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10 benefits of Financial Reporting Software for businesses

Whether you’re an SME or a FTSE-listed company, insight into the implications of the business numbers sits among the top priorities on the corporate agenda. Reporting software enables organisations to transform numbers and financial data into this valuable insight, yet so many still rely upon Excel spreadsheets to do this reporting and analysis.

While many people understand that reporting software can offer numerous benefits for their business, the perceived costs and hassle associated with researching and deploying such a solution stop them from exploring the idea further.

As a result, a truly compelling business case is required in order to gain sign off on such a major software rollout. Our latest eBook aims to provide that case, highlighting ten benefits that your business will receive by investing in a reporting software solution.

An alarming number of businesses do not have confidence that the data in their reports is correct, despite how essential it is. Excel is commonly used for preparing financial reports, but it is prone to error and checking the numbers is a labour-intensive task. An extra 0 typed into a spreadsheet that goes unnoticed can result in huge ramifications for your company. Alternatively, a software solution delivers a robust reporting mechanism that you can rely on to provide you with a single view of the truth and that all important insight.

Interested in streamlining and simplifying your financial reporting process with a paperless accounting systems? Watch our AccountsAdvanced video to discover how CaseWare can help your year-end reporting.

Keeping on top of red tape is another labour-intensive task that drains business resources, especially when it comes to producing financial accounts. With the rule book constantly changing, and the risks of getting it wrong so extreme, a software solution that automatically updates in line with the latest legislation changes is a huge benefit to businesses.

In addition, a reporting tool can allow you to reduce the time and cost associated with audits by streamlining the preparation process. It can give businesses a straight line between bookkeeping and the front of accounts, allowing instant access to financial data and better money management overall. That’s not the mention the added benefits of enabling flexible or mobile working, while still guaranteeing the integrity and security of data.

Many businesses fear the weeks or even months of training and support they will require following the deployment of a new piece of software. In reality however, selecting a tool that is easy to adopt and quick to deploy this level of support is simply not required, making lives easier from the offset.

This is just a few of the many benefits a business can receive when using a reliable, intuitive financial software solution, whether you are a sole trader, mid-tier or major accounting firm, global organisation or modest corporate organisation.

Businesses need to look past the popular misconceptions of implementing a new software solution.

Discover how our Accounts Production Software can help you

Download our eBook today to learn how your business could benefit.