Financial data is key for in-depth insights into your business performance and enables you to pull together financial reports that can help forecast and make better-informed business decisions. However, as companies aggregate more data, financial reporting can quickly become headache-inducing if the right systems aren’t in place.
Some of the most common challenges companies face with financial reporting include:
Consistency is key when it comes to accurate data and simplifying the process. Start by creating templates that enable different sets of financial data to be stored in a consistent structure. The collection process should remain the same and so the templates should work for all forms of data.
Organisation is what safeguards against inaccurate data or struggling to find the information you need. You can organise your data in the following ways:
Using the right financial reporting software, reporting is a breeze with time-consuming tasks fully automated. For example, finance teams can benefit from the following:
Working together as an organisation rather than independently not only encourages transparency, but also saves a great deal of time. Cultivating a shared financial reporting environment allows users to work simultaneously, not one at a time. Using a single shared live document eliminates the need for multiple versions and prevents any miscommunication.
Streamlining the reporting processes is so important to avoid wasted time or an overwhelming amount of data. Create one place for the financial reporting team to store information. Keep final reports for certain time periods in easy-to-find folders so that teams can easily go and find them when they need source information.
To produce accurate financial reports, the initial data collected needs to be accurate from the very beginning. The data entry stages are vitally important and if the information is incorrect, it’ll produce inaccurate financial reports. Automated data entry and regular cross-checking can help promote accurate financial data.
Some other methods that support accurate financial reporting include:
Financial reporting doesn’t need to be an arduous process that is a consistent pain point for your business. Following our tips above will help you greatly improve the data collection and reporting process. Financial reporting software is designed to provide you with quick, easy and accurate insights from your financial data. With an easy-to-use interface and user-friendly reports, it’s a great way to streamline the process, with everything in one place.