On average, how much time are you spending creating and analyzing financial reports? How long does it take you to deliver completed reports to requestors? A mere couple of hours or weeks?
No matter the size or industry of your business, your company is expected to create and deliver timely and accurate financial reports to external and internal entities. These reports provide crucial information about your company’s financial and operational status, giving key stakeholders and decision-makers a snapshot of your company at a certain period in time. These reports can then be used in a variety of ways to boost business impact and success. Managers can use financial reports to address operational inefficiencies or create goals, and decision-makers can use these reports to guide their decision-making.
Regardless of how these reports are used, financial reporting is a must for any operating business. Failure to create financial reports in a timely manner can lead to serious consequences for your business and even hinder your company’s ability to move forward with business plans and goals. In order to perform at an optimal level, businesses need to generate accurate and reliable financial reports on a monthly, quarterly and yearly rotation.
The Effects of Delayed Financial Reports
In addition to the consequences businesses face from external and internal governing boards, delayed financial reports can have a significant impact on business performance both now and in the future. More often than not, delayed financial reports are the result of faulty and/or incomplete financial and operational data. If this data is not easily accessible or is unreliable in its accuracy, it could hinder important decisions from being made or alter the business’ approach to a variety of situations.
Delayed financial reports also reveal productivity and efficiency problems within a business. If a company is unable to produce financial reports in a timely manner, there are some obvious productivity challenges at hand. Whether your employees have to create the reports manually due to the lack of an automated system or having to double check the information due to data inaccuracies or duplication, these inefficiencies can severely hinder your financial reporting. Finding ways to solve these productivity challenges will, in turn, improve your ability to deliver your reports on-time and in perfect condition.
Learn more about our Sage 300 Intelligence Report Utility.
Streamlining the Financial Reporting Process with ERP Software
Enterprise resource planning (ERP) software solves the challenges your business faces in the area of financial reporting by automating report creation and eliminating time intensive manual processes. Equipped with advanced reporting and analytics capabilities, ERP software enables businesses to create the most simple to complex reports they need to make timely business decisions. Whether you need to create reports for internal or external governing entities, ERP software automates the data entry process and report creation so you can deliver the information they need in a timely manner.
