How Solver CPM Optimises Financial Reporting
In today's article Padraig Murphy, Account Manager at Storm, discusses some of the most common financial reporting challenges, and shares insight into how CPM software can help you overcome them.
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Period-end reporting can often leave finance teams stretched, with workers relying on resource-heavy manual processes and fragmented data systems to complete reports and leaving insufficient time for data analysis - arguably the most valuable part of any reporting process. Effective data analysis is key to unlocking actionable insights, enabling the optimisation of both financial and operational processes to deliver maximum business impact. This means finance teams require a more centralised view of their financial data to help create more accurate and current reports and maximise the impact of financial reporting. A corporate performance management (CPM) solution, like Solver, can help businesses achieve these results.
What is Solver?
Solver is a cloud-based CPM solution that combines reporting, analytics, budgets, forecasting and planning by pulling data from various business systems into one platform that displays a familiar Excel interface. Solver helps streamline reporting processes and deliver enhanced business insight with automation capabilities. Below we discuss some of the key benefits of Solver CPM.
Consolidation of Financial Data
Organisations often have multiple sources of financial data or reporting systems, a problem which can be all the more challenging for those who have gone through a merger or acquisition process. With a pre-configured data warehouse, Solver makes it easy to store and collate data from multiple data sources. Solver integrates financial data from across business systems like the enterprise resource planning (ERP) system, customer relationship management (CRM), payroll and other reporting tools to provide a consolidated view of financials. This improves the accuracy and the quality of the data used by finance teams to build reports and provide a more complete view of the business’ financial activity.
Enhanced Efficiency
Helping finance teams reduce their reliance on manual processes, Solver automates tasks like reporting, consolidation, budgeting and forecasting to streamline and accelerate reporting. This means finance teams can spend more time on more value-add tasks like data analysis and financial strategy. Not only that, but the automation of manual tasks also helps reduce the risk of human input error to enhance data accuracy.
Improve Decision-Making
By providing businesses with access to real-time, accurate reports and comprehensive dashboards that visualise data and KPIs, Solver helps ensure that managers always have access to current, high-quality financial data to inform and support effective decision-making. Not only that, but built-in forecasting capabilities allow Solver to leverage past financial data to identify trends and estimate financial outcomes on a weekly, monthly or annual basis. This means organisations can better predict future financial outcomes, control costs, plan for future investments and better prepare their strategy for handling sudden changes in the business or market.
Strengthen Security
Many businesses typically rely on Excel to carry out financial reports and budgets. However, users may take these Excel templates and store them locally, which can become a security issue as budgets and reports often contain sensitive information, like payroll data. Implementing one system for reporting and budgeting can help businesses enhance information security with access and version control.
If you would like to learn more about Solver CPM, get in touch with one of our solution specialists today, or check out our on-demand webinar ‘Transforming Reporting Processes with CPM.’
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