Corporate financial reporting is a very important process which allows organizations to compare their budgets against the previous year and subsequently, project the next one.
Today, many organizations still create their financial reports from scratch using traditional methods in Excel spreadsheets. This is, of course, problematic as not only is there an issue with accuracy of the reports, there are also issues with the time it takes to come up with such reports and its corresponding relevance by the time the outputs are produced.
Some have tried to resolve this spreadsheet issue by employing excel ninjas who create and maintain these financial reports for them. However, the truth of the matter is that financial reporting then drifts away from the hands of the finance users as they have to be dependent on someone else (usually the IT team) to come up with their needed reports.
The spreadsheets become too big and too difficult to maintain that ordinary finance users do not have the capacity to deal with it independently and collaborating effectively is just impossible.
Further, it becomes very hard to structure the spreadsheets in a good way so that the figures easily become valuable financial insights.
Financial Reporting Solution – Performance Canvas Financials
Performance Canvas Financials is a complete and cloud-based FP&A solution that can be installed and setup in as fast as 5 minutes.
This significantly solves one of the hesitations of many finance departments on why they refuse to adopt a new corporate financial reporting tool despite their current struggles. Finance managers and CFOs are so busy they are scared to implement a new software that will demand more time from them.
Performance Canvas Financials has thought about this issue which is why it has come up with a revolutionary solution that promises not to take away so much time from the finance department.
Other known benefits of Performance Canvas as a financial reporting tool are as follows:
- It has the ability to integrate with your General Ledger so that you have access to data necessary to produce accurate financial reports and financial dashboards
- You can create a report instantaneously from scratch with just a few clicks or you can use the pre-existing report templates in the system for faster report generation
- You have the ability to drill down, up, and through the underlying transactional details, trend analysis, and other multi-dimensional hierarchies
- You get an immediate and clear comparison of actuals vs budgets
- You can easily see the variances and perform variance analysis
- You have the ability to still use your existing excel skills because this financial reporting tool uses MS Excel on its front end. It has not turned off any of the excel capabilities, it has only removed all the underlying problems of reporting in Excel spreadsheets
- You can easily do deep dive analysis such as analysis of KPIs, gross margin, CPU, and many more
- You have the ability to share or publish customized financial reports while making sure that certain people only get access to certain information
Performance Canvas Financials believes that automating a flawed process is not enough. It must first be streamlined by incorporating best practices in corporate financial reporting in the solution before it can be automated.
Performance Canvas Financials affords your organization a fast, flexible, and reliable reporting process that can keep up with the demands and needs of time.
DSPanel offers cutting edge technology platform for business analytics, planning, and visualization. DSPanel designs, builds, and operates with the end users in mind. Performance Canvas was created by DSPanel to answer the unarticulated needs of the market not addressed by previous available solutions. With Performance Canvas, information is transformed into valuable business insights for the business executives to utilize in their decision-making process. DSPanel currently has over 2500 organizations deploying their solutions.