ERP-Software-and-Financial-ReportingAs the end of the year looms closer, financial leaders and company executives are looking for key facts and figures to help guide them in their decision-making for the new year, as well as to analyze how well the company performed in the past year. For many companies, accessing the information they need in order to plan for the year ahead and look back at the year behind is more difficult than one would assume. Delays in the financial reporting process and inaccuracies within financial systems can hold up financial planning and analysis, leading to missed business opportunities and further delays in carrying out previously agreed upon business plans and goals.

In order to function effectively, your business needs access to accurate and timely financial information. If your company is struggling to produce financial reports on-time on a regular basis, then you need to take a serious look at what you are using to create and manage your financial reporting process and start examining alternatives if your current process is taking too long or not producing the reports your leadership needs.

The Problem with Delayed Financial Reporting

Delays in the financial reporting process can seriously impact a business – and not for the better. In addition to the consequences businesses face from external and internal governing boards, delayed financial reports can have a significant impact on business performance both now and in the future. More often than not, delayed financial reports are the result of faulty and/or incomplete financial and operational data. If this data is not easily accessible or is unreliable in its accuracy, it could hinder important decisions from being made or alter the business’ approach to a variety of situations.

Delayed financial reports also reveal productivity and efficiency problems within a business. If a company is unable to produce financial reports in a timely manner, there are some obvious productivity challenges at hand. Whether your employees are having to create the reports manually due to the lack of an automated system or having to double check the information due to data inaccuracies or duplication, these inefficiencies can severely hinder your financial reporting. Finding ways to solve these productivity challenges will, in turn, improve your ability to deliver your reports on-time and in perfect condition.

Delivering On-Time and Accurate Reports with ERP Software

Enterprise resource planning (ERP) software such as Sage 100 ERP can help solve the challenges your business is facing in the area of financial reporting. Through the automation of key financial and data entry processes, ERP software eliminates the need to rely on time-intensive, manual processes so you can spend more time analyzing how the information pertains to your business and its future. Equipped with advanced reporting and analytics capabilities, ERP software helps you create the financial reports you need – from the most basic reports to the most complex. In turn, your business leaders can make timely decisions and capitalize on opportunities they may have otherwise missed.

Whether you need to create reports for internal or external governing entities, ERP software such as Sage 100 ERP automates the data entry process and report creation so you can deliver the information they need in a timely manner. Interested in learning more about how you can move from an ineffective financial reporting system to an automated total-business accounting solution? Download our whitepaper, “Making the Move: What to Do When You’ve Outgrown Quickbooks.” This guide is packed full of information for companies still relying on Quickbooks or other basic systems for their accounting and financial reporting needs.

Contact us today if you are ready to give ERP a try.