Financial reporting is an important part of running a business in any niche or industry. However, if your company isn’t using the latest technology to generate its reports, you are missing out on several very important benefits that could propel your business forward. Here are some of the ways in which investing in newer, better, and faster financial reporting software can benefit your business.
#1 – Generating Reports with Data from Multiple Sources
Gone are the days of running individual reports for each entity associated with your business, then spending hours (or even days) attempting to consolidate that data for analysis. Your financial reporting software should have the ability to gather, process, and consolidate data from as many sources as necessary – even if those sources use different currencies. If it doesn’t, it is time to consider making a switch.
#2 – Automating Report Distribution
Financial reports are crucial across several of your company’s departments, so it’s vital that you distribute your reports on time. If your current software doesn’t automate the distribution aspect of your reporting, this is a benefit that can completely change the way you run your business. Imagine setting up distribution from a simple, easy-to-use dashboard in such a way that the exact reports you choose go out to the right people at the right times. The time savings is incredible.
#3 – Boosting Productivity
It’s also important to think about how your current software may be slowing down your company’s productivity behind the scenes. Antiquated software isn’t very precise, and it takes ages to generate even those reports in many cases. When you make the switch to the latest financial reporting software and technology, you can enjoy a serious speed boost, make sure your reports are more accurate, and boost your company’s productivity by up to 50% – and in some cases, even more.
#4 – Gaining Access from Anywhere
Today’s cloud-based technology provides its own unique set of benefits aside from faster, more intelligent, and automated reporting. Because data is stored on cloud-based servers, you can access any report you choose from absolutely anywhere as long as you have a data connection. What’s more, users can access the financial statements online but cannot alter them, which means your statements’ integrity is never compromised.
#5 – Formatting Done Right
Going in front of the board with a proposal, turning over information to auditors, or even filing documentation with the SEC can be stressful. Each of these types of reporting situations requires different formatting and creating that formatting in outdated software can take some serious time and effort. Today’s technologies make it easier than ever to create reports that are already formatted. All you must do is click the screen, print them out, and deliver them – or have them delivered electronically to the entire board.
Running, analyzing, and delivering financial reports is just part of running a successful business, but if your reporting has become tedious and frustrating, consider investing in new cloud-based reporting software that’s faster, smarter, and better than Excel and numerous other common programs used for financial reporting.