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Conquer Complex Financial Reporting Requirements

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All leading business management software produce financial reports out of the box. Too often we see controllers exporting trial balances to excel to produce custom reports. Although Excel is a great tool for data analysis and reporting, it has minimal controls and when used improperly can produce erroneous information. We have partnered with Mondial Software for customizable cloud financial reporting for its easy to use tools with drill down capabilities. More importantly, Mondial is system agnostic and works with current and future business management systems.

Common Problems

Controllers aggregate, normalize and adjust data reported in financial software to create reports to meet management needs. Common problems all relate to those tasks and include:

  • Consolidating data from multiple financial systems or disparate charts of accounts.
  • Segregating standard financial reports into departmental, divisional or other segment reports.
  • Linking aggregated data to the underlying transactions.
  • Creating reports to meet different regulatory, banking or other Non-GAAP rules.

As a business grows, the reporting requirements become more complex.

  • Managers need to understand how their spending compares to budgets.
  • Owners need to know the profitability of a new product line or project.
  • What will it look like if we split the business?

With a flexible tool, questions can be answered quickly and with 100% match to the official books and records of the company.

Mondial in Action

Using SAP Business One as the source data, see how Mark Richardson can slice and dice data in a variety of ways while maintaining one version of the truth.

Use Cases

The number of use cases keeps growing. A sampling of reasons includes:

  • Private Equity Firms – Financial information from portfolio companies can be mapped to standard charts of accounts for consistency in reports and analysis. Because Mondial is ERP agnostic, financial reports can be standardized regardless of the software used by the portfolio companies. Furthermore, portfolio companies do not have to all be on one system to produce consolidated financial statements or to run what if scenarios for acquisition or divestiture.
  • Expanding Companies – Expanding into a new country requires a second currency, or new reporting requirements. Mondial maintains currency exchange rates for real-time multicurrency reporting. Mondial also supports multiple statutory reporting requirements. For example, “on-the-top” journal entries adjust for differences between US GAAP and IFRS reporting requirements.
  • Companies Switching Systems – Historical financial information stored in the cloud financial platform is combined with data from the new ERP system for comparative reports.
  • Consolidations and Corporate Acquisitions – Companies who are in acquisition mode want all entities on a single business management platform. However, this takes time, especially when the new companies are on multiple systems all with their own charts of accounts and business processes.

The #1 reason companies choose a cloud financial reporting tool is to escape from time consuming and error prone spreadsheets. The blogs Financial Reporting: Spreadsheet vs. Cloud and Why Companies Continue to Use Spreadsheets are great for further insight!

To Learn More…

To learn more about the Mondial website. Check out blogposts like key features to consider in financial reporting software. Alternatively, schedule a System Selection Exploration call! Initial exploration calls are always at no charge “in network.”

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