Financial Reports to Reduce your Month-end Close Time

Timely and high-quality financial reporting is the objective of any accounting department. Unfortunately, companies often experience issues accessing data in any stage of data extraction. And when those issues go unresolved, they cause extra work and delays that hinder productivity.

Of course, some might question how month-end accounting procedures could possibly be exciting, especially something like financial reporting. But I witnessed one of my customers take their reporting procedures to new and exciting levels with Reporter, a multi-purpose reporting tool we built exclusively for our rental customers.

In the hands of already talented individuals, Reporter is a tool that gives them what they need to be even better at compiling financial results. Need access to a database of pre-built reconciliations? Or automated emails that schedule reports?  The possibilities are endless with Reporter, and my customer was more than happy to take advantage of it.

To illustrate, here is some of the functionality their Accounting department loved:

  • Running Dynamic Trial Balances as of any financial period
  • Subledgers and Agings
    • Fixed Assets and Inventory
    • Accounts Payable
  • Rollforwards
    • Rental Fleet and Accumulated Depreciation
    • Accounts Receivable
  • Trial Balance to Subledger Reconciliations
    • Pre-Identified Research Items
  • Debt Compliance and Reporting
    • Covenant Calculations
    • Schedule of Long-Term Debt
  • Accrual/Reserve Calculations
    • Earned Not Billed
    • Deferred Revenue
    • Work order Progress Accrual
    • Inventory Reserve
    • Accounts Receivable Allowance

Plus, anything that Reporter compiles can be imported into Excel. Whether you’re using another accounting software specifically for financial reporting, or even building all your required reports in Excel itself, Reporter provides the data you need.

As a direct result of using Reporter, the CFO and Corporate Controller were especially excited to reach these milestones:

  • Mid-month reporting available at any time
  • Month-end close going from five days to two days
  • Completed financial audit and SEC filings one month earlier than in prior years

Reporter made a significant contribution to my customer’s already great momentum, and it can do the same for you. Just think about what additional reports your departments need to most efficiently run the business, and let Reporter do the rest. With Reporter, you can do anything you want with it.

Curious about what Reporter can do for you? Come see me, our chief Reporter expert, and many of our other customers in Las Vegas at the Wynne Systems User Conference from October 2-5! Not only are we hosting classes, we are also scheduling individual 90-minute sessions customized to how you can make the most of your software.

Written by Becky Huusfeldt, Customer Success Manager for Wynne. Becky works with some of our largest and most complex customers on their accounting and general software needs. Come see Becky at the User Conference where she can share more about how she worked with the customer she described to help them meet their goals.

Photo by Eric Rothermel on Unsplash

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