Tag: Financial Statement
Difficulty Auditing the Books
You are not able to see financial/payroll data from prior years. The way you do so today is inefficient. Files are not archived, or they are but it takes too long. If you can’t get the data, there are negative consequences. It is difficult to track transactions after they have been posted. You do not have a way of knowing who posted the transaction. You cannot track charges. You have to re-key information for fixed assets acquired via a purchase order or vendor invoice. You cannot support multiple depreciation methods. You forget to create new asset records and therefore miss…
Read More »Delivering Inaccurate Financial Reports
You, or your accounting staff, have to understand the GL database and table structures in order to write accurate queries to build the reports. You cannot design/generate financial reports. You have to request reports from the IT department. You have to know how certain accounts or amounts are recorded in the GL and manipulate the way they are displayed. You have to re-key information and/or apply formulas to get the data displayed properly. If you make a mistake on the way one of the numbers was displayed or display an inaccurately calculated number, there is a negative impact. Your reports…
Read More »Difficulty Generating Accurate Financial Statements
Posted by AJ Amjad Khanmohamed
— September 12, 2017
in Difficulty Generating Accurate Financial Statements
You often need to change your reporting model, such as reporting structures. You need to consolidate and/or eliminate according to different structures. It takes too much time and they are made incorrectly or not in a timely manner sometimes. This has had negative consequences. Financial statements have been late and/or inaccurate. You are not able to combine and analyze data from different dimensions. This restricts your analysis capabilities. The impact is negative. You spend a lot of time manually consolidating information, or performing analysis or reporting. That takes too much time. You have difficulty supporting multiple currencies. You need to…
Read More »Difficulty Generating Financial Reports
You are not able to see financial data from prior years, or the way you do so is inefficient. Files are not archived, and if they are this takes too long. There are negative consequences if you cannot get the data. Financial reporting is cumbersome. You need to export information to Excel to run queries. You cannot see summary data and/or drill down on detail. Checkbook and bank reporting reconciliation reporting is cumbersome. You need to run multiple reports and compare information. You cannot drill down on detail or track entries. You cannot get a record of past bank reconciliators,…
Read More »Difficulty Sharing Financial Information (Internally and Externally)
Posted by AJ Amjad Khanmohamed
— March 10, 2017
in Difficulty Sharing Financial Information (Internally and Externally)
You currently are not able to create reports with presentation quality, or the way you are doing that is inefficient. You either have to go to IT, which is time-consuming, or re-key data into another application, which must be done too often and also takes too long. You need to manually schedule the running and distribution of reports. Sometimes there are errors, reports run late, and/or they are sent to the wrong distribution list. Users want reports in different media. You cannot support all the types of media they want, and it takes too much extra time to work this…
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