With several departments generating their own numbers using their own complex Excel formulas, it’s no wonder that small- and medium-sized businesses (SMBs) often struggle with finding a single clear version of the truth.
Who has the right numbers? Nobody knows!
The ability to communicate accurate financial data to lenders and stakeholders is critical. But how do you know which version of the truth to rely on? Excel and require manual actions, which can create issues and can be error-prone. They also can’t capture the discussions between managers about the results of reports. Nor do they contain automatic alarms that trigger management actions based on a threshold.
In order to achieve a single version of truth and process high-quality reporting actions, SMBs absolutely must use financial accounting software. It’s only with powerful tools like this that an entire company has full confidence in the numbers.
Here are five additional reasons why financial accounting software is the best way to generate financial reports for your company.