Make your financial reporting more efficient and inclusive
Having access to the right information at the right time is crucial to making decisions and growing your business. Sometimes, too much time is spent generating and preparing reports, rather than diving into the detail of your data and asking real-time questions.
The problem with traditional financial reporting
Generating monthly financial statements can be a time consuming and tedious process. The finance team needs to pull the data out of your MYOB Enterprise software and manipulate it into a presentable manner. Typically, these financial statements raise more questions than answers, inadvertently requiring the finance team to follow-up and dig deeper to investigate, taking time away from other areas that they could be working on. Relying on static, siloed, and intensive manual reporting can negatively impact the agility and performance of your business. The inherently slow feedback loops that occur with traditional financial reporting tend to complicate and blur our vision, rather than enhancing our business and providing a clear picture of our true performance.
The essential data that drives departmental Key Performance Indicators (KPIs) often becomes siloed within individual departments. When this data lives in external systems, documents, and spreadsheets, you undermine the single source of truth that your ERP system is supposed to be.
The modern financial statements solution
A modern financial statements solution allows dynamic interactivity with your financial metrics so that you have all the detail you need at your fingertips.
Direct access to all the data you need from your ERP saves you time and reduces the need to maintain and rework static reports, freeing your team to add value through analysis. Month-end consolidations can be completed faster, leaving more time to explore the numbers in a dynamic manner.
The intelligent presentation of your financial metrics side-by-side with your operational KPI’s ensures that your organisation’s leaders have the right information on hand to make the correct decisions.
The future of financial reporting
Do you want to learn more about how you can take your financial reporting into the future? We are holding a webinar with our sister company Kilimanjaro Consulting and Phocas Software, the business intelligence experts, to explore the future of financial reporting, and how Phocas’ different modules can give you all the visibility you need.
Click here to register for the free webinar.