Efficient financial reporting: this is how you do it!

These days, when visibility into all kinds of information flows plays a crucial role in decision-making, many companies are struggling to bring data together. Financial information is often not well centralized and is collected manually. Consequently, financial reports are often interpreted in their own way. This consistently leads to creating a ” own truth” rather than showing hard facts. This makes it difficult for the CFO to make sense of why he is not meeting a target. Why is the department falling behind? Is there not enough staff or are there other reasons? The lack of understanding of hard facts creates a distorted picture. We explain how to improve financial reporting!

Bringing order to chaos: one financial system

Many companies have separate information systems for each process or department, for example, one for HR and one for sales. These systems belong to different people and departments and are not linked together. You can make reporting more meaningful by setting up your ERP system properly and linking all processes together. In this way, the data from all processes and systems are connected and put into your ERP system in one language. This allows management to easily print out all reports at once and assess them more efficiently. Moreover, departments then no longer have to supply the data by hand and their own interpretations are no longer required. This saves a lot of inconvenience and provides better insight.

Securing financial compliance and security

A good ERP system also helps ensure compliance with financial regulations and standards, such as GAAP (Generally Accepted Accounting Principles) or IFRS (International Financial Reporting Standards). You can include these regulations in your system, as well as the security of the entire system. After all, your data must be properly secured, and the system secures that. So you don’t have to worry about that anymore!

How 33 information systems are harmonized

One of our customers is in the middle of a change process. They work with 33 different sources of information and find it difficult to combine all the data. Eqeep brings everything together for them in one ERP system, where we look critically at duplication and conversion. This creates a better balance. We quickly see the benefits of the new system. Because the customer had been doing the same thing for years, they found it difficult to switch to something new. After all, they are so used to it. The many benefits convinced them to switch to a new system. Eqeep guided them throughout the process and provided instructional training to explain the right information. This way, everyone knows how to use the system.

Put the system and reports to your own advantage

Before implementing a new system, it is important to have the processes well mapped out. On this basis, we examine whether there is a “match” for the customer. Then, with the help of various tools, it is necessary to examine which functionalities and links need to be implemented manually. This is exactly where Eqeep helps its customers. Every company is different and has different processes and functions. Therefore, we first expose the entire structure of the organization so that we know exactly what you need. There is always enough room to build in functionality manually, so you can use the system in the right way. Everything is possible!

Efficient and accurate reporting

With a well-designed ERP system, you always have your information on time and can present the right reports to stakeholders. So you are no longer spending a month trying to close the previous month. With a few clicks on the button, you get the right data on the go.

Want to know how you can improve your financial reports? We will gladly explain what is possible within your organization! Feel free to contact us or read more about how we work.

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