If monetary reporting nightmares are conserving you up at night time, you’re not alone. Because the lengthy hours exporting knowledge, working stories, and fixing errors forged darkish shadows over your days, take coronary heart and get clear insights into your knowledge with the following pointers. With instruments and processes that prevent time, you may mark your self protected from these scary monetary reporting conditions.
1. The Month-Finish Marathon
It’s exhausting spending days and even weeks closing the books as a result of each report requires handbook knowledge extraction, reformatting, and verification. In case your finance workforce is working additional time each month simply to provide the identical stories, search for an automatic answer that connects your ERP on to Excel.
With automated stories, your workforce can cut back steps and errors every month. Actually, a building firm within the Southeastern United States saved as much as 140 hours a month by switching to an automatic reporting answer.
2. The Excel Components Time Bomb
It’s possible you’ll be consumed by the fixed worry that this month’s stories comprise a hidden error. All it will take is for one flawed cell reference in a manually constructed report back to go unnoticed, after which your CFO can be presenting incorrect numbers to the board. Eeek!
You’ll be able to keep away from a catastrophe like that by utilizing instruments that entry dwell knowledge in Excel to make sure your numbers are present and that supply AI help for recognizing errors. A non-public actual property growth and administration agency lower its reporting time in half by switching to an answer that hyperlinks its property administration software program to Excel. With elevated confidence within the knowledge, the operations workforce saved steps and time beforehand spent reviewing widespread space upkeep and tax restoration calculations.
3. The IT Ticket Black Gap
You by no means know when that changed monetary report you requested from IT goes to pop up and shock you. Generally it seems like your request dropped right into a black gap. In the meantime, your management workforce wished the info yesterday, and also you’re caught explaining why a “easy change” is taking so lengthy.
In accordance with insightsoftware’s Shaping the Future examine, 76% of finance groups surveyed stated they have been overreliant on IT. You’ll be able to keep away from that by discovering a instrument that allows you to create your personal stories simply. No extra ready weeks (or months) for IT to get to it.
Shaping the Future: Conquering Finance Challenges in 2025
4. The Multi-System Information Nightmare
For enterprise monetary reporting, you might be juggling knowledge exports from a number of ERPs, spreadsheets, and methods, then manually reconciling every thing. Aligning totally different knowledge buildings, codecs, and timing can create a patchwork of uncertainty.
Don’t let the suspense of getting clear month-end monetary stories from advanced, diversified knowledge sources stress you out. A big automotive providers firm was in a position to get insights into end-to-end enterprise efficiency by connecting its cloud surroundings to Excel reporting.
5. The BI Instrument That Doesn’t Converse Finance
Don’t stay on edge preventing with a enterprise intelligence platform designed for gross sales dashboards that doesn’t perceive your multi-dimensional monetary knowledge. You shouldn’t should spend hours attempting to re-create what ought to be an easy profit-and-loss report.
As an alternative, your finance workforce can use a instrument that allows you to construct the customized stories you want whereas robotically pulling out of your ERP knowledge and connecting to Excel. An Australian building firm was in a position to create higher stories for administration and prospects utilizing a related spreadsheet answer, and even recognized an space for enterprise enlargement primarily based on accessible BI stories.
6. The Audit Path Catastrophe
When your report’s accomplished, that’s not the tip of the story. You’ve obtained to be able to drill down into your knowledge when auditors need the supply of a quantity from final quarter’s report. Sadly, handbook exports go away no breadcrumbs. Monitoring down supply knowledge makes extra handbook give you the results you want.
As a result of healthcare organizations should be able to reply regulatory auditors’ questions, they should believe of their knowledge. A household dwelling care supplier within the US Pacific Northwest constructed higher belief in its monetary reporting after implementing a system that would pull all its knowledge collectively robotically and finish handbook reporting. Now its monetary reporting can scale up with the enterprise.
7. The Information Silo Drawback
It’s scary when your monetary reporting processes are so advanced and handbook that just one individual is aware of easy methods to construct the vital month-to-month stories. You’ll be able to really feel the panic constructing in the event that they’re out sick, on trip, or (worse) planning to go away the corporate. Who’s obtained the time to choose up the slack?
With a instrument that enables finance to simply create customized stories as your small business wants change, you’ve obtained a robust workforce that may climate turnover, sickness, and financial uncertainty. As our Shaping the Future examine signifies, finance groups should be able to contribute to strategic choices amid a turbulent financial local weather. Fast and versatile reporting functionality is vital.
Regardless of which of those seven sorts of issues terrifies you probably the most, it ought to ease your thoughts to know that there’s an answer that may finish the drama. Spreadsheet Server from insightsoftware allows you to join your ERP’s monetary knowledge buildings to Excel for the delicate monetary stories you want. With AI help in-built, you will get solutions to sudden questions with out a whole lot of handbook digging and irritating additional time.
So banish your reporting nightmares, cease the lengthy hours spent on handbook duties, and let Spreadsheet Server liberate time for a dreamy vacation trip. Take into consideration what you can do with the time you get again.
For extra concepts on easy methods to clear up your monetary reporting challenges, save time, and drive strategic affect, watch our webinar.
Get Out of the Reporting Rut: How Finance Leaders Drive Strategic Influence
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