Do You Find It Difficult To Get Your Organisation Financial Report?

Many organizations growing very fast. They expand their business year after year using the same systems they started with until they find difficulties to report where they stand financially. They wake up with the fact that there is no proper records not just to use internally but more importantly to provide for shareholders and auditors as credible reports.

The finance department panics before every due report date to collect the needed data from the different departments. It becomes big headache and frustrating when the submitted reports are conflicting what’s the finance department has or conflicting the previous submitted report by the same department.

A situation many growing up companies are facing every month/quarter and annual reporting due dates.

These wrong reports are entering the organization leaders into a dilemma they wish to avoid and diverts their energy from analyzing the data to improve the company position to fire fighting and panic mode.

However, this is not the finance department or CFO mistake. It is a system mistake. There are many systems solving this issue. But for a SME companies who are still growing it is a cost which will endanger their pricing strategy which made them successful on the first place.

Enterprise Portfolio Management software are also growing faster more than the organizations themselves. If you Google it now you will find hundreds of software available on the internet claiming they provide the best solution.

So, what’s the right solution?

In short to have a successful system it should meet four criteria

1. It is according to the organization maturity.

2. It is flexible to work with any changes.

3. It could be linked to clients reporting easily to avoid double reporting and;

4. It is what you use to track your work delivery.

Some companies work might be easy to just build some complicated MS Excel sheets to get what they want. Although this solution doesn’t provide them with live data and it has a high risk of manipulating the history and human mistake deleting a cell there or there.

Therefore, considering any business work delivery is like a project, it needs operations timeline connected to the cash flow and progress reporting. Here, we concluded that any successful financial reporting must be linked to live delivery loaded schedule which includes all plans and actual for costs and resources.

It doesn’t matter if you are a project based organization or a business developer or investor. You will need to see live what you planned and where are you at any point of time to have a dynamic decision making system to help you manoeuvre the market changes and focus on expanding.

If you don’t such systems, we can help you to build your processes, procedures and to choose the right software for your organization.

I hope you enjoyed reading the article and get some benefit from it.

Please share and like o spread the knowledge.

Best wishes

Ziad Albasir

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