Reporting & Analytics
- Easily track the efficiency of every step in the period-end close process to find any choke points and slowdowns in the workflow.
- Ensure that each account balance is kept within predefined tolerances.
- Easily track item aging and other historical information.
- Pull all required reports from a single source.
Overview: Reporting and Analytics are essential tools for management and other concerned business users to collect and present outcomes and status information during and after the financial close process.
Purpose: The purpose of Reporting and Analytics in the financial close context is to track the progress of the period-end close, track account history such as the aging of open items and balance variances, and evaluate the efficiency of the period-end close as well as present its findings.
- Data distribution and data silos. When data for the financial close is spread across several different locations, businesses tend to rely on homegrown reports for all of their analytics. The accuracy of these reports can be challenging to confirm, as it requires checking the various source data elements, which becomes more difficult as time passes.
- Resource utilization. When reports are run for historical information, they are typically not stored but instead called as needed. This results in an unnecessary expenditure of resources whenever business wish to analyze account history information.
- Lack of flexibility in reporting. Businesses that are not able to develop their own reports may find that canned reports in their existing software do not deliver all the information they require, and are left unable to perform all of the critical analysis they may require.
- Common repository. As data used by ReconArt is consolidated into a single location, all reports draw upon this one source for information, making them very easy to report on and to validate.
- Better leveraging of resources. While ReconArt can call historical reports as needed, the application also allows for constant historical analysis to be displayed to the users through various dashboards. Businesses can track a variety of historical information such as account balance variances, item aging, and task completion time for the period-end close, without having to devote time or resources on calling that information every time a user wishes. These calculations will instead happen automatically, and the business can focus only on evaluating the information.
- Reporting flexibility. While ReconArt’s canned reports meet the needs of most businesses, all reports can be configured to meet the exact needs of the business. ReconArt can also work with your business to develop completely custom reports for your environment, so that internal resources need no longer be expended on this. This ensures you have all the information required of the reporting function to run your operation.
Special Accommodation: Automation
- All reports in ReconArt can be scheduled to run automatically. In addition, reports can be automatically emailed to relevant parties as soon as they are generated, with no manual intervention required. This eases the burden of constantly generating reports on the business users, increasing productivity.