Synoptix Healthcare
Specialized solution for accounting offices in healthcare.
USE OUR
ROI CALCULATOR
TO SEE YOUR SAVINGS
Calculate NowWhat’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.
See Our Solution
