If you are still using manual spreadsheet applications, you could be spending far too many man hours preparing financial reports and gathering all the necessary information from the many different sources you have. With all this hard work to do, it may be a good time to consider automated software. Let’s explore this important financial reporting solution and some of the benefits it provides.
It can take many hours to get all the necessary data together to make one financial report. In fact, this work can totally occupy one or more of your staff for some time. Automated reporting software can drastically cut the time it takes to gather data and generate reports. It also has the ability to consolidate data from more than one source.
When you reduce the time it takes for reporting, your staff is free for other tasks. This can help you get more accomplished in less time, resulting in a significant cost reduction. In some cases, you may need to pay staff overtime for getting financial reports together, and once you automate, you may be able to limit or eliminate the need for overtime pay. This financial reporting solution can result in a significant amount of savings.
When generating financial reports, there is always the possibility of human error. For example, someone may write down the wrong due date and accidentally file an important report late. Just one erroneous data entry error can make an entire report read differently than it should and can result in significant penalties. Automated software helps to eliminate the human error factor. This lowers the risk of mistakes and helps you create more accurate reports.
The possibility of fraud is kept to a minimum when you use automated reporting. When someone logs on to the system, there are measures in place to track who logged in and made changes. In addition, the administrator has the ability to restrict access to only authorized personnel.
Manual reports are difficult to track and audit because there may be no record of who created the report or made changes. Your automated reporting software is designed to provide detailed information for anyone wishing to perform an audit, and it tracks all users, so you will know exactly what happened, beforehand. When you add up all the benefits of automating the process, you may see why so many companies view this software as the best financial reporting solution.
If you would like to explore an effective financial reporting solution for your business, come to Qvinci. Visit their website to see all the benefits our software provides.