Financial reporting is a critical component of a successful accounting solution, but investment in the front end (recording, closing, consolidating) has left financial analysis and financial reporting woefully behind when it comes to efficiency and effectiveness. However, technology aims to address that, as more and more specialized financial reporting tools come into play. The automation and accessibility that comes with cloud-based solutions are single-handedly streamlining the financial reporting process as we know it.
Reluctance to embrace changing technology trends is the fast track to failed financial reporting. Automated solutions do the heavy lifting of the reporting process that, historically, has relied on manual manipulation of data. But without investing in this technology, reports will continue to be slow, delayed, or worse–inaccurate. Automated solutions can drive accuracy and speed, eliminating the dependence on spreadsheets to generate critical reports on a timely basis.
Consider technology over staff
Many organizations think they require more manpower when processes like financial reporting are slowed down. But, employee onboarding can significantly delay the reporting process that could be easily mitigated by investing in and adopting newer, more automated technology. Bringing in more staff also doesn’t address one of the issues with manual reporting: human error, whereas technology ensures that reports are as accurate as possible.
When an accounting team experiences turnover and new hires are brought in, make sure they can hit the ground running by documenting roles and processes. When new staff are brought on board, there is often a knowledge gap that left with the previous staff member in the position. There is a void in role documentation that prolongs the reporting process, leading to redundant work, duplicate reports, and overall, extreme inefficiency in a department that is already overworked.
Embracing automated, cloud-based reporting solutions means that your organization can take advantage of many benefits, such as:
- Improving productivity by up to 50 percent. You can generate, package and distribute reports with precision and extreme speed.
- Conquering multi-entity reporting. You can consolidate data from different sources, locations, and currencies with ease.
- Distributing reports with ease. You can automate distribution to avoid ever missing a deadline.
- Empowering users to find answers. You can give users the ability to drill down into transactional details including the invoice.
- Creating perfectly formatted, easily accessed reports. You can create and run reports anywhere with cloud access.
Schedule a brief demo with FYIsoft today to learn how FYIsoft technology is streamlining financial reporting.