Online Financial Reporting Software for Small Businesses
Financial reporting software prepares various reports for your small business and shade light on its financial health. The data gleaned is highly useful to company management, investors, and regulatory agencies in decision-making.
Reporting software automates reports generation for your business. It is a time consuming and painstaking task if you try to do it manually using Excel Spreadsheets. It also ties up your skilled resources for a considerable amount of time.
Reports for Financial Health of Business
If you prepare financial reports for your business manually, you are sure to know that, it tends to disturb your regular working pattern. It can play havoc with your focus and cause you to lose the sight of your business goals temporarily.
Reporting software streamlines financial reporting and drastically improves your business’ compliance. These tools prepare basic financial reports like:
- Trial Balance
- Standard Balance sheet
- Profit & Loss statement (Accrual)
- Profit and Loss (Multi-Period)
- Cash Flow Statement
Report for Accounts Receivable & Payable
Financial reporting software like OneAccounting comes with a Dashboard. It gives you access to the business’ Cash In-Out, Accounts Receivable (AR), and Accounts Payable (AP) charts based on latest data.
Your business’ credit and brand image depend on how prompt you are with its Accounts Payable. And, its survival depends on how fast you recover your Accounts Receivable. Both tasks demand enormous efforts and take time.
The reporting software makes it easy for you. It prepares reports to remind you:
Whom you need to pay –
- Purchase Reports
- Ageing Summary (AP)
- Ageing Detail (AP)
Whom you need to ask for payment –
- Sales Reports
- Ageing Summary (AR)
- Ageing Detail (AR)
It also assists you in accounts reconciliation by generating the Reconciliation Report.
Reports for Budget and Forecasting
Well prepared forecasts and budgets are important for a growing small business. They allow you to leverage your capital by allocating it to the lucrative activities and tasks. The reporting software assists you in measuring the impact of your decisions by producing Budget related reports like:
- Budget Analysis Profit & Loss
- Budget Analysis Balance Sheet
Financial reporting software systems also prepare the following reports for your consumption:
- Bank Register
- Currency List
- Currency Realised Gain/Loss
- Currency Unrealised Gain/Loss
- Accounts List Report
- Account Transactions
- Find Transactions
- General Ledger Summary
- General Ledger Detail
- Linked Accounts
Using OneAcconting software, you can email or print these reports in different formats like PDF, CSV, Excel, & Word from anywhere and at any time.
Benefits of Reporting Software for Small Business
Automated online reporting software enables structured financial information to flow in your business. You can send it to your managers, accountants, and other stakeholders. Depending on your business needs, you can send it to them daily, weekly, or monthly to keep them better informed.
Make Data-Driven Decisions
Well-prepared reports assist you in forecasting your business’ needs and budgeting for them. Using reliable and relevant data makes your planning more achievable and effective. It assists you and managers in making data-driven decisions about the growth of your business.
You need latest data to cater to the unique needs of your customers. Without the data, your decisions, however timely and swift, are not effective. Financial reporting software provides you with an inventory report like Inventory Item Register. It enables you to make your business more customer-centric.
After analysing reports prepared by financial reporting software, an experienced accountant can advise you on financial status and other aspects of your business. It helps you in improving information flow and in increasing speed of decision-making, leading to better customer satisfaction.