Report Automation: From Time-Suck to Competitive Edge

Does your finance team spend more time manually compiling data instead of gaining insights from reports?

Following on from my previous article, ‘Why Businesses Sometimes Struggle to Embrace Technology’ in this article, I explain how leading organisations have elevated financial reporting through automation, placing them ahead of their competitors.

Throughout my career, I have witnessed reporting being pushed to the bottom of the list of deliverables when it comes to prioritising operations and IT requirements, especially for SMEs that must focus on running and growing their business on a budget. To say the least, those report requirements are most probably still at the bottom of the list.

While it’s crucial to have the right technology tools to run your business, such as client-facing web applications or back-office support tools, what is often neglected is how you will get the data out of these solutions to facilitate your reporting needs. This challenge can be even more pronounced for companies with multiple departments and subsidiaries.

As a result, one of the most time-consuming tasks for organisations is compiling reports for Financial Performance Management, Financial Controlling, Operational Efficiency, Inventory Management, ESG reporting, and more. Many times, these tasks fall squarely on the shoulders of the finance teams, and the most common tool used to create these reports is Excel.

The intention of this article is not to compare Excel to Formalised Automated Reporting, but I am sure anyone who has been tasked with manual financial reporting using Excel, will share the frustration and know the risks to accuracy, the lack of knowledge sharing and the amount of time it requires to get it right.

The good news is that in most instances, your reports can be automated, with increased accuracy and be generated with the click of a button, without breaking the bank. Tools like Microsoft Power BI have made report automation and analytics accessible to businesses of any size.

Now, let’s explore a simple yet impactful example of how technology solved a business problem related to manual financial reporting.

Results:

By adopting the data warehouse approach with Microsoft Power BI, employees experienced transformative benefits that significantly improved their work environment and overall job satisfaction:

• At an affordable pace: By taking a phased approach, the business was able to gradually automate its reporting functions at a cost and pace they could afford.
• Reduced Reporting Effort: The automation of data consolidation and analysis freed employees from the burdensome manual tasks, allowing them to focus on more strategic aspects of financial reporting.
• Time Savings: With real-time updates and automated report generation, employees saved valuable time, enabling them to respond quickly to financial insights and make informed decisions.
• Enhanced Accuracy: The centralised data warehouse ensured data consistency and accuracy, reducing the likelihood of errors and discrepancies in financial reports.
• Empowered Decision-Making: Power BI’s interactive dashboards and visualisations empowered employees to gain deeper insights into financial data, supporting data-driven decision-making.
• Improved Collaboration: The centralised data warehouse facilitated seamless collaboration between teams, enabling a better exchange of information and fostering a more cohesive work environment.
• Personal Growth Opportunities: Automation allowed employees to develop their analytical and strategic skills, encouraging professional growth and career advancement.