5 Ways the Cloud Will Improve Your Company's Financial Reporting Efforts

1. 4 Ways the Cloud Will Improve Your Company’s Financial Reporting Efforts Accurate and timely reports are key, and an hour before an important board meeting is not the time to be stalled due to an Excel formula error. Cloud technology eliminates those manual processes and saves your company money, your staff time, and it makes reporting a breeze. Here are four ways the cloud will improve your company’s financial reporting efforts. Conquer multi-entity reporting Multi-entity reporting is complex. Fortunately, cloud solutions can consolidate data into a standard format, even when multiple GLs or different account codes are involved. Report on all those numbers at both the unit and company levels (and everything in between), with perfectly formatted financial statements right out of the system. Distribute reports with just the click of a button to any level needed, whether it’s to the owners of each reporting unit or the executives who oversee it all. Create perfectly formatted reports Most report writers provide financial reports that are adequate for analysis and internal collaboration, but they’re not designed to follow the standard reporting protocol demanded by executive boards, auditors, or SEC filings. The right solution integrates directly with your general ledger and generates perfectly formatted reports right out of the system, with no manual editing required. This not only saves hours of time, but also minimizes the risk of human error and protects the integrity of your financial data. Distribute reports with ease Cloud technology speeds up your report distribution process so you can get the right reports to the right people faster than you ever thought possible. Cloud software automates the ability to get a large number of financial reports to a varied group of individuals, both inside and outside of your organization, quickly, securely, and accurately. Access financial reports from anywhere Cloud financial reporting software empowers authorized users across the organization to conduct independent analysis and answer their own questions, saving finance teams hours of time. With drill-down capability, users can click on any line item to view the transaction-level details, including any attached documentation such as scanned invoices, sales orders, or expense reports. And because financial statements can be viewed online but not altered, the data integrity of your financial statements is always protected.

2. FYIsoft can help your company’s financial reporting efforts You can supercharge your financial reporting power with FYIsoft. FYIsoft is proven to cut financial reporting time by up to 50 percent, even in complex multi-entity or global currency environments. And, it’s a smart investment: because FYIsoft integrates with your current general ledger, you can get the power of the FYIsoft cloud reporting solution without replacing your ERP. If time is of the essence, rest assured that FYIsoft can be implemented and up and running before your next financial close. With over 8,500 global users and SOC 2 type 1 certified, FYIsoft is a leading provider in cloud financial reporting software. Schedule a brief demo with FYIsoft today.