How To Boost Your Financial Planning And Reporting Processes

By Author: Bappaditta Jana
Total Articles: 87
Comment this article

An efficient financial planning and reporting process is quintessential for an organization to strive toward consistent growth. However, if the top-level management is committed to age-old processes, methodologies, and tools, it can lead to wastage of their strategic talents, as well as market opportunities.

There is a need to shift towards the latest Business intelligence tools, financial planning & forecasting software, and reporting processes. Introducing these tools in the financial planning and reporting process has numerous benefits, like:

• Data-driven financial planning and management
• Frees up leader’s time to focus on value-driven activities
• Reduction in inaccuracies
• Efficient operation leading to organizational success
• Automated systems and processes
• Management of critical data
• Integrated database and better visibility

Financial Planning and Reporting process

A company’s financial plans consist of a structured step-by-step approach to its overall financial objectives. BI tools use financial data and projections ...
... to facilitate decision-making and arrive at strategic business plans.

Hence, financial management include an assessment of the business environment, objectives, market risks, and the resource commitment required to achieve these goals. Sound financial planning relies heavily on the accuracy of underlying data, which it derives from business reports.

Fianncial Reporting refers to the compilation, presentation, and review of information within an organization. It serves as a useful means to monitor and measure progress.

Reporting tools like Tally business Intelligence software deal with critical information that enables decision-making concerning various areas of an organization. It helps in identifying any discrepancies and allows the senior managers to take corrective action.

Ways to Improve the Financial Planning and Reporting process

Financial planning and reporting pave the way for organizational success. It dictates what an organization is set out to achieve in the next month, next quarter, or next year. Hence, it is essential to take measures to improve the financial reporting processes for business.

To improve the financial planning and reporting process in an organization you need to adapt the latest tools that help in dashboard development and generating reports. To process begins with an analysis of the current system tools, software, and processes. You need to ensure that the reporting tools seamlessly integrate with your current system and also help in eliminating any issues with the current process.

Financial planning and reporting tools involve the use of data controls and filters to organize the information in a better way. This will also help in querying the required data as and when needed. The organization should have a single integrated database to ensure consistency of data being used by different teams.

BI tools have Standardized templates across teams to avoid discrepancies in reporting. Also, it encourages the collaboration of various teams in the financial reporting process.

Manual process Occupies time of talented managers with routine tasksand reduces their productivity and morale. Also, these processes are more prone to errors and inaccuracies. Business intelligence tools and reporting software enables the organization to manage a large volume of data efficiently. Hence these tools can help an organization manage its financial planning and reporting processes in a better way.

Bappaditta Jana is a blogger who loves to spend his free time engaging in sports or gardening. Based in Kolkata, he is currently working with EasyReports an IT firm that has developed a BI reporting tool that can easily integrate with Tally ERP and many other applications.