The insight gained from ongoing financial reporting is invaluable to any business. The analysis thereof has a direct effect on a wide range of decisions that are made in order to drive your business forward. This is why it is of the utmost importance to find ways to sharpen this reporting to ensure that the entire process is as efficient and transparent as possible.
The common problems that we see when companies use Excel as the reporting tool are:
- Time – it takes an incredible amount of time to prepare reports and these reports are very static so no analysis is possible
- Lack of detail – You need context when driving business decisions
- Errors – It’s hard to pick up common errors such as human input errors, formula changes or missing inputs.
There are a number of ways that you can do this and we, at e-magination Infosolutions, have helped multiple businesses of all sizes to put these in place.
Automation, automation, automation
We cannot express enough how important it is that you automate your manual processes. Automation means that you will get your data quicker, even the bad data – which you can address immediately. You will no longer have latency in getting the information you need in order to make informed business decisions. This will effectively enable you to drastically reduce any breakdown in your processes, avoid delays in delivery to your clients, or the loss of product.
Not only does automation save countless hours by cutting out laborious manual work, it also ensures significantly increased accuracy in the data. Wherever there is human intervention there will always be the possibility for error, therefore automation makes the most sense as it increases accuracy and prevents wasting time looking for errors. Find out why every Finance Manager should automate their reporting >>
Exception reports keep you focussed on the problem areas
One key way of making your reporting more efficient is reporting by exception. Automating your reporting will mean you will have more data at your fingertips, however if you are looking for the underperforming or problem areas then you will need to wade through a haystack of data for your one or two needles.
Our suggestion is to automate your exception reports so that any potential problems are automatically flagged and presented to you in real time (no more waiting until month-end to find out what isn’t working!). See how automated exception reports can help your business >>
Dashboards and alerts promote transparency
Dashboards show you the heartbeat of your business; they can show you the flow of your business at every stage of the product life cycle (from the ordering process, stock, delivery, lead time, product promotions, to the actual sale). They are the ideal way to expose to the entire business what, and how, different things impact sales and ultimately the bottom line. How dashboards and graphs will bring more clarity to your business >>
Setting alerts on your exception reporting will give you a visual indicator of what is going on in your business, so that you don’t have to trawl through 30 pages of line items to find what you need.
How can e-magination Infosolutions help?
We can help you set up your automated reporting, exception reports, dashboards, alerts, and much more, to ensure that your financial reporting and analysis is as efficient and transparent as possible. If you would like to know more about how we’ve helped our customers then book a chat with me using the calendar below for a day and time that’s convenient for you.