How to Improve Financial Reporting Data Accuracy

AcumaticaAcumatica ERP automates data collection to make it easier to use and share information throughout your company. Using data to drive efficiencies, save costs, and generate growth has become an essential part of most company cultures. With so much data available, however, the question becomes not just how to collect data but how to use it to enhance business growth.

Most companies face numerous challenges when collecting and using financial data. Automating data collection through the use of Acumatica ERP software can make it easier for everyone to have the data they need.

Take a look at this eBook by Acumatica, Top Technology Challenges for the Modern CFO, which outlines opportunities for leveraging existing business application technologies.

Five Challenges of Financial Reporting

When it comes to financial reporting, most businesses face five common challenges. Software such as Acumatica ERP can help you overcome this challenge. Do any of these look familiar?

Challenge One: Where is the data?

Before implementing an ERP system, companies often have data stored in many places. Each system from accounting to marketing captures data, but these systems don’t “speak” the same language. Spreadsheets may contain still more data, as well as notes, inventory reports, and more. The challenge is to find and inventory data, so you know which systems and areas of the company need to consolidate it for reporting.

Challenge Two: Integrating data

Financial reporting can be complicated. Different currencies, countries, and differing terminology/semantics make comparing information challenging. Integrating, consolidating, and understanding the relationships between data and databases takes time and effort.

Challenge Three: Meeting deadlines

Many companies find it challenging to meet financial deadlines. This challenge is compounded when data is scattered throughout the company and must be manually reconciled or entered into one single report.

Challenge Four: Mistakes

Everyone makes mistakes, but mistakes in financial reporting can be problematic. They can also be quite tricky to track down, especially if they exist in multiple spreadsheets. One mistake can be picked up and used in various documents, too, making it a nightmare to correct.

Challenge Five: Security

Security and data governance are also essential components of business data management. Compliance with GDPR and numerous financial and auditing standards all need to be considered, another manual task that has been very time-consuming in the past.

Acumatica ERP Automation Solves These Challenges and More

Acumatica ERP is an enterprise resource planning system that offers financial management, accounting, customer relationship software, and more in flexible modules that can be added as needed.

Acumatica ERP solves the five challenges of financial reporting—and more.

  1. With Acumatica, data from multiple parts of the company “talk” to each other. All systems are synchronized and consistent so that information passes through the ERP and into reports.
  2. There’s no more scrambling for information and calling multiple departments to find that one last piece of information you need for your report. Instead, it’s right at your fingertips.
  3. Deadlines can be met through automated reporting. Accounting and financial data, for instance, can be quickly accessed and reports generated for taxes and other business needs on tight deadlines.
  4. Mistakes are minimized because there’s little data entry. Instead, automation ensures that information entered into the system is as accurate as it can be. By limiting data entry points, mistakes are minimized.
  5. Lastly, security is improved through permission-based access to data as well as multiple security features found in cloud-based ERP systems.

Automation may not solve every problem, but for these five common challenges, Acumatica ERP meets the challenge with ease. Contact Emerald TC today for automation that improves accuracy, enhances data visibility, and more. Call 678-456-6919.