Financial Reporting: Do you have the right information at the right time? | Isosceles

Financial Reporting: Do you have the right information at the right time?

It is surprising how many businesses struggle to get timely and accurate financial information at the end of each month. Off-the-shelf accounting packages such as Xero, Sage and QuickBooks are cost effective and very good at what they do, hence their popularity, but when it comes to reporting they are very limited. Yet without accurate financial reporting – up-to-date visibility of how the business is performing against key business drivers how can senior managers continue to grow the business?

Fortunately there is a powerful, flexible and cost effective solution.

Interactive financial reporting provides vision not just sight

It is hard to believe how many bookkeepers and accountants still resort to manual data entry, taking numbers from their accounting software and plugging them into a month end spreadsheet. Many sets of management accounts are still produced in this time-consuming and error prone way.  Given that these processes are repetitive at each  month end the costs can easily mount up.

A bigger problem is that by the time the traditional number crunching exercise has been completed and verified, quite often several weeks after month end, and information finally reaches the Board it is no longer relevant.  Business owners need to make quick and informed decisions based on reliable data, preferably in real or close-to-real time.

Vision at the click of a buttonFinancial Analysis

What if it were possible to produce the month end accounts, or indeed for that matter sales analyses, cash flow statements, debtor status reports, payroll reports or many other types of management report at a click of a button? Well, yes you can – there is simple solution which is flexible, scalable and cost effective.

By harnessing two powerful and yet simple technologies, both of which are accessible from within standard Excel, it is possible to create powerful interactive dashboards incorporating tables, graphs and other KPI’s which update at the click of a button. The trick is to merge standard data extraction and automation tools such as ODBC (which allow information to be extracted from nearly any source system at the press of a button) with Excel’s much improved innate reporting functionality (which allows information to be presented visually in powerful interactive displays).

No need for expensive ERP systems!

The end result is that a small business can now have access to the sort of management reporting capability which until recently was the preserve of much larger companies, and at a fraction of the cost. In these cash-strapped times a growing business could make considerable savings by delaying for a year a £30-40K investment in an entry level mid-range ERP system.

Provided data entry is kept up to date in the underlying accounting package there is no reason why even a small company cannot have near real time reporting.

The Isosceles difference

Isosceles work with small and medium sized companies.  To survive they need to be nimble and quick.  They need to up-to-the-minute knowledge of their financial position and to be able to use their cash wisely.   For this reason we have developed an instantaneous and interactive management reporting pack.

  •  Attractive, easy to read and instantaneous presentation of the current financial position
  • Graphical analysis at the touch of a button
  • An interactive dashboard allowing presentation of data to be tailored to a business’ exact requirements
  • Quick to implement
  • Very little, if any, manual intervention