Pricing
Request Demo
Traditionally, companies have relied on manual methods and periodic reports that often lag behind real-time performance. But with today’s competition, waiting weeks for financial insights is no longer viable. They need faster, smarter solutions that adapt to dynamic business demands.
This is where Orbit’s GLSense stands out. As an Excel-based financial reporting tool that integrates seamlessly with Oracle ERP, GLSense enables general ledger reporting automation and real-time data access. Finance teams gain the power to generate accurate, on-demand reports using the familiarity of Excel, without sacrificing speed or control. With ERP-integrated financial reporting, stakeholders can make confident decisions backed by timely, transparent financial data.
From Reliable to Redundant: Challenges in Traditional Financial Reporting
Traditional financial reporting has been used for a long time in business operations, providing necessary information for decision making and regulatory compliance. This method consists of manual processes, spreadsheets, and accounting principles for creating income, balance sheets, and cash flow statements.
Traditional reporting uses historical data and focuses on compliance with accounting standards.
However, traditional financial reporting and its methods have their limitations and challenges. Let us understand some of the core challenges of traditional financial reporting, focusing on the areas where it falls short in meeting the needs of modern business practices.
- Data Accuracy and Integrity
One of the biggest challenges of traditional reporting is maintaining data accuracy – the most important aspect of reporting, as inaccurate data can lead to incorrect financial statements and thereby significant consequences. Traditional financial reporting relies on manual data entry, where economic data is often entered into spreadsheets or other reporting tools by hand, which is time-consuming and prone to human error. Data accuracy also requires regular audits and reconciliation to help identify discrepancies early.
- Regulatory Compliance
Traditional reporting methods make it difficult for compliance with regulatory requirements and auditing processes to be efficient. Accountants struggle to keep up with constantly changing regulations and ensure compliance. Preparing and reviewing financial statements manually increases the risk of errors and leads to non-compliance with regulatory standards. Also, the audit process costs time and money without standardized data formats.
- Real-Time Reporting
Traditional financial reporting methods cannot provide real-time financial information crucial for effective decision-making. Significant time is taken from data collection to report generation, with financial statements often reflecting past performance rather than current conditions. This lack of real data analysis can affect the company’s ability to make quick decisions and respond to emerging opportunities or threats.
- Analytical Capabilities
Traditional financial reporting has limited analytical capabilities and mainly presents historical data in a static format, without AI or predictive insights. This restricts businesses from being able to perform sophisticated financial analysis, identify trends, and make data-driven decisions. As a result, companies may miss out on opportunities to optimize their operations and improve their economic performance.
- Consolidation
Consolidating financial statements can be a huge task for multinational corporations or large organizations. The finance team has to meet tight deadlines, especially during peak periods like quarter-end and year-end, and often struggles to manage time effectively while ensuring the accuracy of reports. The lack of standardized data formats leads to inconsistencies and ambiguities, further complicating the consolidation process, making it difficult to achieve accurate and timely financial reporting at the group level.
Orbit’s GLSense: The Modern Standard for Financial Reporting Excellence
Orbit AI-powered GLSense gives finance professionals a 360° view of general and sub-ledger details. It integrates directly with ERP systems as a best financial reporting tool for Oracle ERP, streamlining financial statement creation and expediting reconciliation and financial close processes.
Finance teams need an Excel-based, self-service financial reporting solution for Oracle Fusion that can provide seamless user authentication, data governance, and data security. And GLSense is the answer to the best Financial Reporting, as a self-service Excel based financial reporting tool at one’s fingertips.
GLSense is purpose-built to empower finance users to report directly from Excel for faster and more efficient financial reporting. It also allows ad-hoc inquiries and drill-downs. GLSense automates data aggregation from multiple sources, eliminating manual processes and reducing human error. Finance professionals can accelerate key processes by quickly accessing several pre-built, sub-ledger drill-down reports for modules such as Accounts Payable, Accounts Receivable, Fixed Assets, Inventory, Purchasing, and more.
Giving Businesses a Clear Edge in Financial Reporting
- Rapid Decision Making
Quickly create financial statements in Excel with live data from your financial system. GLSense connects to key business applications for a complete view of your month-end, quarter-end, or year-end data, integrating with your ERP’s general ledger and sub-ledger modules to make your close processes more efficient and accurate.
- Familiar Spreadsheet View
GLSense delivers live financial reports in Excel-like ease, while managing the complexities and risks of spreadsheets. Users can quickly generate reports and statements by defining rows and columns, accessing all General Ledger Segments, Accounts, and Functions.
- Adhoc Reporting with Ease
Orbit GLSense simplifies ad hoc GL Account Analysis for auditing, ensuring accurate transaction posting during reconciliations. Users can share financial reports and analyses directly from Excel for quicker, informed decision-making.
- Drill-down to Details
Quickly get answers with hundreds of pre-built sub-ledger reports for modules like Accounts Payable, Accounts Receivable, Fixed Assets, and more. Easily create charts, apply filters, and use conditional formatting to analyze journal activity for any balance.
- Integrate with any ERP
Integrate with top financial applications such as Oracle EBS, Oracle Cloud ERP (Fusion), NetSuite, PeopleSoft, JD Edwards, and others, enhancing your existing financial reporting capabilities.
The GLSense Advantage – Scoring Over Traditional Reporting
Regarding critical financial processes, GLSense delivers like no other process or tool does. It offers capabilities that redefine efficiency and accuracy for quarter-end closings, budget forecasting, and compliance tracking.
Let’s explore how GLSense handles these challenges better than traditional reporting methods.
- Quarter-End Closings
In traditional reporting, reconciling data from multiple sources involves manually updating spreadsheets and cross-checking for errors. This is a process that can take hours or even days. GLSense automates data consolidation, updating information in real time to ensure accuracy and drastically reduce turnaround time. With GLSense’s ERP-integrated financial reporting capabilities for systems like Oracle Fusion, the process is streamlined, enabling finance teams to close their books faster and shift their focus from error correction to strategic analysis.
- Budget Forecasting
Traditional Reporting involves compiling outdated data and juggling multiple spreadsheet versions to accurately forecast budget. Without real-time insights the forecasts are not completely reliable. On the other hand, GLSense provides real-time access to financial data, so finance teams can create dynamic and accurate budget forecasts. Teams can customize reports and scenarios to instantly reflect changes, ensuring forecasts align with the latest business trends and financial conditions. This agility empowers organizations to stay proactive rather than reactive.
- Compliance Tracking
Traditional Reporting goes through tedious manual processes to track financial transactions and meet regulatory standards for compliance reporting. These processes take time and are prone to human errors, leading to potential compliance risks. GLSense simplifies compliance tracking by automatically maintaining an audit trail of financial transactions and ensuring all data is accurate and up-to-date. Its ability to quickly generate compliance-specific reports on demand reduces the risk of errors and penalties while saving significant time for finance teams.
Conclusion
To succeed, today, it has become a mandate to have the ability to create accurate, timely, and dynamic financial reports. Orbit GLSense enables you to generate an integrated report from Oracle E-Business Suite and Oracle Fusion Cloud. It also offers comprehensive financial reporting features, including multidimensional analysis, financial statement generation, data visualization, and drill-down to details. GLSense makes sure finance teams do not waste valuable time on manual processes and instead focus on strategic initiatives.
Book a demo and learn how efficiently GLSense can be integrated into your system to make it a more agile, informed, and financially healthy organization.
