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Synoptix offers a specialized solution for accounting offices in healthcare. While there are many analytics products that address other departments, Synoptix alone brings the right tool for accountants and the appropriate knowledge to solve the specific problems that back offices face. We can dramatically cut your reporting costs and save you weeks of lost time.

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What’s the Problem

The vast amount of accounting offices, in fact about 80%, use complex spreadsheets to create and maintain financial reports. Data indicates that back offices spend up to two weeks compiling financials every month, with labor costs spiraling upwards of $5,000 per month or more. And that’s just for core reports such as Income Statements and Balance Sheets, and doesn’t include other important reports such as Departmental Budget to Actual or any other non-general ledger report.

TYPICAL FINANCIAL REPORTING PROCESS

An important barrier for Business Offices is that they’re often dependent on the already over-taxed resources of IT. Extracting the right data out of the ERP system can be IT intensive, and even when systems are in place to reduce the complexities, modifying which account numbers or ledgers they pull from can be difficult. The problem is that Business Offices aren’t in full control, and they need to be to do their job. Aside from IT constraints, a whopping 80% of institutions are doing financials in spreadsheets. Just to get the data they need, either IT is downloading the general ledger information or accounting personnel are manually keying information into spreadsheets. Once there, reports multiply in complexity as they spawn countless formulas and supporting sheets, needing only the slightest touch to corrupt balances. This is why Business Offices usually have many people checking for errors before financials are published. But research shows that even after all this, significant errors are found in 90% of financial reports.

Aside from IT constraints, a whopping 80% of institutions are doing financials in spreadsheets. Just to get the data they need, either IT is downloading the general ledger information or accounting personnel are manually keying information into spreadsheets. Once there, reports multiply in complexity as they spawn countless formulas and supporting sheets, needing only the slightest touch to corrupt balances. This is why Business Offices usually have many people checking for errors before financials are published. But research shows that even after all this, significant errors are found in 90% of financial reports.

Spreadsheet Nightmares

Spreadsheets create a host of problems. First, manually keying in balances is fraught with perils because it’s only human to enter incorrect numbers – and in fact, this is a major source of errors found. Though electronic, this really isn’t much better than ancient scribes copying an older manuscript to a new one. The mistakes are almost identical.

Second, although spreadsheet formulas are no doubt popular, they’re a constant source of trouble. Writing formulas is a form of programming and because of that, they’re commonly written poorly. This is another major source of errors found in audited financials.

Third, financials tend done in spreadsheets are almost always complex because they contain multiple sheets linked together with formulas. It’s extremely common that a balance will change from one cell to another or that an account number is added, which then breaks the formulas that were so painstakingly written.

Think Spreadsheets Are Modern?

Consider this. The exact errors we find in financial spreadsheets are found in ancient manuscripts that were physically copied by scribes using the crudest technology. We’ve come a long way only to find ourselves back where we began.

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WHY SYNOPTIX

Synoptix has a unique advantage over spreadsheets and other analytics tools because it has a laser focus on the three things accountants do: account numbers, the ledgers they come from, and specific time periods. Our team obsesses over these to make it easy for you to report on even the most complex and haphazard chart of accounts. Synoptix allows you to easily create reports with complete control over every element within your financial statements, regardless of whether you have a clean chart or not.

With its direct connection to your accounting system and calendars, Synoptix eliminates spreadsheet errors and puts an end to the hassles of monthly maintenance. Once reports are written in Synoptix – and our team does that for you – all you have to do is log in to your web browser and Synoptix automatically shows your current financials, along with complete drill-downs into the detailed transactions. That’s it. No more help from IT required.

IMMEDIATE RETURN ON INVESTMENTS

Synoptix delivers on value. Not only will it take your reporting process from weeks to just minutes saving thousands of dollars per month, but it will allow users to simply double click on balances for detailed information rather than having to ask the Business Office.

Bottom line is that Synoptix will arm the Business Office with dramatic time savings and on-demand information that otherwise isn’t possible, which allows you to make timely and better quality decisions. In this hyper-competitive environment, this can make all the difference.

The Financial Risk of Using Spreadsheets for Reporting

It’s costing your organization more than you think.

Download Spreadsheets-The Corporate Secret Killer & What to Do About It to better understand its inherent errors, how to manage quality control & overconfidence, with detailed solutions on improving spreadsheets in financial reporting.

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