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How to Streamline Financial Reporting and Reclaim Your January
Paul zur Nieden | FIS
December 11, 2019
While most people are celebrating the holidays and will soon be making resolutions, CFOs and heads of accounting at private equity firms and fund administrators have their minds on something else: financial reporting.
Year after year, it’s the same challenge – you and your team are up against financial reporting deadlines, armed with spreadsheets or minimally automated tools, and a staffing quandary that puts cost and process efficiency at odds.
Traditionally, a typical annual financial report can take six to even eight weeks to put together, in large part because of how many manual steps there are in the process of data acquisition, ensuring data integrity and traceability and generating a precise set of reports.
And, in order to meet deadlines and complete annual financial reporting on time, staffing becomes difficult – and often expensive – to manage. Most leaders feel stuck between a rock and a hard place, since it is so challenging to match staff resources to financial reporting workload spikes.
It’s enough to make you dread January. But what if this year could be different?
With an automated solution in place, you can reclaim your January while improving your financial reporting process and output. In many cases, when private equity firms and third-party administrators implement our Financial Reporting solution, they can see 30-50 percent time savings on their financial reporting process. Our clients are then able to save resource costs because they no longer need to allocate or hire as many staff members to slog through the reporting steps.
Additionally, data integrity is heightened, because our automated technology, two-sided entry capability and audit reporting which allow you to identify and resolve any potential data discrepancies with ease. You will also know who made which changes to the data and when, and whether a new report has been generated from that data, ensuring end-to-end reliability of your reporting process.
With our Financial Reporting solution, the time, cost and stress spent generating periodic financial reports can drop dramatically.
If you are ready to reclaim your January and optimize the way you manage financial reporting, our team is ready to show you the way.