Guest Contributor | Sep 20, 2022 | 0
It’s time for a modern cloud-based financial reporting system
Financial reporting is the heart of any business. The ability to produce accurate, timely and useful reports is arguably the most important function in the entire accounting process, it enables management to monitor a company’s financial health and quickly identify problems.
More and more companies are looking to replace their outdated ERP systems due to their financial reporting limitations. Modern cloud-based ERP financial reporting systems can now provide businesses with essential, accurate and interactive accounting reports.
One Channel CEO Bernard Ford says businesses may want to contemplate finding a more comprehensive solution like Acumatica that includes cloud financial reporting software. “Financial management and reporting can be a challenge, especially trying to appease every manager’s unique requests and preferences.”
“However, Acumatica customers don’t have to worry, thanks to the integration with FYIsoft’s cloud financial reporting software,” he said.
Many report writers continue to rely on Excel or another manual effort, one small change results in an enormous amount of work. For example, a change to an account code requires a manual adjustment in all the reports it touches.
“Or consider the business manager who prefers to see negative numbers displayed with black parenthesis rather than a typical red font. This seemingly simple request can absorb hours of staff time to reformat every Excel file that needs to be edited,” he said.
Ford points to these very basic examples and said when you apply that same thought process to the ability to add new line items, new departments or new acquisitions, you begin to see the complexity. “FYIsoft’s unique architecture addresses all of this and more.”
FYIsoft built financial intelligence into its platform from the ground up. This means that when a change occurs in one place, the software automatically and accurately adjusts for that change in every report it touches.
To become an Acumatica-Certified Application, FYIsoft has demonstrated commitment to quality by passing the Acumatica software test and aligning to future Acumatica roadmap releases.
“This certification supports our mission, which is to provide clients with cloud-based financial reporting to increase efficiency, reduce total cost of ownership, and provide financial insight to make swift and informed business decisions,” said FYIsoft.
FYIsoft is leading the transition to cloud-based financial reporting by partnering with Acumatica. Its joint clients are able to streamline processes and information across their entire organisation with one integrated and comprehensive solution.
“It is truly the one-and-done approach, make the change once and you can live happily ever after,” Ford added.
Distributing reports sounds simple enough, but when those reports reflect the complexities of a business in hundreds of different reports, it could be a tedious, time consuming process. Finance teams often experience anxiety with every report they send, questioning whether the right person is receiving the report, whether the correct data is being used or whether anything confidential is being wrongly distributed.
He said despite their best efforts to double and triple check the information, mistakes are inevitable when manual processes are involved. “FYIsoft removes this anxiety and allows for the easy setup of defined report distributions, no matter how complex.”
If reports are being generated for a specific product or division, and include unique reports for specific branch managers, they only need to generate that distribution once. The finance team will gain complete confidence that each recipient receives only the reports they are authorised to view, with complete accuracy every time.
With today’s fast-paced environments, business decisions cannot afford to hinge on someone’s availability to research this information. One of the great features of FYIsoft is the ability to distribute interactive reports through the web.
“While the numbers cannot be altered (protecting the integrity of the financial data), recipients have the ability to drill down into any line item in question, and immediately gain visibility into every transaction that is driving those numbers – right down to the journal entry,” he concluded.
FYIsoft empowers users to proactively conduct their own research, speeding up the analysis, allowing time to make any needed adjustments, and relieving the finance team of the heavy burden placed upon them to be the single source for answers.