For several years, the missions of the finance departments have been considerably extended. If the priority remains the optimization of performance management, nearly one in two CFOs also plans in the next three years to develop the skills of his team to adapt to the changes underway.
One of the major priorities for 70% of CFOs is to shorten report production times to focus on tasks with higher added value since the production of reports sometimes represents up to 55% of the working time of management controllers. . (PWC Study, 2019).
Why automate the management of reports?
In your business as well as in others, the demand for financial reports is probably increasing, but producing financial reports is time consuming and leaves you little time for data analysis. You spend too much time on low value added tasks instead of focusing on data analysis and decision making.
In addition, finance teams are very dependent on tools like Excel or PowerPoint, but these software have limitations and do not allow you to produce automated reports and obtain real-time data analysis.
There are tools like MyReport , which combine the familiar Excel environment and all the advantages of Business Intelligence to allow you to gain in performance and autonomy. The digitalization of your data processing and presentation media allows you to optimize production and focus on your business.
The 10 dangers associated with the manual production of reports:
Have you ever spent days doing reports in Excel without being sure of the reliability of the data? Do you spend a lot of time on fitness?
This is the whole problem linked to the manual production of your reports!
- Time consuming exercise
- Too many errors with cells always up to date
- Doubts about the reliability of the data since they are often poorly collected, which distorts the indicators and your decision-making
- Restriction of the analysis to a few indicators which prevents you from having an overview
- No upstream alert if the thresholds are exceeded
- Complex formulas that require an expert in Excel
- The links between poorly mastered Excel files that can break
- Accumulation of a large volume of data on the same report interfering with reading and interpretation
- Reporting becomes inappropriate over time because the company has evolved and diversified its activities while retaining its initial reporting system
- Waste of time in manual data entry and maintaining manual processes that consume a considerable amount of time and resources
- And many others…
In short, reporting in Excel is a dusty habit that costs you time and energy.
The automation of financial reporting, an undeniable asset for your company!
- Provide rapid and targeted responses to key KPI’s: margins, costs, cash flows, etc.
- Report on the company’s profitability by guaranteeing the reliability of analyzes
- Quickly grasp the performance and risks of the company in order to anticipate and react
Here are the challenges that financial reporting represents for a good management of the company. It is therefore essential to make the financial information feedback process more reliable and accelerate.
Automating the management, creation and distribution processes of reports will allow you to save time, efficiency and safety in the processes. Your employees will devote themselves to tasks with higher added value, such as detailed data analysis, the detection of irregularities, or even assistance in the strategic management of general management.
Do you have multiple data sources and an increase in data volume? This is not a problem ! Tools like MyReport take care of extracting and centralizing all the data you need in just a few seconds. You are thus autonomous and you do not need the IT department to produce your reports and collect the data.
MyReport, the solution that will change your life!
A Business Intelligence solution allows you:
To obtain more reliable and faster information
- Reduce the margin of error
- To increase the speed of production and distribution
- Harmonize KPIs with all employees
You will considerably improve decision-making, responsiveness and agility of your business while being autonomous thanks to the familiar Excel environment.
Are you used to PowerPoint for your presentations? Thanks to MyReport , you will be able to export your tables and graphs in one click and update them directly from PowerPoint with a single click.
You will also be able to benefit from all the advantages of data visualization . You will build management dashboards to monitor performance and make them available to management. At a glance, track and analyze your KPIs.
Business Intelligence allows you to interact more efficiently with data, you can watch the old one night of a meeting your reports updated in real time. They are accessible anytime and you don’t depend on someone to create and update the data.
MyReport also allows you to be more agile. You can consult your KPI’s even on your smartphone, which allows you to support your daily management.
Would you like to know more about automating your processes with MyReport? Our experts are at your disposal to discuss.