Effective Management Reporting Solutions

Management reporting and implementation of effective solutions

Changes in technology, productivity trends and budgets are now affecting organizations in Ukraine. These trends are accelerating and will force finances to overcome new obstacles and demonstrate an improved level of dexterity. In other words, finance departments must be developed. Today, all successful companies use business automation tools or are at the stage of their implementation. Modern realities are such that the faster it is possible to structure and operate with arrays of information, analytical data – the faster the right decisions are made, the indicators improve. And as we all know – time is money. And you need to spend them wisely.

Usually in Ukraine the accounts are maintained:

  • Manually on paper
  • In Excel spreadsheets. About 80% of companies – representatives of small and medium-sized businesses – prefer this particular option. It is simple and cheap. But at the same time, in Excel it is impossible to fully automate the management reporting of primary documents and, most importantly, data can be lost
  • Automated in special programs

What are the issues faced by organizations that do manual or Excel spreadsheet reporting?

  • Lack of a transparent accounting and reporting system for all participants, especially for investors
  • Complications of the company’s business processes
  • Frequently asked question “Where is the money?”
  • The need to account for current finances: how much is on the balance sheet, how much and to whom do they owe
  • Manual data entry, high probability of errors
  • Lack of control

What benefits does the company get when implementing financial reporting automation?

  1. Save time (Automate many of the most time-consuming steps to become much more efficient. Time savings of 25% to 45% are common)
  2. Reduce the risk of errors (With increased automation, built-in structure, and automated verification/review the most common causes of errors are prevented)
  3. Ensure reliable results (Fully documented, controlled business processes become easily repeatable. This is incredibly valuable in the event of staff turnover. Further, repeatability facilitates on-going incremental improvements and better support for managing deadlines)

4. Reduce associated fees (Consistent, professionally designed statements eliminate the need for graphic designers and the associated time delays and expense (not to mention the risk of error).

5. Reduce internal costs (Automating vast portions of complex reporting tasks often reduces overtime related costs. For those where overtime is not paid, the weeks of time savings can be invested in other projects/tasks. It translates to “free” weeks of time available for other tasks for the organization or restoring the work/life balance for your dedicated staff).

6. Support environmental policies (Modern, dedicated reporting automation tools are designed to manage entire business processes without paper.)

You still doubt that your business needs automation and what products modern development can offer you?

We offer you to take advantage of the FREE Demo, which will help to increase the level of control and systematize the processes of preparing financial statements. For an efficient and automated audit, click here. IFRS financial statements for enterprises, banks and insurance click here.

If you have any questions, please contact our specialists:

+38 (044) 337 5373
+38 (067) 551 1661

Related Posts

Leave a Reply