Here is how your business can avoid the Financial Consolidation reporting blues.

For many organisations, the end of every month or quarter presents itself with a regular inevitability that many finance professionals inside those organisations dread.

Why is that the case?

Because for most organisations this also means creating cumbersome consolidated financials across multiple entities or multiple lines of business.

Whilst not as exciting a topic as digital transformation, for many companies both small and large that have to manage this regular process, there’s always room for improvement in the process and that’s where small and midsize businesses now have a new option to be excited about.

The ability to break up the company structure at a general ledger level is critical and fortunately, the days of entering General Ledger account codes with 10 segments are well and truly gone thanks to the advent of reporting tools that enable users to do transaction-level analysis by utilizing simple coding and rules engines that automatically code the transactions so that users don’t have to.

Get the Data right – first time

Every report begins with the right (and accurate) transactions and that’s where a solution needs to enable the people responsible for entering those transactions to do so with a minimum of effort and minimization of errors.

So the key to flexible reporting and simple multi-company consolidations comes down to these two core areas and it’s in these areas that MYOB Advanced, the newest addition to the MYOB product family excels.

Built for the cloud and specifically for mid-size businesses that have outgrown their entry-level solutions like Xero, QuickBooks or MYOB AccountRight, MYOB Advanced allows for a flexible chart of accounts structure thanks to the ability to create multi-segmented account codes when required but also to define rules that apply a basic form of Artificial Intelligence to assisting users to process the transactions and applying the right codes either at the time of data entry or on a regular scheduled basis.

And of course, being able to quickly and easily re-classify transactions that have been incorrectly processed without the labor intensive process of hand-coding correcting journals adds to the ease of use that businesses are looking for.

So that addresses the data collection processes but then there’s the process of presenting the information in a meaningful way with the kind of graphical representation that businesses today expect and MYOB Advanced is no slouch in that area either.

Flexible Financial Reporting Tools make a big difference

Not only do you have access to a quick and easy financial report generator in MYOB Advanced but with the release of the new MYOB Advanced in March of 2017 users can now build pivot tables inside the core application, define KPI’s or Key Performance Indicators and utilize Business intelligence tools with out of the box integration like Microsoft’s Power BI, part of the Office 365 suite of applications.

All that adds up to the quicker, more accurate entry of data and easier, streamlined processing of consolidated financial reports.

At Leverage Technologies, the team are proficient in the use of the MYOB Advanced tools as well as Microsoft Office tools from Excel to Power BI so we can show you how quickly and easily you can take advantage of these tools and MYOB Advanced to boost your period-end financial consolidation processing and reporting so month end becomes something to look forward to, not to avoid.

Call one of the team on 1 300 045 046 to ask to meet with one of our business analysts or contact us from our site for a free review of your current systems and processes and learn if and how MYOB Advanced can help you.