Automated Financial Reporting

Written by Patricia Tunstall
Bookmark and Share

Automated financial reporting is a boon to businesses, large or small, that need to produce financial analysis for managers or the Securities and Exchange Commission (SEC). Startup businesses lack the funds to purchase any automated system, as the owner/manager usually performs all functions in the enterprise. In larger companies, however, an accounting department that must issue periodic reports to management and an annual report to the SEC would find that automated financial services save labor and time.

Whatever the industry, business management systems are available to deal with any financial area: cash flow, fixed assets, accounts payable and receivable. Every aspect of a company's financial structure can be automated and integrated into a business applications program. From analysis to budgets, these fully-coordinated services enable accurate, rapid reporting.

From Inexpensive to Elaborate

Smaller businesses that are past the breakeven stage and are going concerns usually begin to purchase labor-saving devices and software. These conveniences speed up reporting and allow management to swiftly track problem areas so they can be dealt with before they reach the crisis point. In huge international corporations, sophisticated automated financial reporting systems would also need to handle such items as calculating foreign currency rates and translating one currency rate into another.

Whatever the particular industry, financial terminology remains the same and the reporting requirements mandated by the SEC remain the same. The company may be in the pharmaceutical business, or banking, real estate, or telecommunications business. Automated business systems are based on factors that apply to any company regardless of its specific product or service.

Bookmark and Share