Building Reports Manually? Time For A Change

When Employees Are Building Reports Manually

Challenges from the accounting system

The case of one client that had a legacy financial management system that provided no way of adjusting the statement formats or manipulating data within the reports is one that is all too common.

To create financial statements manually, employees had to:

  • compile data from more than four sources to consolidate information across business units;
  • wait for each department to contribute their piece and then cross-reference data manually;
  • double check the formulas and numbers in Excel spreadsheets to ensure that the reports and math were accurate;
  • customized reports were out of the question without hours spent with 3 staff.

When you find that your staff are allocating considerable time to reporting manually and you have to hire one or more additional staff to handle reporting just to create monthly financial statements – its time to consider an upgrade – or update.

ERP was the next logical move

After the switch to Dynamics, this client was able to easily and quickly run financials and format the statements just the way they wanted.

Using automated workflows, the accounting team could route the reports to both internal and external reviewers and auditors and track approvals.

They also switched to an online payroll management system that provided workflow back to the GL with direct deposit for the staff as well as took all the work out of the year end T4s and periodic ROE.

With confidence in the numbers, they were able to reallocate staff resources to be more productive working in the business as opposed to manually hoping for the best.

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