There are a lot of challenges facing financial reporting professionals – change in accounting standards, political volatility, trade rows, emergence of new and more aggressive competitions are but a few.
The year has just started and to help those whose main responsibility is financial reporting of the company, here are a few tips on how you can boost the reliability and accuracy of your financial reports.
- Be aware of accounting standard changes
Changes in accounting standards are usually already known even before its roll out date so keep an ear out for these new practices as it may be a good way to ensure you are ready when reporting standard changes happen.
- Look out for commodity fluctuations
Fluctuations in oil, gas, or foreign currencies have significant impact on financial reporting so be aware of these changes.
- Be wary of mergers and acquisitions
Mergers and acquisitions that your organization wants to pursue can pose risks that needed to be assessed in financial reports. Even introduction of new products can impact financial reports as well.
- Put in enough time and resources to improve the process
Time and resources constraint has always been a long-time enemy of financial reporting. This year make sure your organization allots enough time and resources so that bottlenecks in the process can be caught early and thus be fixed early. Leaving out validations or cross-checks in the process in the last minute can only lead to catastrophic mistakes.
- Invest in a new reporting solution
If the way in which you perform financial reporting is still very manual, labor-intensive, and error-prone, you need to pause and rethink. There are so many benefits to be had in investing in a new reporting solution. We use the word “investment or investing” because when you are able to cut the time you spend wrangling with your spreadsheets and when you are able to guarantee the accuracy of your figures, there will be immediate return of your investment. When your organization cuts unnecessary time spent on trivial tasks, the staff can actually focus on more value yielding activities which will benefit the business. Besides, who doesn´t like quick, accurate, and real-time financial reports?
Epicor Financial Planner is more than just your usual budgeting solution in the cloud. Epicor Financial Planner offers robust financial reporting capabilities.
With EFP, you can use its easy to use drag and drop wizard, so you can create reports from scratch in just minutes. You do not need any consultant or IT´s help. These are reports a normal, non-technical business user can create himself or herself.
If you want to create reports faster, you can even take advantage of the over 30 predesigned report templates found within EFP.
All of these on top of its well-known powerful budgeting, forecasting, and consolidation abilities. It then begs the question – why feel the need to purchase several accounting software when you can have just 1 tool for your entire financial planning and analysis process?