Uniform financial reporting has long since become a success factor for companies. When it comes to reporting, the accuracy, speed and relevance of the information provided are important. Manual processes can often no longer meet these requirements because errors creep in and gaps in reporting arise.
The use of specialized financial reporting tools is increasingly proving to be a better way. Powerful data processing ensures that the numbers used are valid and that you receive a comprehensive overview of your financial data. Since many processes are automated, you have to put in less work and can concentrate on putting the finishing touches on reports for a professional result.
What is good financial reporting?
Good reports contain all the important figures about your finances and present them correctly. The presentation is carried out, for example, using KPIs in tables or other documents. The reporting condenses the most important facts about your company and gives you and external recipients a quick overview. This is important, for example, for investment decisions or to support management decision-making.
Internal or external? Everyone has different goals with reporting.
For internal addressees such as company management or control bodies, reporting plays an important role, especially for planning and control. Compliance with legal regulations is less of a priority here. Rather, it’s about the question: What does the cost accounting look like for the various areas in the company, what is our revenue situation and where is there a need for adjustments? In order to answer these questions, the results of the reporting are important.
External reporting is particularly demanding because it has to take into account commercial and tax regulations, for example. The addressees here are various groups such as creditors, suppliers and of course the shareholders. No mistakes can happen here. Automated processes are often superior to error-prone manual processes. This turns our attention to financial reporting tools that can cover this.
Good reporting improves planning processes
Does your financial information have the desired high quality? This is the prerequisite for reporting that is intended to convey a realistic picture of your company and enable you to successfully manage your company. If you want to optimize your planning processes, you must first ensure that your reporting is up to date. This is exactly what financial reporting software can help you with.
The results from accounting, bookkeeping and management information support your reporting. Automations are often the key to an optimized flow of information that supports your decision-making with all relevant data. Errors mainly occur when external financial data has to be converted and integrated into your own system. Therefore, a tight integration is e.g. B. with management reporting is particularly advantageous. A good financial reporting tool can do this. So if you want to improve your planning processes, first optimize your reporting processes.
Integrated financial planning and analysis
Financial planning, analysis and reporting always belong together. Integrated solutions that think about all aspects together are therefore required. Once your financial reporting is integrated into the overall process, you benefit from more efficient processes and a lower risk of errors. The data quality is significantly improved and you receive all the information you need to make your decisions. Financial reporting software is a smart choice for such an integration: all functions for implementation are already in place and the necessary automations have been prepared. Besides, you may also use Acterys assistance for FP&A Power BI.
Maximum security with advanced automation
Are you wondering why a financial reporting tool is better suited to handle reporting tasks? Many controllers are primarily concerned with reporting. Due to the immensely increased requirements and the great importance of reporting, this task is taking up more and more time. Management repeatedly approaches those responsible for finance and demands detailed analyses. A financial reporting tool relieves the burden on controlling and supports, for example, obtaining and merging data, which often makes up the majority of the work.
In solutions for financial reporting, such as those offered by Acterys software, the information from all branches and worldwide locations flows together and is available together for evaluations. The automation of the processes also refers to compliance with the relevant standards, such as those found in the HGB or in GAAP and IFRS. As a user, you navigate in an intuitive interface and can request reports on an ad hoc basis.
At the same time, using software is much safer than working purely with MS Excel. Since manual work steps are eliminated, there are no errors when entering data. Additionally, it is easy to compare data at different levels of detail. Inconsistencies are noticed immediately and can be resolved more quickly.
Detailed analyzes for your company management
Anyone who wants to impress their superiors and company management with detailed analyzes can no longer avoid financial reporting software. This means you can go one step further in data analysis with the simple push of a button. The software offers optimal support, especially if the data is distributed and not in a central location in the company. Even in this demanding scenario, the software enables you to meet the highest demands.
Anyone looking for a suitable solution for transparent reporting today should choose financial reporting software like Acterys. This means you can meet all analysis requirements and combine all data from different sources and use it for evaluation, for example. B. provide in visual form. You have all the advantages on your side when it comes to correct and meaningful reporting for different stakeholders.
Enhancing Financial Reporting with Modern Software Solutions
Traditional manual processes often fall short in meeting these demands, leading to errors and reporting gaps. Financial reporting is a critical element of success. The accuracy, speed, and relevance of financial information are paramount. Fortunately, specialized financial reporting software has emerged as a superior alternative.
What Constitutes Effective Financial Reporting?
Key Performance Indicators (KPIs) presented in tables or documents offer a quick overview. Effective financial reports encompass all essential financial data, presented accurately and comprehensively. These reports are invaluable for making informed investment decisions and supporting management’s strategic choices.
Internal and External Reporting: Differing Goals
Internal reporting caters to the needs of company management and control bodies, focusing on planning and control. Legal compliance is less critical, as it primarily addresses cost accounting, revenue analysis, and areas for improvement. Automated processes excel here, eliminating the errors that manual methods introduce.
Error tolerance is minimal. Automated financial reporting tools excel in ensuring compliance and accuracy. External reporting, serving creditors, suppliers, and shareholders, must adhere to commercial and tax regulations.