Time is a critical asset in the fast-paced world of business. Consolidating financial reports, cash flows, balance sheets into a single report is a repetitive task that over time adds up. Having the proper tools at your disposal is critical in order to ensure this time is well spent, and spent on the right things.
Why Tools Matter
In the United States, it’s estimated that 31% of companies spend an average of 3-5 days per month consolidating financial data into a personalized report. This translates to 16% of a working year spent on this issue alone. An average employee in the US is making $80k a year, this breaks down to an average of $38.46 per hour. If 60 days (measured with a regular 9-5 job in mind) are spent on data consolidation, that’s a total loss of around $18,000 per employee ($18,460 to be exact), per year.
This estimate is one of the more conservative ones, some studies have shown that financial data consolidation alone, a repetitive task that could easily be handled with the proper tools, could take up to ten days.
One survey emphasized that 57% of teams felt that time spent on such tasks impacted their availability for clients, and in turn their metrics for success.
In order to get back to doing the work that matters, your company needs the proper tools in place. When a company has too long of a pipeline to deliver their complete financial picture, it can sacrifice effective business decisions and impede proper risk assessment based on accurate budget and net financial gains.
Tools like NetSuite help streamline this process already, but dbSeer’s Global Financial Reporting Package can further enhance your existing NetSuite implementation with personalized financial reports. These reports help save precious time, and money, on repetitive tasks that are costing your business on the day-to-day.
How Can dbSeer Help You?
Centralized Financial Reporting with dbSeer can help you:
- Centralize your system: dbSeer will work with you to ensure that all of your data is consolidated into a single platform. This in turn facilitates building a comprehensive but accessible report that is build with your goals and objectives in mind.
- Align with strategic objectives: dbSeer aligns data analysis with your business objectives in mind, this means providing your company with personalized:
- Cost and revenue trends broken down by month
- Cost versus budget trends
- Multi budget comparisons
- Provide customized metrics: dbSeer is capable of providing you with customized metrics that ensure compliance and competitiveness within your sector.
- Seamless integration: dbSeer seamlessly integrates with external data sources, further consolidating data from myriad sources and ensuring a single vision for your company in one single consolidated report.
In addition to these benefits, dbSeer offers simplicity with a user-friendly guide, cost-effectiveness, quick deployment, and flexibility to adapt to ever-changing business needs.
dbSeer’s Global Financial Reporting Package saves time and money- but also empowers your team to return to the work that matters, all while effectively carrying out data-driven decisions. Don’t let outdated financial consolidation practices hold your business back: embrace the new age of technology with dbSeer.