We have entered a rather unusual time when borrowers get paid, and savers are not rewarded.
It is truly a mind boggling phenomenon especially for economists because we are in an era of a long period of negative interest rates and very low inflation.
Generous lending to help drive inflation upwards to reinvigorate economies was an unthinkable idea before the cataclysmic financial crisis in 2008. It has truly put the powers of central banks to the test.
It is confusing, to say the least when we look at the current situation – there is a sustained and long period of deficits even if economies are starting to get better. We have incredibly low interest rates, yet inflation rates are still below target for many countries.
Depending on the nature of your business, some make business decisions depending on economic predictions. However, because economic data does not give you any guarantees about future performance, many businesses look at a variety of factors when they make decisions.
Most decision-makers prefer to get weekly financial reports instead. Every week, they crunch their numbers to look at how their business is performing. Now those financial reports may not tell them how the economy will fare in the next 6-12 months, but it will help them make decisions on what to do with their business operations now based on how they are currently performing.
Financial reports are a CEO/CFO´s weapon in a market marred with fierce competition, increasing customer demands, and geopolitical volatility. Without it, these decision makers will be running the company blind.
Therefore, these financial reports must always be accurate and real-time if they are to be relevant and useful. There is nothing more damaging than inaccurate and outdated financial reports.
In this vein, finance departments must try to move away from manual, labor-intensive ways of generating reports. The only sustainable way of ensuring the business remains competitive is to ensure that these critical financial insights can be accessed anytime and with a high degree of reliability.
How to get there?
Performance Canvas Financials is a cloud-based financial reporting software that effectively replaces the clunky excel spreadsheet method of generating financial reports.
Performance Canvas Financials allows its business users to generate reports in an instant using prebuilt templates or by allowing finance users to build custom reports from scratch quickly and easily. With this accounting software, you can generate reports quickly without having to deal with versioning issues, formula errors, broken macros, and lack of transparency.
If you want to generate reports daily, weekly, monthly, quarterly, and annually effectively– have a look at Performance Canvas Financials by visiting www.performancecanvas.com or by emailing email@example.com to request an online demo.
You can even request a free 30-day trial with your own data so you can see exactly how this works.
What would you like to do next?