Simplifying Financial Reporting
A Case Study on Simplifying the Common Financial Reporting Problems in all Industries
Financial reporting from transactional systems typically results in static reports such as profit and loss, balance sheets, and cashflow statements. These generic reports are usually fixed and prevent any deeper analysis of the data. They are owned and managed by the financial department, making it difficult for department managers with financial responsibility to access and understand the reports. This prevents the managers from taking ownership of their department and acting swiftly to optimize their profit and loss. Individual departments managing their own reporting leads to multiple versions of the truth, opening the door to error and wasting time.
Ensuring that all data comes from one source and is easily available to those who need to access it is vital to accuracy and efficiency yet is often overlooked. Opportunities are missed due to a flawed process that limits action.
Go to the next level beyond generic fixed reports so financial managers can drill down to deeper understanding of the data. Toustone’s dashboard reporting presents data in a visual way, highlighting trends, costs and revenue. It is easy for decision makers to look further into the numbers with just a few clicks to get a better understanding of the drivers behind the results.
Automated reporting makes data accessible to exactly who needs it. Department managers typically go to the financial team to validate their understanding of results, but now they can have the tools to drive insight and take charge of their department’s profit and loss with accessible and easy to understand reports. Managers automatically have up-to-date dashboard reporting at their fingertips, so they don’t have to go through the financial team, saving time and effort.
Our reporting solution ensures that all data is sourced from one data warehouse, eliminating errors created by multiple data sources. This allows every person to rely on the data and make decisions with confidence. Time saved on reporting can now be spent on taking action that drives results.