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The Reporting Paradigm
 

The Reporting Paradigm

As a business leader or finance professional overseeing the consolidation, reporting, budgeting and forecasting processes within a business, you should at this point be very used to – or frustrated by – the current paradigm.
(Unless you are already using Finnivo®)

If you are not a Finnivo® user, then it is highly likely that you are continuously challenged by complexity, inefficiency, cumbersome processes and unnecessary costs, depending on which state you are in:

Unaware

This means you rely entirely on Microsoft Excel (or some Excel plug-in) for your reporting, planning and consolidation. Your accounting system is mainly a transactional system and doesn't offer you the flexibility and control you need for reporting and planning. It's workable, but is very cumbersome, time consuming and carries a security and governance risk.

Considering

You have realised that you need to streamline and automate your manual, spreadsheet-driven reporting and planning processes, and you are looking for a suitable software solution.

Using

You are already using a software solution or a combination of solutions to manage your consolidation, reporting and planning processes.

Let's compare the current reporting paradigm to what you can expect from Finnivo®:

Stage Current Paradigm Finnivo® Paradigm
Unaware
  • Time consuming (collecting data, assembling reports, linking sheets or workbooks.
  • Cumbersome.
  • No database to store, recall or compare data.
  • No means to drill down into figures or commentary.
  • Information hidden in folders.
  • Difficult inter-company reconciliation
  • Multiple assembly process needed for multiple reporting structures.
  • Automated data collection, aggregation and consolidation processes.
  • Easy to drill down into numbers and text commentary.
  • Secure database.
  • Standardisation of reports.
  • Error validation.
  • Multiple views of results at different levels within various reporting structures.
  • Simplified reconciliation of inter-company transactions and balances.
  • Scenario planning.
  • Mapping and importing of trial balances from different cost centers.
  • More time for analysis and constructive input.
Considering
  • Software developers sell based on fear and ‘best practice’.
  • Expensive solutions.
  • Long implementation lead times.
  • Different modules, solutions or licenses needed for different reporting and planning processes.
  • Scope creep and escalated costs of implementation.
  • Software developers lacking accounting acumen.
  • Fast Implementation (by the Finnivo® team or by our clients).
  • Fixed implementation cost.
  • One software platform for all reporting and planning processes.
  • Implementation and support is done by finance professionals.
  • Highly scalable solution.
  • Cost effective and low year-on-year cost of ownership.
  • Gives users simplicity and control.
Using
  • On-going and expensive support costs.
  • No self-maintainability as consultants are needed to make changes or create new applications and reports.
  • No flexibility.
  • Difficult to trace data.
  • Lack of originally promised functionality.
  • Dated technology that requires expensive upgrades.
  • Self-maintainable.
  • Highly scalable (easy to add multiple new reporting, planning and calculation models).
  • Simplicity and control for users.
  • Easy to trace data.
  • On-going improvement and introduction of new functionality and features.
  • Cost effective and low year-on-year cost of ownership.
  • Local development and support infrastructure.

What type of reporting solution should one consider?

Software vendors tend to sell their products and time based on features and complexity.
 
 
Employing a software development company to design a bespoke software system based on your unique environment.
 
 
Scale the functionality of your existing system to include consolidation, budgeting or forecasting.
 
 
Implement software specifically designed to manage the collation and consolidation of financial reports.
 

For all three options there are a few things to consider:
 

They take time...
Many companies will quote a fixed cost for implementation, but in most cases the implementation timeline will be very long.
 

They require money...
As a rule, the longer implementation takes, the more expensive it becomes.

And things change...
From changes in reporting standard requirements, to new reporting line items, new cost centres and new reporting formats, reporting has constantly evolving demands and focal points. In most cases companies are not equipped to modify their existing solutions to cater for changes in requirements.
     Finnivo® has fixed a implementation cost, is inherently adaptable and can be customised.

Consider Finnivo® Now