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If there was ever one thing that you could definitively pinpoint that every business could stand to benefit from, regardless of the industry, type, or even size of the business, it would be the simple concept of saving time. You don’t have to convince anyone that time is interminably linked with money, it is quite ingrained in us by now. Perhaps it is most pressing because time itself is the one resource we can never recover, after all you can regain lost wealth but never, ever regain lost time.
This is why businesses will spend a lot of their energies on finding ways to optimise their processes so that they can limit places where time is being wasted; unfortunately a lot of businesses believe that only expensive, complex software solutions can help with this when it is most certainly not the case.
Identifying where you’re losing time is half the solution
For Financial Managers and CFOs there is always a great period of high anxiety around month-end, the weeks leading up to it, and even post month-end. We see these individuals putting in longer hours, and essentially this valuable time is being wasted.
A lot of their time is spent inputting data laboriously, checking (and almost certainly double-checking) data, manually building reports, and then still having to answer multiple queries after month-end. Some FMs and CFOs employ juniors to do the more manual work but still need to check the data, as after all they are still responsible for the reports and where there are humans involved there is always human error.
The valuable time of CFOs is wasted when they are swamped doing menial tasks instead of focussing on analysing data. There is also a great vulnerability for error that comes with inputting data manually, and employees (most particularly millennials) do not want to be stuck doing work that could be easily automated.
Turn hours into a one-button refresh
At e-magination we have found multiple ways to save businesses time by creating dynamic business tools for them using Excel and its add-in, PowerPivot. FMs and CFOs can now have most of their menial tasks automated and produce reports at the click of a button. Our faster turnaround time for building solutions for businesses means that they can start using their tools immediately, enabling their staff to save time sooner.
Many larger businesses have multiple systems from which they need to extract and integrate data for reports, which is often customised by an external software developer. This can turn out to be an expensive process that takes up valuable time for the development and staff training.
Our solution uses Excel which has the capability of extracting and summarising data from multiple systems automatically to produce monthly reports. It also requires much less training because many businesses routinely export their data to Excel already.
The real unique value that using Excel provides is the flexibility to manipulate the data. FMs and CFOs can do real-time reporting easily so that they can make timeous strategic changes in their business processes without needing to wait until the end of the month. They can even test a new or different business rule to analyse its effect on the business without having to rely on their IT department or an external developer to do it for them.
Our financial reporting solutions make it completely possible for businesses to save time and reduce the stress around month-end, while having the added bonus of increased flexibility in their reporting capabilities. The only question that remains is, what could your business do with that extra time? Let’s connect if you’d like to save your business time.
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Leverage our BI tools and boost your business’s productivity. Let’s connect.