Companies create a significant number of business reports every month. Management reports, board reports, and statutory reports to name a few.
Now some organizations produce more reports than others because certain types of businesses are more regulated than others.
If you are the person in charge of producing these reports, you are probably reading this article because you feel resigned at the inefficiency and inaccuracy of how reports are generated today in your workplace.
To start off, you are not alone. Not that knowing that makes things any better but as they say, misery loves company, so we thought that might somehow feel a tiny bit comforting.
Financial reporting in many companies remain problematic because arguably most companies have multiple systems running in parallel where information needs to be pulled from. More often than not these multiple systems do not talk to each other and they have different structures. Add to the fact we are talking about huge volumes of data, creating the needed models, analyzing data, and presenting them in a decision-driving way is to say the least – extremely challenging.
However, a US-based company that is into global gospel evangelism and has 29 companies under its wing was able to cut down creating 336 reports to just 2 reports without compromising the quality and transparency in the financial reports.
It bears emphasizing that they have a rather complex General ledger structure too and several legacy systems running. However, the secret to how they could manage to produce more and good quality financial reports without increasing workload is through a financial reporting and financial budgeting and planning software called Performance Canvas Financials.
First, Performance Canvas Financials allowed them to make structural changes in their GL which was hard to do in their ERP systems, it allowed them to pull historical figures easily which made tracking figures from 20 years back a non-issue, and they could do their budgeting and reporting as well within the same tool since Performance Canvas Financials is a subscription-based financial reporting and financial budgeting & planning software.
By using this cloud platform, they could just create 2 master reports and using role-based security access, they could express these 2 master reports in 336 ways or more depending on who is reading or using the report. This means that what the receiver of the report can see was controlled in the database to improve the protection of information inside and outside of the organization.
There was still the uniqueness in each of the report created but none of the manual workload was needed. In fact, one of their major issues before using Performance Canvas Financials was the manual nature of data load. Loading data took at least 2 days assuming the system could stand up for it and then you add 2 more days if there are corrections. After adopting this subscription-based reporting and budgeting software, they could just load their data in minutes.
For this US-based company, they not only saved 4 data load days per month, but they also saved a significant amount of money in creating financial reports and distributing these reports.
You get the same unique feel of reports, you can produce more reports if you want to, and you enhance protection of financial information in the organization without increasing your workload.
What would you like to do next?