From staffing shortfalls and the pressure of hard deadlines to general stress from the report preparation process, accounting employees may face several pain points when manually creating their annual comprehensive financial reports (ACFRs). Fortunately, teams can help address these strained situations by leveraging the real-time capabilities and sophisticated features of a digital reporting platform for their accounting department.
Usually, one person carries the burden of manually collecting, inputting, and organizing data in the appropriate format to create the ACFR. While colleagues may assist that individual, many of those tasked with the ACFR create the report alone, potentially causing increased frustration and stress as the work is completed in a silo. This does not need to be the norm, and adopting a digital reporting platform may help to change this narrative.
Basics of a Digital Reporting Platform
A digital reporting platform streamlines the audit process by allowing the report creator to assign areas to other colleagues and manage the overall creation of the report. In this way, digital reporting platforms can help save time since multiple users can simultaneously work on different sections of the platform without disruption.
Traditionally, multiple individuals working on one report have a push and pull—the collaboration may reduce stress, but it also can make a project prone to more errors. If the report has an error, fixing it may require time-consuming analysis of every page. A digital reporting platform can solve this problem through integrated links between narratives, financial statements, and schedules to help streamline the reporting process and reduce the need for manual updates. Instead of poring over each detail on every page, a report created through a digital solution may free time for colleagues and allow them to focus on more audit-related activities.
Most teams create a plan at the beginning of the audit that is fluid as the audit progresses. No matter the plan, pressures remain from the supervisor to the entire team regarding completing the report, sharing it with the auditors, and filing it promptly. Utilizing a digital reporting platform can aid in accomplishing the plan and meeting deadlines, thus helping to create a smoother audit process all around.
How Forvis Mazars Can Help
ACFR preparers may face challenges such as deadline pressure, manual errors, or overall stress due to the reporting preparation process. The Reporting Solution (TRS) from Forvis Mazars can help reduce the time needed for report preparation, decrease team stress, and improve the overall audit process for your accounting department.
Our web-based platform features database-linked financials and a collaborative document editor that allows multiple users to work simultaneously, helping to streamline and simplify your annual reporting process.
Unlike traditional tools like Excel and Word, which require you to stitch together various document types, manage versions, and share files back and forth, TRS users can potentially save significant time preparing the ACFR.
Request a demo today to learn how The Reporting Solution can help streamline your financial report process.