A report is only as reliable as the data that it’s based on. With companies grappling with disparate data from AR, AP and general accounting stored on different systems – financial reporting can be a quagmire.
Despite the many IT reporting tools available today, most finance departments still struggle to keep up with reporting demands, and in the end, many turn to spreadsheets. Often, the pivotal problem isn’t the tools—it’s the inflexibility and inadequacy of the information model in the underlying financial system.
Easy, yet powerful reporting starts with a robust financial information model. Companies need a system that can easily and effectively capture, store, and maintain financial data. A solid financial model needs to include dimensions for multiple currencies, account balances, budgets, forecasts, supplier activity, customer activity, and other business statistics – and be able to handle complex corporate structures. The model also needs the flexibility to have one real-time view into profitability, for instance, while at the same time, allowing each line of business to measure profitability and business performance according to its own needs. This requires that you have one, accurate view into the data.
The Unified General Ledger system provides a single reporting model or ledger that is always in balance. A robust, flexible financial information model, combined with the real-time nature of the single-ledger system, provides companies with the deepest and most agile reporting system to address their real-time reporting needs.
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