There are many things in this world that are hard to explain like why people seem to be so obsessed with the Kardashian or why you don´t have a fever when you are convinced you really have one or why on earth people still choose to agonizingly sort through excel tabs in their spreadsheets trying to investigate the errors in their financial figures when technology could have done this for them.
There are many articles online talking about work stress-related health problems of millennials and accountants or finance professionals are no exceptions. Many feel undervalued and some feel like they do very little analytical work and more trivial, non-fulfilling work.
This shouldn´t really be surprising for some companies who still choose to let their finance professionals struggle through the inefficacies and fundamental flaws of their budgeting process.
Accounts reconciliations, for example, is one of the major sticking points. This process is supposed to lay the foundation of the organization´s decision-making but it is hard when your very foundation is manually performed and marred with errors.
Full financial planning and analysis process automation should be on top of a forward-thinking company´s agenda. Account reconciliations being the first step towards full FP&A automation.
By automating accounts reconciliation, you move closer to attaining balance sheet integrity, and an end goal of an optimized, quick, and efficient close.
On the other hand, if you still insist on manually doing this, you subject your entire finance department to preventable formula errors, mistrust in the figures, and irrelevance of your finance department´s output.
This begs the question – why on earth would you still want to manually identify activities, look at its individual relevance or manually identify emerging trends when technology can help do these things for you?
Now the argument “we don´t have the budget for it” cannot hold water because it is more expensive to continue to operate on flawed processes. Further, there are cloud-based reporting and budgeting software out there like Performance Canvas Financials that can automate journal postings, accounts reconciliations, and many more for a very reasonable monthly or annual price. You can email [email protected] to get the exact pricing.
Performance Canvas Financials can automate your account reconciliations to bring about consistency, structure, and standardization in your organization to achieve improved accuracy and increased accountability. If your accountants do not have to do trivial work like they do today, perhaps they´d less stressed, more creative, and more productive to the benefit of your organization.
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.