The prevailing cut-throat business environment of today has spawned new challenges for companies. That includes the creation and management of financial reports. They have become the basis for many important business decisions and have shaped the company into where it wants to be. Moreover, these reports are required by law for the taxation concerns of the company. Also, they are the basis for investors, creditors and other companies to determine your financial standing.
This explains the growing popularity of financial reporting software with 90% of accountants leaning toward technological adoption as indicated in The Practice of Now 2019 report. But how do you enable your financial reporting system to assist you with the goals of the company? Read on to know the different ways your company can make these work for you.
1. Choose the software based on the size of your company
Knowing the size of your business is crucial to deciding on the right financial oftware for your company. Companies can be classified as small, mid-sized, and large.
For example, if you are just starting out and with your operations limited to the ones that your business needs, the financial analysis software for small business would benefit from the use of automated financial reporting. To further maximize your software, it would be better for the cloud-based purpose accounting instead of the complicated ERP suites.
If your company is mid-sized and starting to break out in the business, it would be strategic to know how fast your company is developing. At this point, the simple solutions would enable your company to cope with its expected growth and the load of information it produces down the line. Your solution should also factor in the assets of your company along with the financial regulations you need to follow for them.
If your company has joined the ranks of big and successful ones, its best to use solutions that offer custom plans for enterprises to make sure you get the features you need. It’s best to use solutions that offer custom plans for enterprises to make sure you get the features. This move would significantly reduce the accounting mistakes and number of hours used for the making, processing, and optimization of your fiscal decisions. Such is the power of technology revolutionising banking.
2.Identify and match the needs of the company with your software’s capabilities.
As the owner or decision maker of your company, the company information you have should enable you to match all your business concerns with the best financial reporting software available.
Every financial reporting software has the same functions while some have more specialized tools than others. There are the basic accounting tasks like e-invoicing, report generation, stakeholder management, and the tracking of your income and expenses. Then you also have automation for repetitive tasks like the creation of quotes and estimates. They can be generated a lot easier with the financial reporting examples and templates that your software should possess.
For the automation of your reporting, choose a trustworthy software that allows you to automate your processes including automatic billing and past-due notifications. This saves your company a lot of time that can be used for other important concerns.
Taxes can be tedious to file and report. Software solutions can streamline how you do tax reporting, calculations, and multiple tax rates that you can conveniently email to your accountant and vice-versa.
And most importantly, be sure that your software provides multi-user access to enable you and our finance people to share the reports that you need.
3.Treat your software as your business partner.
According to McKinsey and Company Job Report, half of all accounting tasks can now be automated with the use of the available technologies today.. With this in mind, your software becomes a great ally for the success of your business.
As your partner, it takes care of the workflow management as it automates the various important reporting processes. Your software should also simplify the financial processes of your business. Choose one with a short learning curve or integrates with Microsoft Excel if your accountants are more familiar with it. For great efficiency, it makes your updates always available in real time and linked to all your documents and reports. This significantly shortens the revision time needed for the reports. Just be sure to avoid those solutions that charge by the contributor or the report because they limit the number of contributors allowed in the system.
Benefitting from the relationship you have with your software
The importance of financial reporting can never be overemphasized in the operations of the business and this makes it important to have complete knowledge of your business and the software that you chose. In doing this, the one that gives insights to business performance shall ensure the success of your business in the years to come.
