The list of reporting tasks facing finance & budget departments is daunting:

At first glance, spreadsheets & word processors may seem like a perfect solution for these tasks. These generic tools are manipulated into service in a myriad of ways because they are simple to use, cheap, and flexible. 

Since you are reading this, we likely don't need to explain why this initial assumption is dead wrong. For recurring, complex, lengthy documents, these tools inevitably lead to two major problems:

Time Intensive + High risk of error (read why...)

If you think you could be doing something better with your time, consider better solutions...

Upgrade to purpose-built reporting solutions that:

• are explicitly designed for financial reporting or business intelligence,
• are designed to increase efficiency,
• mitigate risk,
• standardize processes, and
• facilitate continuous improvement.

Industry-leading solutions, designed with a clear understanding of specific business processes provide significant benefits. Demand solutions that:

• are built around current research about optimal reporting processes, and cognitive science. This will ease your use and enable better decision making,
• support importing/connecting to nearly any/all data sources,
• identify all new/un-grouped  G/L accounts for definition to ensure no accounts are missed,
• populate lead-sheets/roll-forward schedules the moment you finish your import/refresh,
• speed review by integrating external supporting documentation references as hyperlinks, 
• support adjusting the balances imported from your ERP/Budget software (for example to convert from cash/modified accrual to full accrual), 
• ensure nothing is overlooked by tracking all outstanding queries centrally.

Save time

Automate many of the most time-consuming steps to become much more efficient. Time savings of 25% to 45% are common.

Reduce the risk of errors

With increased automation, built-in structure, and automated verification/review the most common causes of errors are prevented.

Ensure reliable results

Fully documented, controlled business processes become easily repeatable. This is incredibly valuable in the event of staff turnover. Further, repeatability facilitates on-going incremental improvements and better support for managing deadlines. 

Reduce associated fees

Consistent, professionally designed statements eliminate the need for graphic designers and the associated time delays and expense (not to mention the risk of error).

Handing an electronic file to your auditor that is linked from statements all the way down to scans of supporting documents means they have the easiest to review, most complete year-end file possible. Saving the auditor time translates into reduced audit fees. 

Reduce internal costs

Automating vast portions of complex reporting tasks often reduces overtime related costs. For example, using spreadsheets the time required to tackle year-end and the associated deadlines means evening and weekend work is inevitable. 

For those where overtime is not paid, the weeks of time savings can be invested in other projects/tasks. It translates to "free" weeks of time available for other tasks for the organization or restoring the work/life balance for your dedicated staff.

Support environmental policies

Modern, dedicated reporting automation tools are designed to manage entire business processes without paper. Paperless processes mean no printed audit binders and no more printing 20 draft versions of the statements as you correct values you forgot to update.