In order to run an effective and efficient business, companies must select financial reporting software that will provide them with the information they need at the time they need it. Access to timely and accurate data is essential to running and maintaining a business. Implementing a monthly reporting package can help businesses measure their success and plan accordingly for their future. Consider the following when choosing and implementing your financial reporting software:
Get Commitment from Management
Make sure that all members of management have established exactly what is going to be measured, how often it will be measured and at what level. Ask yourself these questions: Do you need an ERP package, or will a tiered implementation that measures financial and operational reporting, HR, budgeting, etc. work? If some elements of your current system fit what you need, implementing a monthly reporting package could be the answer to getting all the company’s pertinent information in one central location.
Once management has established the criteria, make sure that they are committed to the financial and organizational expenses that will be incurred.
Establish What Information You Want Captured
Attempting to get every single detail of information out of your systems will only cause more work for you and result in bogging your system down. Determine what information you need and find a way to easily get that information. Make sure that the data can be understood by everyone involved by creating a central language for what you are measuring (include common data and metric definitions).
Know Your Limits
Will your current IT employees understand your new system? Can they support this new system as is? Or will you need to bring in new skill sets? Whether or not your current IT employees can support this system will greatly affect the decision you make.
Decide Who Will Own the Process Once It’s in Place
Early on, decide who will set the direction and monitor success once the system is implemented. Who is in charge of the reporting package, process and underlying data? Make sure that the owner is thinking about the end goal. Communicate all potential reporting parameters you wish to see in reports from the onset. Clearly communicating your requirements from the beginning will make the process easier for everyone involved.
As you can see, implementing financial reporting software takes a considerable amount of time and preparation. However, the benefits of these reports are never-ending. Once a financial reporting system is in place, companies can use those reports to identify problem areas, as well as see what is working for their business. If you would like to learn more about choosing a financial reporting system, contact us today.