In organizations managing multiple entities, the process of distributing financial reports is often a significant challenge. Without the right tools, distributing customized, accurate, and timely reports across departments, entities, and management levels can be a daunting task. Many finance teams struggle with this due to the sheer complexity involved in manual report distribution.
Use Case Example: The Problem
With 35 entities and multiple divisions including convenience stores, car washes, and wholesale fuel, financial reporting for Nouria Energy is quite complex. On a continual basis, financial data must be “sliced and diced” and packaged in a multitude of different ways (e.g. by division, entity, department, etc.) and shared with the appropriate report owners: store and car wash managers, division and department heads, and corporate executives.
Sending all those reports involved what the CFO described as a “monstrosity of a distribution list.” It was a tedious, labor-intensive task that required many hours of time. Keep reading to learn how they condensed this process into just one click.
Why Report Distribution is a Major Challenge Without FYIsoft
1. Manual Gathering and Compilation of Reports
Companies with multiple entities often rely on manual processes to gather financial data from different sources. This can include pulling reports from various accounting systems, consolidating spreadsheets, and reformatting data to meet individual stakeholder requirements. Each step introduces opportunities for errors and delays.
- Time-Consuming: Collecting data from multiple entities and ensuring accuracy can take hours or days.
- Error-Prone: Manually handling data increases the risk of inconsistencies and mistakes.
2. Customization Requirements for Each Stakeholder
Different levels of management require tailored financial reports. For example:
- Department Managers may need granular-level reports that focus on budget variances and operational details.
- Entity Heads often require financial statements specific to their entity’s performance.
- Corporate Executives need high-level, consolidated reports to see the big picture.
Without FYIsoft, finance teams often resort to creating multiple versions of reports manually, which is inefficient and prone to formatting errors.
3. Consolidation Across Entities is Cumbersome
For organizations operating across multiple entities, consolidating financial statements is a complex task. Differences in accounting standards, account codes, and reporting requirements must be addressed before reports can be distributed. Without automation, finance teams must manually reconcile these differences, delaying the distribution process.
- Multi-Currency Issues: Converting currencies manually can lead to discrepancies.
- Intercompany Eliminations: Handling intercompany transactions often requires tedious manual adjustments.
4. Distribution to the Right Stakeholders
Once reports are prepared, distributing them accurately and securely to the right stakeholders is another challenge. Without an automated system, finance teams may rely on manual email distribution or shared drives, increasing the risk of:
- Delayed Delivery: Reports may be sent late due to bottlenecks.
- Confidentiality Issues: Sensitive information can be mishandled without proper access controls.
How FYIsoft Solves the Report Distribution Challenge
FYIsoft transforms the report distribution process by automating every step, from report generation to delivery.
Through an easy to use “organizational tree” structure, FYIsoft allows organizations to create pre-defined report packages tailored to the needs of different stakeholders. Set up is easy and any changes can be accomplished with a simple drag-and-drop.
Once set up, the financial reports and packages can be generated and distributed automatically through the power of a click, eliminating the need for manual customization.
What Do We Mean By “The Power of a Click?”
Generate All Reports With One Click
Instead of running multiple versions of reports and manually consolidating financials, FYIsoft enables finance teams to generate all reports with a single click. From one single report run, all reports are created and parsed into the appropriate packages: all individual or company reports, rollups (such as departments or regions), and consolidated corporate statements.
Distribute All Reports With One Click
Once reports are completed, they can be automatically distributed (or scheduled to send later) to each report owner in the distribution list. Whether it’s a detailed P&L for department managers or a consolidated report for executives, FYIsoft ensures that accurate information, in the right format, is received by every recipient.
Empower All Users With One Click
FYIsoft’s user-based permission roles protect sensitive financial information. With a “viewer” license, managers outside of finance can securely access their own financials online to view but not change the data. If questions arise about a line item or variance, users can simply click to open all the transaction-level details including scanned invoices.
Use Case Example: The Solution
Concluding the use case example shared in the opening.
Prior to FYIsoft, compiling and sending all those reports involved many emails to a huge list of report owners. The process required many hours of time, and was repeated twice every month (once for draft financials and once for finals).
With FYIsoft’s financial reporting software, ReportFYI, this entire process is now completed with just a click, with complete confidence that the right people will be sent only the reports and packages they are authorized to view – resulting in a 75% time saving. Download the full case study here.
Ready to distribute all your reports in one click?
The Time-Saving Impact of FYIsoft’s Report Distribution
With FYIsoft, companies can reduce report distribution times from hours or days to just minutes. By automating manual tasks, finance teams can:
- Improve Accuracy: Minimize errors through automated data integration and report generation.
- Enhance Productivity: Free up time for strategic financial analysis and decision making.
- Ensure Consistency: Deliver accurate, consistent reports across all entities and departments.
Conclusion
Without FYIsoft, distributing financial reports across multiple entities is a time-consuming, error-prone process that places a heavy burden on finance teams. FYIsoft eliminates these challenges through automation, customization, and secure delivery, ensuring that all stakeholders receive the right reports on time—with minimal effort.
For organizations seeking to optimize their financial reporting processes, FYIsoft is a game-changing solution that drives efficiency and accuracy. If your company is struggling to achieve consistent, efficient reporting, schedule a demo to see how FYIsoft can modernize the way you create and distribute financial reports.