Financial reporting headaches – 9 ways to remove the pain

Many organisations have been facing the problem of slow inefficient financial reporting for years. Luckily, there are ways to help improve efficiency, accuracy and detail of your financial reports! Follow these steps and eliminate your reporting headaches forever.

1. Learn to let go… of Excel
Although Excel is familiar to everyone, it does have its pitfalls. When it’s used for reporting it’s another way that raw information can potentially be corrupted. Data could be deleted accidentally or copied twice. As an alternative, why not collect information directly from third party applications and deliver it straight into the core accounting and finance system ready for report generation?

2. Cut down time spent on reports
Start by setting up automated processes for collecting financial data rather than relying on manual effort, so rather than taking a couple of weeks for 2 people to do, it could take half a day for 1 person! How?   This means that financial staff can now get on with more pressing tasks such as cashflow management and planning – perfect!

3. Break the deadlock of month end
Rather than having to rely on other departments to provide their information to you, why not have it readily available at all times? This will release the deadlock and allow everyone to get on with their jobs. Why not generate reports from the core accounting software system and allow a single person to review & distribute them? A simple change that your whole organisation will thank you for!

4. Schedule finance reports to arrive the day they are due
With modern accounting and finance systems, it is now possible to set up an automated report to be delivered to your inbox at a prescheduled time. So you never need to worry about chasing or remembering to send another report ever again.

5. Why wait when you can help yourself
Why not set up a system in your where people can find information themselves? Not only is it easier for you, it’s easier for them too! With modern accounting software, they could have a personalised dashboard with data updated in real-time. Clickety-click, and they have all the answers they need!

6. Reduce the number of hours personalising reports
Gathering all the necessary information to use in a report can be a chore, and then you need to format the data and put into a template! Applications like Excel aren’t known for producing beautiful data and presentation. Using ready-made templates and emailing reports directly to individuals as a PDF attachment can take the pain out of this process as well as ensuring that the final document is preserved in its original state.

7. Create reports, anywhere, anytime
With cloud accounting software, you can give staff the flexibility to work on reports remotely. So whether they’re in the office, or away on business there is no longer any reason to wait for a report to come in. 

8. Don’t buy specialist tools when you can rely on built-in reporting
Your organisation may have bought a standalone reporting tool, but you need time to train people up with the right skill sets to manage this sort of application. What if you could use a built-in reporting suite from your financial system? Well, you can! Some offer up to 150 different customisable templates without the extra IT resource needed.

9. Empower everyone rather than an elite few
Reporting can be achieved without the manual effort and expertise of a few key people. Instead, allow information to be available to those who need it most, in real-time, at anytime.

So there you go, our nine tips for removing the headache from reporting. Giving people access to view and input information is key! One integrated accounting software system that acts as your one port of call for any financial information, with automated reporting tools.