The importance of financial reporting

According to research, 35% of organizations indicate that demand for expedited financial information delivery is their top pressure. Financial analytics and financial reporting, are valuable sources for informed decision-making across an organization, and should be part of your company’s analytics strategy.

By leveraging a financial analysis and reporting solution integrated with your business management solution, you are able to consolidate financial data across all your locations and subsidiaries, drill down into the details, and get a holistic view of your data for optimal financial planning in your company.

“86% of the time organizations with real-time access to financial performance are able to deliver information in time for decision-making.“ – Real-time financial reporting: The need for speed, Aberdeen Group, 2014

A challenge in finance departments is the amount of time spent collecting and compiling data. If you provide your employees with the ability to run financial reporting and analytics on their own, reports can easily be updated, and financial information in the organization accurately maintained. Let your employees manipulate data in flexible tables, and design and share their reports with others in the organization.

When selecting a solution, make sure that it is adaptable to your organization´s unique financial reporting requirements, in order to avoid additional manual handling and processing of reports and data.

If you found this article helpful, you should check out this white paper—where we explore some of the specific data challenges businesses are currently facing, and discuss how modern Business Intelligence solutions can help you uncover new opportunities, quickly react to business changes, and make faster, more precise decisions.