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.
|
