The finance team is the central nervous system of your business primarily responsible for making finance-related decisions. It can deftly interpret your external environment as well as keep you balanced.
Without funds, an organization can’t breathe. Yet, instead of contributing expertise to all business decisions, the finance team spends much time preparing static reports. The rest of the business is siloed from the numbers, prolonging action to address issues. This blog will address why financial reporting software can’t be ignored - freeing up the vital resource of financial know-how.
1. Accessibility to financial numbers
Any key business decision is heavily dependent on the financial numbers and data analyzed by the finance team — the organization can survive and thrive only if the finance team provides insights timely to the managers and decision makers.
However, in most organizations, the finance team spends a majority of its time transferring data from ERPs in spreadsheets, applying tons of formulas, and creating static reports for the users.
Since financial data is kept too siloed, the users have to come back to the finance team for any query or clarification which delays the decision-making process unnecessarily. The financial reporting tool syncs the data to the statements so the users can themselves identify answers to their questions.
2. Educate others about financial performance
The finance function is not restricted to reporting financial results anymore. In the fast-changing world, the finance team can help mitigate unforeseeable risks, discover hidden opportunities and delivering business results.
Using financial reporting software, the finance team can provide customized financial statements in different formats and layouts to suit the audience in just one click. Also, they can add complex calculations to provide better insights.
The finance function can adopt an enterprise-wide view and educate everyone in the company by creating live dashboards so they can visualize the current situation with graphs and gauges — and share with others.
3. Financial reporting software — a friend (and an assistant)!
Want your finance team to ditch repetitive, mundane tasks and focus on value-added analysis? Adopt a financial reporting software.
“But will it eventually replace my finance team?”
No, it won’t.
The finance team will still control everything happening inside the ERP. Your general ledger will remain untouched.
Instead, the financial reporting software pulls data from the ERP, processes it, and automates the entire process to create live dashboards and customized user-based financial reports.
Result? — The finance team can focus on analyzing data, finding patterns, and reporting to the managers who can make better, timely decisions.
4. Added control and security
While customizing and automating reports, the general ledger remains under the tight control of the finance team. A finance reporting software gives the finance team the authority to set up user permissions to govern the level of detail each user can see.
5. Compatible with spreadsheets
Additionally, a good financial reporting software also knows finance’s affection towards spreadsheets. Hence, it ensures seamless integration so the finance team can download reports into spreadsheets without affecting the hierarchy and formulas.
Phocas financial statements can be your ultimate financial reporting software for making your finance team modernized and more productive.
Ideally, your financial statements solution will work in tandem with your business intelligence software and ERP to facilitate the sourcing and management of data. Phocas Financial Statements, for example, is an add-on to Phocas business intelligence software and integrates with a variety of top ERP systems such as Infor, Epicor, Microsoft, MYOB, Oracle and SAP.
To find out more about the new financial reporting, download this ebook: Turbo charge your finance team to value add