OK, so its the end of the month, and your MD, CEO, Marketing Director, Sales Director and Finance Director are all after one thing the finance report.
Now if they all wanted the same report, with the same amount of information on it then there would be no problem! However, thats rarely the case. One manager wants a lot of detail, one director wants less detail but different data. Plus, youre chasing figures from each department, what a headache!
Well, the solution comes in one word Interoperability.
So whats Interoperability?
Well, in a nutshell, Interoperability will allow the various systems your organisation uses to share information with each other.
This is a pretty big step, especially for accounting software. As mentioned earlier, it can be a real pain at times to keep chasing people for their expenses, POs or sales figures.
But with Interoperability, this can be a thing of the past. For example, the sales team will have their own sales database, which they use, and update on a day to day basis. If you allow the sales database to share information with your finance system, then all sales figures can be updated not once a day, week or month but in real-time! So anytime you login to your finance system, all the figures will be up to date.
One of the biggest benefits is your cost savings. Not only do you save man hours spent chasing and then re-keying data, but you also avoid mistakes being made such as duplicate data, or missing data which would have meant even more time and money being spent to fix the problem.
What about reporting?
So now that the information in the finance system is updated in real-time, why not make the reporting real-time?
You can find accounting software these days that will have reporting tools built in. This could be a reporting dashboard, which appears as soon as you login. These dashboards can be personalised according to the user. So rather than asking the finance team for a report each time, you simply log into the system, you can even configure and change the dashboards whenever you want. If you fancy delving a bit further, you can drill down to get more detail straight from the dashboard.
Another reporting tool available will allow you to create custom report templates. The report is then automatically generated on a daily, weekly, monthly or quarterly basis and emailed direct to your inbox without any human intervention!
Im a busy finance director, what if Im out and about?
These days, you can find accounting software thats designed to be used remotely. Cloud accounting systems allow you to login and find the information you need no matter where you are; you can even use your tablet or smartphone.
None of this would be worthwhile if your finance data is not up to date at the time of reporting, so have a think about Interoperability, and how much time and money it could save you!