Do you find it difficult to extract the data you need for business reporting and analysis? Do you manually piece data together outside of your business systems? Are your reports out of date before they are complete? Here we look at how analytical agility can transform your complex accounting…
To remain competitive and meet customer expectations, printing, publishing, and advertising companies need to develop a transparent view of publication or job profitability for informed decision-making. Key to doing so is the ability to easily access and analyse real-time data to control day-to-day activities and manage strategic growth.
Why selecting the right tools is crucial…
Selecting the right tools for your reporting purposes is extremely important. Many out-of-the-box accounting systems do not provide sufficient functionality to manage complex deferrals or calculate Profit & Loss in real-time, which creates a need for manual reporting, taking valuable time and resources. However, with the right tools you can…
Make time for work that matters
How long would it take you to report on your job profitability? What about other key performance metrics, like the quantity of advertising space sold or sales by agent? For many businesses, obtaining this data can take days - what could you do with three extra days a month? With better reporting you will gain valuable business insight in minutes to make informed decisions while freeing up time to focus on the responsibilities that really matter.
Eliminate manual tracking and journal entries
Can you easily forecast the flow of revenue through deferred accounts? Have you struggled with time-consuming, error-prone spreadsheets to handle these? To address these challenges, it is essential to automate deferred revenue accounting so you can easily track how it flows into your income statement. What’s more, with your key figures easily accessible you can spend less time producing reports and more time evaluating insight to drive growth.
Calculate Profit & Loss easily
In order to monitor profitability you need to easily report on publication, job or agent performance for full financial transparency. Using the Profit & Loss report you can track details of all your income, including advert revenue or publication download, to gauge the financial health of your business and identify weak spots and opportunities to increase revenue or to reduce costs.
Save valuable resources
For every report you produce manually you are wasting your most valuable asset – your people. Moreover, with manual processes reporting is slow and error-prone. Can you afford to make critical business decisions on a report which is probably out of date before it is published? With access to timely information you can produce accurate reports in minutes freeing up your resources and reducing the chance for mistakes.
SME’s are owed a staggering £12,000 in late payments which in turn impacts growth. Consequently, it is important to invest in robust solutions that provide quick and easy-to-understand cash flow reports and allow for a real-time overview of project profitability. This is important for operational efficiency and financial flexibility, allowing for sustainable growth.
According to Harvard Business Review, businesses which embrace data-driven decision-making are 5 per cent more productive and 6 per cent more profitable than their competitors. Therefore if accurate financial reporting hasn’t been high on your agenda, it is time to consider the solution that can provide transparency for informed decision-making and sustainable growth.