Financial reporting software that uses the power and versatility of cloud data storage has been on the rise in recent years. In addition to using an accounting software package, utilizing a cloud-based financial reporting software as a tool for consolidated financial reports is even more powerful. Here are four reasons why cloud-based financial reporting is smart for your business.
Efficiency Upturn
Imagine automatic updates of information such as assets and liabilities, revenues, cost of goods sold, and operating expenses. Automatic gathering and consolidation of data from multiple locations and clients increases efficiency and turns report generation from a chore to an automatic software function. Information from your accounting software is updated daily. This is then transformed into next level reports such as forecasting, trend identification, and ratio analysis. These reports with real time information are available 24 hours a day on the cloud.
Best for the Bottom Line
Automating the acquisition and consolidation of data from various and multiple sources saves money and time. Look for a software that offers unlimited free users for its business clients. The ability to customize reports to your needs ensures that you need just one reports solution. By using a software that utilizes the cloud, handling the expense of this powerful financial reporting technology can be a predictable monthly subscription expense.
Quality Communication
Consolidated financial reports based in the cloud improve the flow of communication and the extent of collaboration between team members. The ability to have benchmarking data available online anytime can facilitate everyone being on the same page when your business is all over the world and in different time zones. The financial data is accessible as well as organized into consolidated reports. Already compared to standard measurements and other organizations’ performances, the reports facilitate identification of what areas need improvement in your business.
Instant Insight
Get financial insight instantly with financial reporting technology that is based in the cloud. The ability to create custom reports means that you get the financial intelligence that matters to your business. In addition, you can customize your reporting periods to focus on data that is crucial to the performance of your company. Customizing automated financial reports from consolidated data such as standard chart of accounts, profit and loss, and benchmarking will make them even more relevant and actionable.
Quick daily financial reporting emails add to the connectedness to real time information.
Constructing high quality consolidated financial reports more efficiently has long been a business challenge. The cloud-based financial reporting industry has answered the call and has created a nimble and reliable solution to the myriad financial reporting demands for businesses.
