Creating better financial statements for your business
The best accounting software for your small business should allow you to easily track, manage and analyze your financial data. You should be able to drill down into specific categories, create actionable reports and use business intelligence tools to unpack new insights. But sometimes you don’t need all of those advanced functions. Sometimes you just need to be able to see a quick snapshot of your financial health so you can make the right decision for your business. At times like these, you need accounting software that makes it fast and easy to create financial statements. But if you’re using outdated software or still using spreadsheets to organize your bookkeeping, this may be easier said than done. Let’s look at how to increase efficiency and take the stress out of financial statements using better accounting software for your small business.
Simplified financial statements for businesses
Whether you need a balance sheet, income sheet or a statement of cash flow, being able to access important financial information in a quick, easy-to-read format is essential for growing your business. But if you’re still manually compiling information to produce those kinds of everyday financial documents, you’re hindering efficiency and ultimately holding your company back.
Creating financial statements by hand is tedious work that takes time away from more important accounting tasks. You may have saved a few templates to make formatting easier, but manually copying and pasting data from multiple databases is slow and leaves more room for error, increasing risk for your organization.
In today’s golden age of technology, your accounting software should be doing the work for you. For example, Gravity Software® (Gravity) allows you to produce complete financial statements with just one click. Gravity has predefined statement templates in the account structure, so you can easily produce an income statement, balance sheet or any other traditional financial statement you might need. Because Gravity's cloud based accounting software utilizes a single database to eliminate data silos, you can combine information from across your business to get a complete picture of your financial health in a single document. Not only does this make things easier for your company stakeholders, but it increases efficiency as well, freeing up time for your accounting personnel to focus on truly analyzing the data to deliver better financial solutions for your business.
Complex financial statements made easy
Keeping things simple is great, but sometimes you need a more complex financial statement without having to go through a complex process to get it. That’s where Gravity’s robust Advanced Financial Reporting tool comes in. This innovative solution allows you to:
Produce a more complex report by profit center, product type, department, office and more
Produce multi-entity consolidation reports
Save desired formats for future use so you don’t have to recreate a reporting format from scratch every time
Preview your report while you’re still working on it, so you can see how it would look in its final, printed format
Work and make changes as you go, altering the format, performing mathematical calculations and much more
You can also take advanced reporting a step further by using “dimensions” in your accounting structure. Dimensions give Gravity users the ability to categorize data by events, job, projects or any other factor that’s important to you. Dimensions are user-defined and easy to create to manage your chart of accounts. You can easily track dimensions on every transaction, allowing you to tailor your financial data in a way that makes the most sense for your company. This personalization increases efficiency even further, giving you quick access to your most important data.
Statements backed by real-time data
Financial statements are useful tools for quickly assessing the financial health of your company. But they’re not much good if they’re out of date by the time they’re printed and shared around the office. That’s why you need to make sure that any accounting software you consider not only makes it easy to create financial statements, but that it also backs those statements with real-time financial data. Not every solution out there has real-time capabilities, so be sure to look
for this when assessing new vendors or reconsidering your existing software. A solution built on the cloud will not only be better equipped for real-time capabilities, but it will also provide better access to your financial information with role-based permissions and controls.
How you create financial statements won’t make or break your company. But if you’re wasting time and increasing risk by compiling information by hand, you won’t be able to reach your full potential as a company. Instead, select accounting software that makes it easy to create statements and reports, and spend less time collecting data and more time analyzing data to move your company forward.
Want a better way to create financial statements for your small business? Schedule a demo today to see how Gravity can increase efficiency and help drive better financial results for your company.
Better. Smarter. Accounting.