February 4, 2014 by Third Wave Associate BlogWhy You Need a Reporting Tool to Avoid Making a Mistake in Financial Reporting02/04/2014How do you manage your financial reporting process? Do you store your financial-related information in various Excel spreadsheets and then search through rows of data to pull out what you need? Do you have to access data in a disparate system not tied to your core business management system? Doing so could be extremely detrimental to the success of your organization. You need a solution that enables you to combine planning processes with budgeting, forecasting, reporting, and consolidation. The ability to manage these processes in one solution like BOARD can allow you to effectively align your performance with corporate strategic vision, giving you a constant clear view of where your company is at. By utilizing a reporting tool, you gain financial consolidation capabilities that address the challenges that organizations like yours face today with intercompany reconciliations, consolidation adjustments, and group reporting. Do you wish you could easily merge data from distinct locations and across multiple general ledgers? With a reporting tool, you can do this while eliminating time consuming spreadsheet-based processes. BOARD allows the creation of management scenarios while engaging multi-dimensional simulations, where the impact of future events is automatically spread to every level of data aggregation. Some key features include: Financial Consolidation: Creation and comparison of unlimited scenarios like budgets and forecasts Multi-level consolidation of complex group structures, which allow you to automate things like currency conversions, investments, intercompany payables & receivables, and calculations of changes in scope Budgeting, Planning, & Forecasting: Manage your workflow, audit trail, scenarios, and approval status processes Automatic allocation of changes , in which data at all levels of aggregation gets modified Real-time impact assessments Excel add-in with off-line data entry capabilities Rolling forecasting and budgeting Write-back capabilities which save budget data to your company’s databases With the ability to gain insight into all of these specific areas of how your business performs and easily accomplish such crucial tasks, you can’t afford to not invest in a reporting tool. Contact Third Wave today and find out more about BOARD financial reporting!