Most companies struggle with timely and accurate financial reporting, especially if they rely on spreadsheets. The controller and CFO are often consumed by the creation and analysis of complex Excel financial models.

These financial models must be reviewed in depth prior to being ready for management to use for decision making purposes. Complex spreadsheets are so time consuming, they might be out of date when management sees the final version.

Auditing of Financial Statements

Many organizations have complex financial statements created from circuitous financial models. Since auditors must scrutinized all financial models created from spreadsheets, the audits become time consuming and costly.

Alternatively, all financial statements prepared using the Synchronous Report Writer are easy to support. The financial reports may be complex but the numbers are verified through an integrated General Ledger.

Auditors, therefore can easily tie the balances from the financial statements to the detailed General Ledger accounts. The information is reliable and aids in clean and efficient audits.

Errors and Omissions

As an ex-big four auditor, I have considerable experience auditing management’s financial models. Excel can create elegant financial models but Excel has a critical weakness. It is prone to error. Mistakes in spreadsheets can be very costly to decision makers who make false assumptions.

Unfortunately, even the most advanced excel users are subject to human error. Many times, I have identified errors within my client’s financial models as a result of hard coding of numbers or incorrect formulas.

Using the Synchronous Report Writer, ordinary users can prepare even the most complex financial statements. All free of errors and omissions.

No need for advanced excel users to create and maintain the necessary financial statements. No need for complex v-lookups or macros as the writer instantly accesses your financial information directly from the General Ledger. Financial statement generation is relatively simple.

Taxation of Resources and Timeliness of Financial Reports

Prepartion of financial statements external to your ERP system results in doubling up of work. The month end must first be completed by the financial department. Once completed, managment usually the controller or CFO prepares the financial statements.

Since the Synchronous Financial Report Writer is completely integrated with all financial information, statements are available today. Financial statements can be prepared at any point during the period.

Month-end or year-end journal entries may still need to be prepared however, most financial information is instantly available whenever required.

Manipulation of Financial Data

A good ERP system, along with an effective implementation and internal controls, will assure management that the data being extracted from the system is true and accurate. However, once the data is entered into an external spread sheet all manners of manipulation for financial data can be performed. While some forms of manipultion can be useful, in many cases such manipulations can be misleading.

As a manager I recognize the value of data developed and compiled through proper processes and review. When financial data comes directly from my ERP system, I am confident that it has not been manipulated or modified.

Conclusion

Too often companies depend upon spreadsheets in financial reporting. The benefits however of an integrated financial report writer are substantial.

The Synchronous Report Writer is a comprehensive financial report generator. It’s easy to use but capable of handling complex financial reporting. Trust your data it’s all integrated in one seamless ERP solution.