Key Pain Points in Accounting and How to Solve Them

Edgar de Wit

Accounting and financial reporting can often be a challenge, especially for businesses that manage multiple administrations or produce regular management reports. Below, we highlight three common pain points finance teams face and how XLReporting provides effective solutions.

1. Manually Mapping General Ledger Accounts to Reporting Structures

The Problem

Many organizations spend unnecessary time manually mapping general ledger accounts to their desired reporting structures. This repetitive task must often be done monthly or at every reporting moment. It’s both time-consuming and error-prone, especially when dealing with a large number of accounts or complex structures.

The Solution with XLReporting

XLReporting automates the mapping of general ledger accounts to your reporting structures. Our software offers flexible mapping templates that you only need to set up once. Once configured, XLReporting automatically applies these templates to all your data. This saves time, minimizes errors, and allows you to focus on analyzing your figures instead of manual tasks.

2. Ad-Hoc Management Reporting with Excel and PowerPoint

The Problem

Management reports are often created on an ad-hoc basis. Many finance professionals export data to Excel, perform analyses, and then copy results into – eek, dare we say it - PowerPoint for presentations. When the numbers change, the entire process must be repeated. This leads to frustration and inconsistent reports.

The Solution with XLReporting

XLReporting streamlines reporting and presentation processes. With our tool, you can create interactive dashboards and reports that automatically update with the latest data. You no longer need Excel spreadsheets or PowerPoint screenshots; you can present accurate insights directly from a central platform. Thanks to real-time updates and visually appealing reports, you’ll always maintain control and consistency.

3. Complex and Incomplete Consolidation of Administrations

The Problem

Consolidating multiple administrations, even within the same accounting software, is often a complex task. Typically, all data is exported to Excel and manually linked to the desired reporting structure. Changes in organizational structure make this process even more complicated. Moreover, many accounting systems (like QuickBooks or Exact) lack the capability to handle elimination entries correctly. Eliminations are often business-specific and require flexible application.

The Solution with XLReporting

XLReporting provides a comprehensive consolidation solution tailored for complex organizations. Our software integrates seamlessly with multiple administrations, regardless of the software used. It supports business-specific elimination entries based on general ledger accounts, receivables/payables, cost centers, and more. With flexible, configurable tools, you can easily adapt your consolidation structure to organizational changes. This saves time, reduces errors, and ensures reliable, consistent reporting.

Conclusion

The challenges in accounting and reporting often stem from manual processes, inefficiencies, and a lack of flexibility. XLReporting provides a powerful solution to address these pain points. Through automation, real-time reporting, and intelligent consolidation capabilities, we help you save time, minimize errors, and gain better financial insights.

Want to learn more about how XLReporting can improve your financial processes? Contact us for a Discovery Call

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