businesses face today.

FYIsoft provides finance and analytic tools for your needs

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 solutions work to improve the length and speed of your financial close, make report generation and distribution easier than ever before, enhance data integrity, provide cloud-based, 24/7 mobile access, and most importantly, improve your bottom line with ROI within weeks.

You don’t need to rely on Excel any longer. Request a demo today and learn how FYIsoft can help.

Acquire a Company and Now You Need Financial Reporting From Multiple GLs?

Acquiring companies with different GLs or managing multi entity reporting needs can quickly become a nightmare scenario when the proper software solutions are not in place. Fortunately, FYIsoft has you covered with impressive financial consolidation software to sooth the burden of managing multiple GLs.

New regulations and segmentation of revenue mean that spreadsheets alone may no longer be a viable solution when working with multiple GLs. Efficiency, accuracy, and immediate visibility are critical for internal and external financial reporting.

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

Additionally, FYIsoft’s financial consolidation software:

  • Integrates with any general ledger system (or Excel) to import and standardize data, and automate the creation of beautifully formatted, consolidated reports, and
  • Translates multinational balances into a single currency (or multiple currencies, if desired)

Why choose FYIsoft when managing multiple GLs?

Choosing FYIsoft’s financial consolidation software is an easy choice. It’s a cloud-based solution, which means it’s secure, always current, and always accessible from any device with an internet connection. Its user-friendly and convenient interface makes even the most frustrating accounting work a breeze.

With 8,500 users and counting, FYIsoft’s loyal customer base speaks for itself. With software that automates, simplifies, consolidates, and streamlines, it’s easy to see why it is increasingly preferred over on-premise software solutions.

Contact FYIsoft for a demo today to see how this cloud-based solution can help you access financial reports from multiple GLs, as well as consolidate them.


Looking For NetSuite Financial Reporting? FYIsoft Has You Covered

If your organization uses NetSuite but is in need of advanced financial reporting features, FYIsoft has you covered.

FYIsoft is fully integrated with NetSuite, ensuring you have access to the full spectrum of reports while not having to disrupt or change your core GL system. FYIsoft offers stronger financial reporting for NetSuite customers, including features that can save your organization up to 10+ days during each and every period close.

8,500 users choose FYIsoft. Should you?

There are many reasons to choose FYIsoft’s cloud financial reporting software, and a full integration with NetSuite is just one. FYIsoft’s robust financial reporting features are ideal for companies with complex consolidation requirements and other unique reporting challenges that accompany organizations with multiple entities, high growth, or global reach.

FYIsoft’s superior NetSuite financial reporting capabilities include:

  • Simpler consolidated reports for multiple levels, locations, entities, and currencies
  • Easy, flexible report structure that requires no programming skills or IT resources
  • Advanced, automated report distribution that is accessible through any device with an internet connection–24/7
  • Superior, interactive drill-down capabilities
  • Board-ready reports with customizable formatting
  • Built-in audit features to help your organization remain compliant

FYIsoft can also accelerate NetSuite customers’ financial close. FYIsoft customers save days– often 10+ days.

And because FYIsoft is already fully integrated with NetSuite, NetSuite customers can be up and running within hours.

Take advantage of the FYIsoft/NetSuite integration today

FYIsoft offers customers reliable benefits, including a faster period close, easier report generation, efficient report distribution, mobile access, enhanced data integrity, and ROI within weeks.

Request a demo today and learn how FYIsoft can cut 10+ days off your next period close. A financial reporting expert will show you how FYIsoft’s integration with NetSuite makes it easy to dramatically improve your financial reporting capabilities, without replacing your ERP.

Cloud Financial Reporting

How Cloud Financial Reporting Is Not Just the Future But the Now of Accounting

Cloud software is taking business by storm, and while many accounting professionals consider cloud-based solutions to be the future of accounting, experts advise that cloud accounting solutions are not just the future–they’re the now.

Download our 4 Powerful Reason to Move to the Cloud

It may feel risky to switch over to a cloud-based solution after years of using traditional software that is installed locally. However, there are many benefits of making such a switch, and by not embracing the technology shift now, organizations are at risk of having their processes considered outdated and archaic.

There are many reasons to embrace cloud technology now, such as:

Cloud-based solutions make data accessible anywhere with an internet connection.

Any user with a device with an internet connection can access the cloud through their web browser; there is no need to install the software locally. The data is stored on remote servers, making accessibility even easier for the team players that regularly access this data.

Cloud-based solutions house data that is always current and up-to-date.

Another excellent feature of cloud accounting solutions is that updates take place in real time. When a user accesses financial data through the cloud, all information presented is the most current and up-to-date, and all users have access to the same numbers. This eliminates the need for redundant reporting and also minimizes risk of error.

Cloud-based solutions help manage business and client relations.

Business relationships are important, and the ability to search and find account information at a moment’s notice certainly helps to maintain those relationships.

Cloud-based solutions save time and allow accounting professionals to focus their efforts where it’s needed most.

Cloud accounting solutions help companies save time. Data is more accurate, reporting is quicker and easier, and accounting professionals’ time is freed up for more strategic initiatives, like advisory services.

What can FYIsoft do for you

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.