Efficiency and time savings for financial management reporting

Financial reporting can be a real timesink – whether done once a month, quarterly or once a year. Many companies are still struggling with Excel reporting, but advanced companies have already recognised the undeniable benefits of a reporting system. The cornerstone of effective financial management reporting is automation. Once the elimination of internal transactions and the recording of these reconciliation differences are automated, you will only take the time to resolve significant differences. The same applies to other types of eliminations such as acquisition costs, minority interest, internal margins on fixed assets and inventories, etc. As automation increases, so does the possibility of human error.

Financial management automation makes work easier

Automation does not take the work of accounting people but takes it to a new level. Once routine things in financial reporting are automated, you can spend more time analysing your company’s financial figures and so you can also take management reporting toward a more holistic direction overall. So say goodbye to Excel reporting and jump into the 2020s.

“A lot of things that used to have to be done every month can now be done on a rolling basis and there’s no need to focus on things like that during break-ups. The consolidation system does a lot of things automatically and reliably, such as the automatic elimination of internal items. We get the figures of all our companies in the same system, and we can drill down from the group to the transactions of separate companies. This has significantly improved transparency. The necessary adjustments can be easily made by yourself, and not everything is always behind the consultant. This brings flexibility to work, but also cost efficiency.”

Anneli Raskila, Financial Manager, Parmaco
two colleagues side by side

Save time for budgeting and forecasting with smart system implementation

It is important to move into the 2020s with the automation of financial management – but that in itself is not enough. In order to make financial planning more efficient, it is critical that the systems are implemented throughout the company. Clausion’s financial management solution allows you to assign user / function-specific permissions to different user types. It is important for the sales manager or business unit manager to be able to enter their budgets and forecasts directly into the system, while the controller should see the numbers more broadly. The time savings bring real benefits to the cost when the same work does not have to be done multiple times, for example between budgeting rounds.

”All data is in the same place and we do not need to transfer it from a system to another which saves a lot of time. This has speeded up our budgeting process significantly since we do not need to book time nor resources for the unnecessary interphases. Data being in one place, we can see the full picture straight away. Previously this was not possible before all Excels were gathered together and this did not happen for one night.”

Henri Ranta, Controller, Granlund

Do you want to save time with financial reporting?