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In today’s bank environments where flawless daily close capabilities are essential, there’s no room for outdated software and Excel-based report writers that slow down the process with tedious, manual tasks.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.
Closing should be easy. Software that integrates with your existing GL ensures data is pulled from the source without error.
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.
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.
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.
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.
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.