Posts tagged with "financial reporting"

Weekly Reporting

Improve Your Profitability With Weekly Reports

It doesn’t pay for companies to wait until the end of the month to run their P & L statements. Reports covering expenses, revenue and other factors should be created and reviewed on a weekly basis to insure the health of the business.

As examples, hotels and restaurants are two industries that greatly benefit from weekly reports that profile prime costs. Easily accessible data about payroll, food and beverage costs, and upkeep and maintenance expenses need to be closely monitored to insure daily success.

The more manual the reporting process, the more room there is for error. An automated system that can pull information from many sources and consolidate it quickly into customized, easy-to-understand reports can save a company many hours of staff time and expense, and give management the up-to-date information they need to make informed decisions that will improve their ROI.

Frequent business reports also reveal patterns and trends that owners can track over time, and pending problems can be identified and avoided before they occur, increasing profitability.

FYIsoft’s financial reporting software was designed to easily accommodate any reporting requirements.  Schedule a brief demo, and our team will be pleased to show you how quickly and easily your business can generate the weekly reports that are vital for its continued success.

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Financial Reporting for Banks

6 Features Banks Need From a Fast Financial Reporting Solution

Banking is an industry where being speedy and precise is imperative, and as such, banking institutions require fast financial reporting solutions that work. Banks have to bend to ever-changing compliance and regulatory measures, meaning the financial reporting software used must also be flexible while being swift and exact.

When looking for a financial reporting software suitable for the banking industry, the top three criteria are speed, performance, and ease of use.

Speed: Your software should be capable of easily meet daily close requirements and creating the accurate reports you need with complete accuracy within minutes, without hours of manual labor and sifting through Excel formulas.

Performance: Your software should automate multi-entity reporting, multi-currency conversion, and other tough accounting challenges.

Ease of Use: Your software should possess an intuitive interface with the ease of cloud software to minimize the involvement of your IT team’s precious time.

Six features banks need from a fast financial reporting solution

In today’s bank environments where flawless daily close capabilities are essential, there’s no room for outdated software and Excel-based report writers that slow down the process with tedious, manual tasks. FYIsoft integrates with your existing general ledger, making it easy to gain powerful speed, control, and sophisticated features without replacing your ERP.

  • Easier Daily Close

Closing should be easy. Software that integrates with your existing GL ensures data is pulled from the source without error.

  • Multi-Entity Consolidations

Your software should easily manage multi-entity consolidations. Easily consolidate many reporting units or companies with different GLs, data sources, chart of accounts, structures, and fiscal calendars.

  • Automated Distribution

Automate as much of the task at hand as possible to keep your staff busy with strategy. Keep management of all levels well-informed with automated distribution that ensures the right reports get to the right people.

  • Powerful Drill-Down

Why wait for a research team to deep dive into your reports? With software that has web-based reports, data is delivered via secure email link to any user. Users can be empowered to conduct their own analyses and view details behind any transaction.

  • Board-Ready Reports

There’s lots of pressure coming from the top, and with the right accounting software choice, financial statements are perfectly formatted and ready for the boardroom or SEC filing right out of the system with no manual editing needed.

  • 24/7 Access, Any Device

Banks need 24/7 access to data, and cloud deployment provides secure access to reports 24/7 from any internet-enabled device.

FYIsoft for banks

Submit the form and an FYIsoft financial reporting expert will show you how our integration with your bank’s accounting system makes it easy to dramatically improve your financial reporting capabilities, without replacing your ERP solution. Contact FYIsoft today to learn more.

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Financial Analytics

Stop Sending Out The Wrong Financial Reports

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.

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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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Excel Financial Reporting

Why Are So Many Businesses Still Using Excel for their Financial Reporting Needs?

Microsoft Excel has been an industry standard for accountants since its release in the 1980s, but the program was never designed for the complex accounting needs of today’s business. Still, many organizations and accountants continue to use the tool in spite of cloud software that has been developed to address the many shortfalls of spreadsheet accounting.

Why are businesses still relying on Excel?

Excel is a source of comfort and familiarity to many, despite its shortcomings. It was one of the first tools of its time to offer comprehensive financial tracking–a trailblazer in its own right that allowed companies to phase out the paper trail in favor of a more streamlined electronic method.

Many have remained loyal to Excel, and while it has evolved over its years, it falls short in many aspects. Above all else, the Excel spreadsheet is still a manual tool, making way for manual errors. In the age of automation, cloud-based solutions provide much that Excel cannot.

What cloud-based software can bring to the table

Excel is a comfortable and familiar choice–but it’s not the best choice for modern accounting.

One arena that cloud-based software reigns supreme is in backing up data. With any software that is locally installed, there comes the risk of losing important data if the system should crash. Cloud-based data is stored on remote servers, providing data back-ups and enhanced security.

Additionally, cloud-based programs are browser-based, so any device with an internet connection can access the same data–24/7. This also ensures that everyone is working off the same numbers and not saving local versions of reports to their desktop. If everyone is working off a different version, it’s very difficult to determine whose version is accurate.

Cloud-based software is also built with reporting in mind. Excel users must build reports from scratch. It can be a very timely endeavor. Fortunately, reporting is simplified–both in creation and distribution–with cloud-based products.

Cost and infrastructure is another area that favors cloud-based software over local solutions like Excel. Cloud-based solutions don’t require local servers or hefty IT support–enabling accountants to advocate for themselves and allowing IT to provide exceptional service to other departments and needs.

Consider FYIsoft

If you’re thinking about dipping your toe in the water to supplement or replace your reliance on spreadsheet accounting, consider FYIsoft. Contact FYIsoft today to learn how a move to the cloud can benefit you so you can work smarter.

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FYIsoft and Algorithm, Inc., Team to Provide Macola ERP Customers Stronger Financial Reporting Solution

FYIsoft, a provider of cloud financial reporting solutions, announces a strategic partnership with Algorithm, a technology services company dedicated to helping businesses improve business processes and maximize the value of their ERP investments in Macola and Acumatica. The partnership will initially focus on bringing more modern, powerful financial reporting capabilities to Macola users.
 

“FYIsoft provides the ideal solution we’ve been looking for to meet the growing need for stronger reporting capabilities among Macola users,” said Michael Oswalt, CEO of Algorithm. “We are very pleased to partner with FYIsoft to offer a faster controlled solution that will make users’ lives better.”

 
Like many report writers in the market, Macola’s offering is an Excel-based reporting solution that adequately serves small companies that don’t have multiple reporting units to accommodate. But for companies with more complex reporting needs, such as consolidating multiple entities, divisions or products, or preparing financial statements for auditors and SEC filings, Excel-based reporting can be a tedious, manual process that poses significant risks. Key advantages of FYIsoft’s reporting solution include:

  • Easier Multi-Entity Consolidations: Once reports are set up, an infinite number of report consolidations can be completed with the click of a button.
  • Speed: With FYIsoft, the reporting process can be completed within minutes, saving up to weeks of time during the financial close process.
  • Distribution: FYIsoft’s report distributions are automated to deliver the right reports to the right people – all perfectly formatted straight out of the system.

 

“We are excited to welcome Algorithm into our strategic partner network, and the new opportunities that our Macola integration will bring to our joint customer base,” said FYIsoft President, Jennie Cheng. “Our focus is on making it easy for companies to add more sophisticated financial reporting capabilities to their existing ERP systems, so that they can gain tremendous efficiencies without the costs or burdens of replacing their entire ERP. Algorithm shares our vision and our commitment to meet this growing need in the marketplace.”

 
Macola is the latest general ledger integration for FYIsoft, which integrates with dozens of systems including Sage, NetSuite, Acumatica, Epicor, Flexi, and many more.   

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Eliminate Risk Financial Reporting

How to Eliminate Risk and Increase Security with Financial Reporting

Eliminating risk and increasing security with financial reporting is more important than ever in today’s accounting landscape. Financial reports empower you to make sound business decisions–and generating, packaging, and distributing reports quickly allows for extra time for review and analysis to do so.

Fortunately, adopting a cloud-based accounting solution can help you accomplish just that.

Eliminating risk and increasing security

Moving away from locally-installed accounting software can help tremendously when it comes to eliminating risk and increasing security. Cloud-based solutions offer enhanced security by storing data on remote servers rather than on-site servers. With remote data storage, back-ups, and encryption, data is more secure than ever before.

Additionally, cloud-based accounting solutions enhance data integrity. With automation and 24/7 access through any device with an internet connection, the data view is always the most current and up-to-date available. Gone are the days of emailing Excel spreadsheets, altering the data, and then saving them locally–and then comparing the numbers against your colleague’s own altered version of the same report.

Other benefits of cloud-based accounting software

To accelerate productivity, your financial reporting solution must provide an intuitive user experience that addresses your individual needs. It should also embody a host of powerful features and capabilities not found in the majority of less sophisticated, out-of-box reporting solutions on the market today.

Leverage the ability to customize and distribute a variety of financial reports based on the information relevant to the recipients’ needs. From one consolidated report, you can separate the information by department, regions, geography, management level, etc., and only share the specific data that is needed. This minimizes risk and enables you to streamline the close process knowing your data is accurate.

Consider FYIsoft for your needs

FYIsoft increases the relevancy and value of your financial reports and enables staff to gain the insight needed to run your business more efficiently. Its features are a natural fit to help you eliminate risk and increase security.

With a software solution like FYIsoft, you can expect:

  • Anytime, Anywhere Report Access
  • Flexible Deployment Options
  • Currency Translation
  • Multi-Company and Data Source Consolidations
  • Presentation-Quality/Multi-Dimensional Financial Reports
  • Drill-Down to Transaction Details
  • Maintain and Manage a Report Library
  • Zero Suppression
  • Side-by-Side Balance Sheets
  • GL Integration
  • Advanced Report Distribution
  • Audit Ability for Increased Accuracy
  • User-Friendly Report Concepts (Rows, Columns, Orgs)
  • Rolling Forecasts
  • Flexible Report Design
  • Account Collections
  • Custom Security Controls
  • Pull Forecasts From Excel
  • FRx Report Conversion

Contact FYIsoft today to learn more about how FYIsoft can help your business achieve its goals.

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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.

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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.

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