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Being able to consistently produce accurate financial reports is invaluable to the ongoing success of your business. Accuracy, especially if you are in the finance industry, is the most important element that you need in order to maintain your credibility. Saving time in your business to streamline processes is important but this cannot be at the sacrifice of accuracy. Ironically, if you get into the habit of mistrusting your data because you frequently find inaccuracies you may in actual fact spend more time checking for errors.
However, if you employ a solution that can both save time and ensure consistent accuracy of numbers then you can produce a powerful delivery mechanism for your reporting that will help you build massive trust in your business.
Maximise accuracy through automation
Wherever there is human intervention there will always be the possibility for error. Many Financial Managers and CFOs still export their data to Excel from their business software to manually build reports, sometimes resulting in oversights. A number of errors can originate in Excel. Such as when formulas need to be updated; every instance where formulas are in use need to be changed manually, which allows room for error as it relies heavily on the memory and attention to detail of the document owner.
Errors can also occur if the data range grows beyond what the formula range accounts for (ie. if your VLOOKUP or SUM functions do not cover the range of the data that you need).This results in the loss of entire data sets, causing gross inaccuracies in your reporting. The simplest way to reduce inaccuracy is to cut out the chance of human error by automating your processes. The process of extracting data, loading it into Excel and doing other work such as creating formulas can all be automated using Excel technology, completely eradicating data range errors as all the data that comes into the model is automatically covered.
Leverage exception reports to pinpoint inaccuracies
Finding exceptions in your reporting can be a slow and arduous process, but necessary for an accurate report. Having control and check balances in place tells you that there is a problem, but doesn’t always show you where the problem is. This is why exception reporting should be integrated into any reporting solutions as it ensures that exceptions are picked up automatically and are brought to your attention. This essentially replicates exactly what you would have spent hours doing and returns the same result instantly.
Beyond accuracy
Month-end is a hectic time and if you are still doing your reports and checks manually then sometimes you may not even have enough time to get the bare minimum done. But you don’t want the bare minimum for your business, you want exceptional. It can be done with e-magination. We can help you become more secure in the accuracy of your reporting so that, with renewed confidence and regained time, you can push your business on to excel in new ways of reporting. Create today what will become essential tomorrow, and your business will always be ahead of the curve.
Let’s connect if you’d like to increase the accuracy of your financial reporting.
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