Every organization realizes the necessity for accurate financial reporting and keeping within regulatory compliances. However, in many companies, automated reporting is very limited and financial reporting remains a manual process. While this is not necessarily a bad thing, it is becoming a more antiquated approach, as manual reporting does open the door to some potential issues and inefficiencies.
Sometimes standard reports are not enough. More detailed information may be needed than what can be ascertained from the analysis function in Excel. This can lead to a lack of detailed insight on the financial status and health of the organization.
Furthermore, with manual reporting, there is a significant chance of human error throughout the process. Inefficiencies occur when employees don’t have detailed information, which can then lead to more employee hours being dedicated to tasks.
There’s also the question of how financial information is being shared. Often, important decision-makers may not be up to date on metrics or have the most immediate information on hand. Data isn’t aggregated to a single location, or single source of truth (SSOT), where all credentialed employees can access this data trove to make informed decisions about what’s best for the company.
This is why, for the reasons listed above, we’re seeing a year-to-year increase across all industries in the adoption of automated reporting.
Setting Up Automated Reporting
Many organizations are under a common misconception that incorporating automated reporting is both a lengthy and costly undertaking. At dbSeer, this simply is not the case. With the savings we can generate from reduced licensing costs and pricing packages to suit the size of your business, we can make automation reporting affordable for your budget. Additionally, we can get the average organization up and running within a week.
We’ll work with your existing infrastructure, whether that’s on-site or in the cloud, automating your manual processes. As a certified AWS Partner, we’ll utilize the Amazon Cloud to deliver top-of-the-line analytical and business intelligence applications to mine your unstructured and structured data to provide the best insights for your business.
As the science of developing algorithms and statistical models for computer systems, applications, and platforms, AWS Machine Learning is a self-learning automation that uses patterns and inference to group and process large amounts of historical data. The predictive abilities of ML drive your other automations and identify data patterns often hidden to humans, propelling your business ahead of the technology curve and helping to futureproof your business.
Beyond Machine Learning, dbSeer builds additional enhancements into your automated solutions to deliver a unified, scalable platform with enterprise business intelligence that allows for visualization of all data types. Your authorized users will have fast analytics delivered directly to them with no programming or tedious research needed on their end. Then, with a few clicks, they can share information quickly with colleagues on both the web and mobile devices.
The Benefits of Automated Financial Reporting
Automated financial reporting delivers far beyond the standard financial forms and practices of manual reporting. For example, financial risk assessments easily surpass what can be done manually, accurately determining risks relating to your organization’s credit, liquidity, current and future market conditions, operational risks, and legal risks.
Automations will also streamline compliances, keeping in tune with Sarbanes-Oxley Act mandates and practices. This helps stave off audits by eliminating human error and the disorganization of manual recordkeeping.
If you are audited, automated reporting produces a clear audit trail of your financial reporting process, making it easy to go back into specific payments, regulatory compliance reports, and financial statements to help ensure that company data was reported correctly.
With your financial reporting now automated, you can also perform your own fraud investigations. With the sheer number of financial transactions that occur daily, your automations can comb through the data in real time and point out irregularities and mistakes.
This helps to ensure the accuracy of your financial records while keeping the company within regulations and highlighting areas of potential business growth.
Why Choose dbSeer?
dbSeer is a premier business analytics consulting firm specializing in analytics, data engineering, infrastructure, and migration. We’re your strategic partner for everything involving financial analytics and automated reporting.
Our first step in working together is a consultation so we can learn all about your business, from what you do well to where you need improvement.
We’ll then work out an automation strategy for your financial accounting and reporting that covers the planning, design, development, and deployment of your custom automated solution.
Once complete, we put the system to work, giving you up-to-the-minute analytics and reports so you can see the full scope of your business operations in financial terms. This will not only improve your business practices but also deliver improved ROI for the future health of your organization.
Start here & Contact dbSeer today!