When talking about financial reporting, we look at two things. One is what is ideal and two is what the reality is.
For all companies, the vision is that financial reporting must be simple, easy-to-understand, and visual. Ideally, it should have a flow that is not hard to figure out in terms of accounting and in terms of business.
The reality today is that financial reporting is a source of frustration for most finance departments. You can have a multi-national company with over 50 people working in the finance department who basically work individually instead of collaborating as a team.
This means that each of these analyst or accountants work on their part of the puzzle without having any insight into what others are doing, which part of the process they are in, what the bottlenecks of the entire process are, whether or not they are causing the delay or what types of tasks are pending or have been submitted.
Real-time reporting is one of those initiatives that many CFOs are spearheading. CFOs now want a more granular way of reporting so that there is not only improved transparency in the entire process, there is also a way to enforce accountability to each of the stakeholders of the process.
The notorius problem of the finance department has always been lack of time. No one in the finance department has the extra time or capacity to do high value yielding tasks because much of their time is spent on trivial tasks due to the nature of their accounting processes.
Therefore, trying to free up capacity for these finance personnel is one of the main challenge. This is where real-time reporting comes in.
Real-time reporting helps streamline the process. It helps the stakeholders of the process identify bottlenecks early on, focus on them, remedy them.
Real-time reporting in Epicor Financial Planner is quite interesting in the fact that EFP has always been marketed as a budgeting or budget planner solution. However, real-time reporting is actually a very pleasant and equally robust capability of EFP that surprises many.
Your organization is not only afforded the ability to do real-time reporting with EFP, the quality of your financial reports are a lot higher. It is granular, it is drillable, and it is very visual. In addition, creating financial reports in EFP is very straightforward and easy. You have a drag and drop environment that makes creating reports effortless.
EFP also has dashboards that make visualizations even easier and more focused. In an age of complex reporting needs of businesses, EFP offers simplicity of handling financial reporting while significantly the quality of financial reports generated.
Want to hear of a customer testimonial about EFP´s real-time reporting capability? Or do you simply want to see a walk through of EFP? Visit www.dsp.se or email firstname.lastname@example.org.