Finance teams: here’s how to make financial statement preparation faster

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By Conrad Emmett

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C

By Conrad Emmett

Author

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If you work in a corporation and prepare your financial statement in-house you need to execute at a decent pace and avoid mistakes.

If you use the wrong tools, the extra control from “going in-house” costs you time and stress. It can take weeks to complete the task to everyone’s satisfaction.

Here’s how the solution you choose makes all the difference.

A word of warning about spreadsheets

Traditional tools like Excel and Word are not built for any one task and lack the guardrails needed for specific, complex compliance work. An incorrect formula, a page numbering inconsistency, or a formatting oversight can set your team back, especially in the rush to meet HMRC’s deadline.

The only solution is to check and double-check everything – from the figures you enter to the formulas underpinning your calculations. Traditional tools mean compliance stress, as they cannot keep track of the latest accounting standards.

Meanwhile, consolidation becomes needlessly complex, especially for large, multi-entity corporations. Spreadsheets have no built-in way of helping you, making manual consolidation another opportunity to lose time and make mistakes.

Hit deadlines and reduce stress with dedicated accounts production software

If you want accounts production to be efficient, you need to consider software built for this purpose.

With its help, you can expedite the process, stay accurate and cut down on stress.

This is how.

Automation and efficiency – good, dedicated software handles repetitive tasks like importing trial balances, mapping nominal codes, and generating reports.

Better compliance and accuracy – the best software for the task will ensure you comply with accounting standards, thanks to regular updates.

Error management – good software will spot a mistake and let you rectify issues before finalising your statement.

A streamlined approach to consolidation – you need good, dedicated software if you want to simplify the process of bringing data together from across different entities.

IXBRL tagging – if you have good accounts production software, it will ensure accurate labelling and let you use customisable templates.

Our solution to making financial statement preparation faster

Not all accounting software has the comprehensive features outlined above; IRIS provides a comprehensive suite of tools to meet your needs.

As a one-stop solution, IRIS Accounts Production can significantly reduce the preparation timeframe to a few days, ensuring a more efficient and timely process.

Adjusting and reviewing your work is improved considerably over spreadsheets. Using IRIS Accounts Production, updating a single item can be accomplished in five minutes, whereas manual processes or external auditors may require five days.

Your accounting process using IRIS Accounts Production

The initial step in employing IRIS Accounts Production is importing your trial balance data, a process designed to be automated, user-friendly, and efficient.

Through the software, you construct an import map that aligns your enterprise resource planning (ERP) system’s nominal codes with IRIS’ chart of accounts. This mapping ensures that all financial data is accurately categorised and prepared for processing. The import map can be customised to the specific structure of your ERP system, accommodating various codes and account groupings. Once the mapping is established, you can import your trial balance data from a CSV file.

IRIS automatically matches the data to the corresponding accounts, guaranteeing accuracy and consistency.

This automated import process eliminates the need for manual data entry, reducing the likelihood of errors when inputting data manually and saving time.

The import process also incorporates error-checking features, highlighting discrepancies or unmatched accounts that require attention. This ensures that all data is accurately imported and prepared for further processing.

Uncover the perfect solution for saving time and staying accurate

If you found the above helpful, our full guide to accounts preparation software is well worth your time.

What our guide covers:

  • The inefficiencies and risks of using spreadsheets and manual tools for financial statement preparation.
  • More about how specialised accounts production software can revolutionise your workflow, enhance efficiency, and alleviate stress.
  • How we can help you with a dedicated solution built for the task.

The guide is FREE and downloadable from the IRIS resources area.

Click here to get your copy now.