In a world of exponentially growing data, getting insights for your organization might be comparable to ascending Mount Everest with only a couple of hours to prep. If you are like many of us trying to navigate change in your organization, supporting multiple functions and jumping from one system implementation to the next, you might be wondering if there is one stop for it all. In particular, to support the following requirements:
1) Reporting on Company Performance at a General Ledger level
- Comparative reports across time – MTD, YTD, Prior Year
- Comparative reports such as Actual vs Budget
- Variance Analysis by department / division, etc.
2) Reporting on Company Performance at a Sub-Ledger Level
AR Aging, Customer Statements and Customer Invoices, Unapplied Cash, Overtime and Inventory on Hand.
3) Insightful Performance Analytics
KPIs, financial ratios and metrics.
4) Planning for the Future and Setting Targets
Top down & zero-based approaches.
5) Establishing Your Budget Workflow
6) Retaining Audit Trails
7) Bridging Financial and Non-Financial data
Operations, marketing, sales, client services and treasury.
8) Fostering Collaboration Across Teams
9) Custom Visualizations and Dashboards
10) Cloud System Integrations for Finance and Other Departments
While most of us still remember the days when financial data was only accessible by select staff in Finance, this is no longer the case. Today’s companies must be more nimble and react faster if they want to stay ahead of the competition. External stakeholders and functional leaders demand real-time data insights to be available to everyone in the organization.
Limelight’s Native Integration to Sage Intacct
Limelight has a native and seamless 2-way integration to Sage Intacct that allows users to easily access their data at any level and bridge operational data with financial insights. Sage Intacct is a cloud-based accounting application that enables business payments and facilitates payroll functions. Sage Intacct dimensions and hierarchies allow you to structure your business data in a manageable way that’s well suited for reporting. Once integrated with Limelight you would be ready to start reporting on the metrics, performance and comparatives much more quickly than before.
All the Reports You Need
Reporting packages include commonly asked for reports such as AR Aging, Customer Analysis, Service Analysis, Customer Statement, Customer Invoice, Inventory on Hand, Job & Project-related insights and analytics and Forecast reports are all available in Limelight.
The Features & Benefits of Automated Reporting
Automating your financial reporting will provide several key benefits to your finance & accounting team as well as your whole company. Here are just a few:
1. Time Savings: When all your data sources are linked to your financial reporting workspace, that eliminates the need for manual consolidation. It also allows team members to collaborate on the same platform without having to email reports back and forth. This leads to team members spending more time analyzing data and building the right reports instead of dealing with version control and other challenges of manual spreadsheets.
2. Money Savings: First and foremost, accurate numbers means financial figures are correct, avoiding the risk of any costly mistakes. Secondly, automatic consolidation leads to less overtime required of your team. Thirdly, a smarter, faster solution retains top finance and accounting talent more, as these types of employees want to use their knowledge to actually analyze data instead of merely collecting and organizing it.
3. Reduced Risk: While a small error here and there may not appear to be a big deal, it can easily lead to a misinterpretation of the company’s finances, incorrect payment to vendors and employees, bad adherence to business compliance and delayed filings. Moreover, manual spreadsheets offer no security to the sensitive information they carry – your financial numbers are always one email away from being in the wrong hands. Automated financial reporting work spaces on the other hand, offer built-in security – access to information and the ability to modify numbers is tightly restricted and closely monitored.
4. Boosted Productivity: Manual spreadsheets are often the bottleneck in the workflow of finance and accounting teams. When data sources are integrated and consolidation is automated, team members can spend their time on analyzing data and creating the most timely and relevant reports instead of struggling to put them together.
5. Increased visibility: Automated and integrated work spaces offer features such as workflow and audit trail to track the progress of budgets and track changes made by users.
To learn more about our Limelight Sage Intacct Reporting Automation, connect with one of our solution advisers here.