Home > Updates > How to streamline your monthly reporting
We continually encounter a number of issues that negatively impact the operational efficiency of our client’s businesses. One recurring issue is that accounting teams spend considerable time compiling monthly reporting information or management reports, often relying heavily on Excel. While Excel is a powerful tool, its use for inputting or copying data from multiple sources, and then having to manipulate the data, can be time-consuming and error-prone, especially when changes occur in the source data. Ideally, you want to be able to select the reports you require without further manipulation.
Below we outline two efficiency problems and propose solutions for each.
The problem – multiple accounting systems that do not seamlessly integrate into the report writing application leading to manual data consolidation
While Xero and its many add-on applications have advanced the ability of accounting systems to integrate with other programs, integration issues can still occur when an industry-specific application provides all the functionality required for that particular industry but, either doesn’t automatically integrate, or doesn’t fully integrate with the accounting program. We see similar scenarios with wage programs. This lack of integration results in having to take all the relevant data from two or more sources and manipulating it in Excel to produce the management reports.
The problem – your accounting system lacks the ability to produce specific reports, or the reports have become more complex over time.
For example, a client would spend 5-6 hours each month creating a complex management report in Excel. Their accounting application already had a powerful reporting ability and by getting us to create a customised report for them, their management report could be generated within seconds. This not only saved significant time each month, but also provided flexibility in generating different report versions as needed.
If your monthly reporting function is becoming a burden due to manipulation and cross-checking balances, then it’s time to explore different solutions. It may be easier than you think to address your challenges and streamline your reporting processes, creating efficiencies and freeing up resources for other critical aspects of your operations.
Our Business Advisory teams in our Auckland, Hawke’s Bay and Christchurch are able to provide expertise in management reporting and accounting software, if you’d like to explore how we can help, please get in touch.