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Why Dynamic Financial Reporting Matters – Especially During Economic Downturn

Posted on:  June 18, 2020

dynamic financial reporting

There’s a huge cost when companies don’t have access to their financial data. Making the wrong decision based on bad data, or no data at all can be death to a business. Especially in uncertain economic times like today, dynamic financial reporting is a MUST!

COVID19 has changed the global economic landscape. It’s made it that much more important that organizations have real-time visibility into their financial health via dynamic financial reporting. You simply can’t drive a bus by looking in the rear-view mirror. The same is true with your company’s financials.

Dynamic Financial Reporting is an absolute necessity, especially during an economic downturn. It empowers business leaders to:

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Foresee problems & opportunities earlier

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Adjust to future business needs

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Avoid potentially damaging decisions

4

Move at the speed of the market instead of lagging behind

Why Dynamic Financial Reports Matter Now More Than Ever

  • Business leaders must have visibility into their company’s financial health in real-time daily to make critical decisions during these challenging times.
  • Managers must have a single source of truth in their data to create a coordinated response.
  • Time is money, especially now. Rather than wasting time trying to find data, team leaders need to be able to spend their time analyzing data to make the best decisions. The more tasks which can be automated, the more time which is freed up for managers to innovate and find additional ways to generate revenue where they otherwise may be losing money.
  • A global pandemic creates an operational risk that must be managed from the top of the organization as it affects every department.
  • Decisions must be made based on data, understanding strategies may need to pivot and change as revenues drop.

While dynamic financial reporting is a must right now, there are important differences to consider between reporting software solutions:

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Total cost of ownership – from implementation cost to having reports in hand.

2

Ease of use – can everyone use or is it limited to IT.

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Business disruption – how much time is involved from implementation to creating reports.

4

Report distribution ease – can reports be easily delivered to key decisions makers.

Costs Offset By Investing In A Dynamic Financial Reporting Software Solution

  • Reduces the amount of time needed to create reports. Users no longer have to rely on IT to create complex, ad-hoc reports. This frees up the IT department to focus on what they do best – critical system management, maintaining data integrity, & optimizing the performance of all network applications… rather than drowning in reporting requests.
  • Reduces payroll costs as reporting becomes automated.
  • Eliminates bottlenecks in report distribution – users don’t have to wait on anyone to create the reports they need and gain the visibility necessary to make important business decisions.

With a superior dynamic financial reporting tool:

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You will be able to connect to any data source – including your ERP(s), spreadsheets, etc. and report off of that data.

2

You will have the critical reports you need and be fully trained within days, not weeks or months.

When you are ready to make the best decisions for your organization with a Business Intelligence Reporting solution, view our Buyer’s Guide for what to know before purchasing.

Need critical financial insights during these challenging times?

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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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Find out how Synoptix can improve your financial reporting and provide business intelligence for your organization.