A financial report communicates the organization’s financial status to the management, investors, creditors, and the government at the end of the quarter/fiscal year. With the snapshot of the financial activities such as the company’s finances, including their revenues, expenses, profits, capital, and cash flow, the financial report provides in-depth insights into financial information that enable organizations to improve their business. An extensive financial report assists the management in optimizing strategies, formulation of new objectives adherence to tax laws, compliance with SEC standards, and employee and department productivity.
In the corporate world, financial reporting has rapidly evolved because of stakeholders’ increasing demands for transparent information. Addressing this demand are financial reporting solutions that help organizations track their current assets divided by the current liabilities on their balance sheet to help them gauge their liquidity and manage their debts accordingly. Implementation of such solutions can assist in tracking trends both past and present, which empowers organizations to tackle any potential weakness while making improvements that will benefit the overall financial health of the business. Further, by gaining access to centralized, real-time insights, organizations can make accurate, informed decisions swiftly, thereby avoiding any potential roadblocks while maintaining financial fluidity at all times.
Understanding the changing times, CFO Tech Outlook has compiled a list of top financial reporting solution providers. We are glad to feature Gravity Software on our annual list of financial reporting solution providers. The company is a cloud-based resource planning and accounting application that allows customers to combine all their business systems present in different legal entities into one central financial database. Another featured company, Terra, offers a plethora of financial services, including accounts receivable, accounting, purchasing, and asset management. With several innovative technological capabilities and success stories up its sleeves, these solution providers are continually proving themselves in the financial reporting landscape.
We present to you CFO Tech Outlooks’ “Top 10 Financial Reporting Solution Providers – 2019.”