{"id":74586,"date":"2025-02-07T23:06:19","date_gmt":"2025-02-07T23:06:19","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/financial-reporting-system-weakness-part-1\/"},"modified":"2025-02-07T23:06:19","modified_gmt":"2025-02-07T23:06:19","slug":"financial-reporting-system-weakness-part-1","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=74586","title":{"rendered":"Financial Reporting System Weakness \u2013 Part 1"},"content":{"rendered":"


\n<\/p>\n

\n

How much time do YOU spend doing financial reporting? \u00a0For many organizations, the simple answer is \u201ctoo much\u201d. \u00a0As a consultant, much of my time is spent helping companies with their financial reporting system for:<\/p>\n

    \n
  1. Results\u00a0analysis and forecasting\u00a0<\/strong>by management,<\/li>\n
  2. Oversight\u00a0<\/strong>by the Board,<\/li>\n
  3. Regulatory requirements\u00a0<\/strong>imposed by government, and<\/li>\n
  4. Project and program<\/strong><\/li>\n<\/ol>\n

    To help in these areas, I have been using some powerful packages, which, however, all suffer from the same financial reporting system weakness<\/em>:<\/p>\n

    The \u2018weakness\u2019 is simple yet far-reaching: \u00a0people just don\u2019t use the software!<\/p>\n

    We spend a lot of time determining the requirements, setting up the system and training the staff but in the end when a new report is required, too many people fall back on Excel spreadsheets. They take the accounting data they need (or worse yet, enter it manually), do their calculations, format it and print it;\u00a0a one-off custom spreadsheet that has no future value other than their immediate need.<\/p>\n

    It is true that this approach gets the job done, of sorts. \u00a0However, it can also result in mistakes in the data, inaccurate calculations, and unplanned overtime expense or delays. \u00a0And the next time a similar request comes in, the staff member has to start from scratch with a new spreadsheet.<\/p>\n

    If you ask them why, their answer is something like, \u201cI don\u2019t have time to fiddle with the new package.\u201d<\/p>\n

    And sadly it\u2019s true. \u00a0People don\u2019t feel they have time to remember how to use the software. \u00a0They don\u2019t take time to review their training notes. \u00a0They just don\u2019t feel comfortable with the reporting software, so they revert to the tried and true, that second language of accounting, Excel. \u00a0Let\u2019s face it: \u00a0when you\u2019re in a hurry, you often don\u2019t stop to question whether or not you have chosen the right tool for the job.<\/p>\n

    Getting Creative<\/h4>\n

    When you have a planning session for a new reporting system, set aside time to talk about those last minute,\u00a0I-need-this-right-away<\/em>\u00a0reports. \u00a0You might find that they fall into certain categories. \u00a0You might be able to design general report templates with parameters (such as the report start and end dates, the programs or products covered, or a range of vendors). \u00a0 With a pre-designed and tested report template as a base, you will no longer have to start with the proverbial blank slate each time you sit down to create a report. \u00a0Suddenly, the prospect of spending hours slaving over a spreadsheet is too unappealing!<\/p>\n

    A Slight Warning<\/h4>\n

    There is the risk that when you give managers faster, more accurate reports, they will want more. \u00a0Oh well, just think of the good performance review you\u2019ll get!<\/p>\n

    If you need assistance with creating and implementing a new accounting system, get in touch with us at Energized Accounting<\/a>.<\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

    How much time do YOU spend doing financial reporting? \u00a0For many organizations, the simple answer is \u201ctoo much\u201d. \u00a0As a consultant, much of my time is spent helping companies with their financial reporting system for: Results\u00a0analysis and forecasting\u00a0by management, Oversight\u00a0by the Board, Regulatory requirements\u00a0imposed by government, and Project and program To help in these areas, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[10912,3341,13609,2345,11630],"dealstore":[],"offerexpiration":[],"class_list":["post-74586","post","type-post","status-publish","format-standard","hentry","category-accounting","tag-financial","tag-part","tag-reporting","tag-system","tag-weakness"],"yoast_head":"\nFinancial Reporting System Weakness \u2013 Part 1 - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=74586\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial Reporting System Weakness \u2013 Part 1 - 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