Financial information is a critical cornerstone of business. Nearly every organization needs to be able to access financial data and turn it into useful financial information in order to understand where their business has been, know where it is now, and plan for where it will be in the future.
To achieve this, organizations must have effective technology and financial tools to track income, expenses, assets, and liabilities in an organized manner. They must have ways to convert data to information that can provide frequent, consistent, and accurate insight into financial operations and performance. They must have financial information that enables them to look forward in order to plan and forecast for the future. They must also have financial information that enables them to understand what went wrong in the past without losing valuable time and resources validating, justifying and auditing previous financial situations.
Efficient and effective financial reporting solutions depend on cost effectiveness, usefulness, and flexibility. To be cost effective, the benefits of information must outweigh the cost of providing it. To be useful, information must be understandable, reliable, relevant, accurate, and timely. Such financial reporting solutions need to accommodate a wide range of users and be able to efficiently and flexibly handle changing information requirements. In addition, and no less important, financial reporting solutions must be able to provide reliable data consolidation and aggregation, easy report generation, distribution and archiving, and financial analysis.
Today, mergers, acquisitions, global expansion, investor concerns, and government regulations have made the need for accurate and real-time delivery of financial information that meets these requirements even more critical for business operations.
From accounting to decision making, WebFOCUS financial reporting provides organizations with the solutions that meet their varied needs for obtaining, evaluating, and delivering a total view of their financial status, including: