The end of the year is on the horizon, and for finance professionals the world over, this means a doom-and-gloom anticipation of days spent wading through paperwork to create annual reports. Compiling sales reports, work orders, monthly financial reports and other key documents into annual fiscal reports for your various departments can be a tedious and time consuming process. But this end-of-year rush to wage war against the spreadsheets and documents doesn't need to be a dire battle of attrition. It can be a quick, efficient, painless process if you give your finance teams the right tools. abas ERP gives you the functions you need to make your end-of-year reporting no different than your end-of-month processes, and abas ERP users can handle end-of-month documentation in just a few days.
This may feel like a lofty promise, but it isn't. What abas ERP does isn't so much about changing your milestone reporting, but instead altering your day-to-day operations. From there, your monthly or annual reports become a breeze because your finance teams aren't trying to dredge up data and knowledge to get the job done. Here's how:
What abas ERP does isn't so much about changing your milestone reporting, but instead altering your day-to-day operations.
Using ERP to streamline everyday financial operations
Imagine you have a work order. That project goes through various stages of development and comes out pretty much on budget. From there, the work order gets filed away to be included in relevant financial reports. Another work order comes in, but instead of having the project go smoothly, this one comes in over budget. However, at the end, the paperwork is filed in the same way. At the end of the month, your finance team will analyze work orders to make sure your books are in good shape, pull out the work order that is way over budget, and need to track down relevant stakeholders to get the details on the project so the overage can be justified in the report.
Annual reporting doesn't need to be a tedious, paper-based process.
This kind of basic hang up is a huge part of what makes monthly reporting so challenging and such a headache. If that over-budget work order happened early in the month, you are depending on people going through weeks of work and still remembering what happened with that project with enough detail to justify its cost. Extrapolate this over all of your work orders, sales reports and similar documents, and you have an absolute nightmare.
Let's inject abas ERP into this same scenario. The first work order goes smoothly and is filed digitally, making it accessible within the ERP platform. When that second work order comes in over budget, the system can automatically send an email notification to relevant parties. Those individuals can go out and immediately get the story on the budget overage and document the issue. At the end of the month, all of this information is automatically compiled into relevant fields in your report, and you are left without any hoops to jump through.
This same functionality can extend out to any kind of fiscal and budgetary transactions, ensuring your finance team is never railroaded at the end of the month with a bunch of problematic records to work through.
Improving your everyday fiscal monitoring isn't the only way abas ERP can streamline your milestone reporting. It also simplifies the actual process of data compilation, and does so in flexible ways that are unmatched across the ERP sector.
Advanced reporting tools make milestone documentation easy
At the end of the month you may have dozens of financial reports to combine into a holistic balance sheet ready for your financial services partners, board members or similar stakeholders. Traditionally, finance experts would have needed to delve through Excel spreadsheets to get all of the relevant information, identify the key data and manually compile it into a central report. Once that primary documentation process is completed, your workers need to double and triple check all of the figures, make sure the math is correct and ensure that the final version of the report is formatted correctly.
The time-consuming nature of these manual processes can slow your operations to a crawl, leaving your finance teams dreading big milestones, like the end of the year, as though the sky was going to fall. abas ERP eliminates the vast majority of these manual processes. You can use our system to set the parameters for your different monthly and annual reports and the ERP platform will pull the data from the relevant sources and create the final document. From there, you simply need to proof everything for correctness. All of the data mining and compilation happens automatically.
Every organization is different. You may have key line items or areas of operation that come into play during financial reporting, but are unique to your business. An off-the-shelf ERP system won't help you here, as you'll be continually shoehorning your information into these reports that are ill-fitted for your business' demands. abas ERP is built for flexibility, letting you take standard reports and customize them as needed for your company.
Alleviate frustration by eliminating the hoops your finance teams must jump through for annual reporting.
Empowering your finance staff
Think about how your business usually operates when you hit end-of-month or end-of-year milestones. In these instances, your whole organization probably knows that they shouldn't ask anything from the finance team, as those workers are going to be beset by a nearly endless stream of critical tasks. At the same time, many of the manual processes that go into reporting - compiling data, checking up on discrepancies, etc. - don't really take advantage of your employees' skills.
In the end, having your finance teams spending excessive amounts of time on tasks that are either easily handled the moment a problem arises or that can be automated limits their potential value for your business. Conversely, getting monthly and annual reports finished in just a few days frees your finance teams to give more time back to the company through revenue-generating tasks. At abas ERP, we build our solutions around the idea that people matter the most to any business, and our fiscal reporting tools empower your finance teams to contribute more fully to your organization.
If you would like a better understanding of your finances, consider looking at what we can do for you financially on our product page. If you have any further questions, please feel free to contact an abas representative today.