Why automating your financial reporting is vital for your business? How Flagship can save you time and money
@FlagshipReports
Searle Goott, CEO and founder, Flagship Reporting Our company was founded by Searle Goott, an ex. Ernst & Young Chartered Accountant with 30 years’ experience working as a Financial Director for various companies (both enterprise and SME’s). Flagship was born out of frustration with the lack of available reporting tools to enable the automation and customisation of management reports, KPI’s and other key accounting reports.
Accountants are busy people and reporting is only one aspect of their job. It is critical, in this day and age, to produce accurate management reports and present them on time.
This article is
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e have all been there, producing monthly management reports for your CEO, banks, investors, etc. does this sound familiar?
your reporting process will help you avoid human errors as well as save you time.
Stakeholders may require different reports in various formats, some want year to date, others want quarter by quarter, some need it summarised and others detailed.
To start you connect to Xero and simply drag and drop components to create reports. Once a template has been written, it can be run for any company and any period from a single dashboard. Data is refreshed in seconds which makes it easy and intuitive for accountants and businesses to quickly run reports in the format they require and distribute them.
Remove manual errors and effort One downside of using a manual system like Excel is that it is time consuming. Whilst it is a great tool for modelling and producing different scenarios, it can be prone to error, especially as the data must be downloaded from your accounting system and edited and then formatted into your reporting pack. Also, this may become problematic when you have more than one company in your group. How to overcome these challenges As you may imagine automating
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How Flagship can help you
Some of the other benefits that businesses see are: • Key data and clear insights are identified to help you manage your business • More focus on value generating activities without the need to increase headcount • Easy distribution of reports improves critical communication with stakeholders • Less manual errors and effort • Great looking reports will help you impress clients and win business.
An example of how we have helped… Save time and money One of our clients Jo from Stanton House, who has 8 companies in her group was using Excel and she was increasingly frustrated with the time it was taking her to complete her board pack. In particular downloading the data and reformatting it had her “pulling her hair out” at times. After choosing our platform this is what she has to say: “It’s fantastic. It’s real time, can be refreshed at the press of the button and has so much flexibility to provide insight alongside the financial statements. I can drop in a quick graph, KPI or widget in a couple of simple clicks. It saves us so much time: we no longer need to extract the data and transform it and most importantly I have confidence in the figures as the manual error risk is removed.” Jo Finch, Finance Director, Stanton House Conclusion We know how important reporting is for your business and we know how time is money
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