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Benjamin Franklin once said, “By failing to prepare, you are preparing to fail.” In business, this sentiment holds great relevance, especially when it comes to financial reporting. Financial reporting is the key to every successful business, and offers a comprehensive view of its fiscal health and performance. It’s not just a regulatory requirement but a strategic tool steering decision-making processes, nurturing transparency, and instilling confidence among stakeholders while allowing a business to stay on track.
Here, we explore the world of financial reporting, (comprising of cloud ERP general ledger reporting, fusion general ledger reporting) and unveil how modern tools like GLSense are making financial reporting easy and insightful.
Why Is Financial Reporting So Important?
Financial reporting is the key that helps a business keep track of important business events and transactions, as well as understand past successes and future expectations of the business. Financial statements provide crucial financial information that allows investors, creditors, and analysts to evaluate a company’s financial performance. Besides, certain financial information in financial reports is also required by law or by accounting standard practices.
Strong financial reporting is indispensable for your business. Here is why.
Financial Governance and Compliance
Ensures tax compliance, manages liabilities, and maintains internal controls to prevent fraudulent activities, safeguarding your organization’s financial integrity and regulatory adherence.
Strategic Debt Management
Optimizes debt management strategies to strike a balance between leveraging opportunities and minimizing interest costs, thereby maintaining a healthy financial structure that enhances sustainable financial health and flexibility.
Transparent Financial Reporting
Presents accurate and comprehensive financial statements depicting the organization’s financial condition to current and potential investors and creditors, fostering trust and confidence in your organization’s performance.
Long-term Financial Analysis
Evaluates operations over longer periods to identify trends, assess performance, and make informed strategic decisions, ensuring sustained growth and profitability.
Real-time Decision Support
Provides real-time insights into cash flow, shareholder equity, and business operations, empowering stakeholders with timely information for effective decision-making, planning, and forecasting of business trends.
Reporting Challenges That Businesses Encounter
Many organizations face challenges that might stem from poor data quality, inadequate data practices, process roadblocks, internal challenges, or flaws within a company’s reporting tools. Some of the challenges are –
Reporting Inefficiencies
In the absence of streamlined reporting workflows and visually engaging reports, issues such as long reporting processes, manual report creation with poor design, and static reporting lacking baseline data, hinder timely and effective decision-making.
Data Integrity and Security Risks
Inadequate data hygiene and security measures, along with a lack of integrated reporting systems, pose significant threats to the confidentiality and accuracy of information, potentially leading to breaches and compromised data integrity.
Insight Deficiency
Stemming from inexperienced staff and substandard reporting software, the organization suffers from a lack of actionable insights, limiting its ability to leverage data for informed decision-making and strategic planning.
Reporting Standards Gap
The absence of reporting standard operating procedures magnifies inefficiencies and inconsistencies in reporting practices, undermining the organization’s ability to communicate its performance effectively and uniformly across stakeholders.
Move Over to Easy, Accurate Financial Reporting With GLSense
Orbit’s GLSense is an excel based financial reporting solution that offers a comprehensive suite of features designed to address the diverse reporting needs of finance teams. It addresses the challenges faced by finance teams in Oracle ERP Cloud/Fusion systems. The tool can report on both legacy EBS and Cloud ERP/Fusion systems within a single report while ensuring real-time data integration regardless of differing code combinations. This unique data mashing capability provides a unified view for analysis and reporting, enabling finance teams to generate accurate and insightful reports effortlessly.
Orbit GLSense is purpose-built for finance users providing a 360° view of data from the general ledger to the supporting details in sub-ledgers. It is directly integrated with ERP financial applications like Oracle Cloud ERP, Oracle E-Business Suite, and Oracle NetSuite to build financial statements and expedite your reconciliation and close processes.
What Makes GLSense A Unique Solution?
GLSense provides a range of financial reporting tools to help enterprises simplify and automate cloud financial reporting in Excel. With GLSense, users can customize financial reports, such as cash flow statements, balance sheets, and income statements, to meet specific user needs.
Balance Sheet Reports
GLSense creates balance sheets that give a complete picture of a company’s financial situation and its liabilities, including determining the company’s equity. This data allows managers to assess the company’s financial condition and make practical decisions ahead for their business.
Income Statement Reports
The income statement reports generated by GLSense give details and insights into the company’s sales revenue and expenses on marketing, manufacturing, research, development, and administration. They also lay the groundwork to prepare for future operations, investments, and expansion.
Cash Flow Statement Reports
With GLSense, cash flow statements can be quickly generated to reflect the company’s cash inflows and outflows. These include revenue generated from sales, investments, and other sources and money spent for operating expenses, and capital expenditures.
Reconciliation Reporting
Orbit’s GLSense helps finance teams reconcile their financial data with ease and identify any discrepancies or anomalies in any stage of the transaction, which can be investigated further to ensure accurate financial reporting and maintain tight cost control.
How Does GLSense Simplify Your Financial Reporting?
Real-Time Account Analysis
GLSense empowers finance teams to effortlessly conduct real-time account analysis, facilitating seamless financial transaction audits, and ensuring accuracy in period-end reconciliations. You also get deep insights into your Oracle Financials Cloud data to make informed financial decisions. With GLSense, you can do general ledger reporting and even get into the details of the sub-ledger. Your finance teams can excel in generating reports, analyzing financial data, or conducting ad hoc account analysis, without the need for constant IT support.
Faster Period Closing
Orbit GLSense supercharges your period closing process by seamlessly accessing your company’s financial data, eliminating the need for manual input and reducing error risks. You can quickly build financial statements within Microsoft Excel that are automatically populated with live data from your company’s financial system. With direct integration to key business applications like Oracle Finance Cloud, you can get a complete view of your required month-end, quarter-end, or year-end data in Excel. GLSense integrates with your Cloud ERP to facilitate Cloud ERP general ledger reporting and sub-ledger modules to make your close processes more efficient, accurate, and reliable.
Drill-down to Details
Whether you’re tracking accounts payable, accounts receivable, fixed assets, or inventory, GLSense simplifies the process. With hundreds of pre-built sub-ledger drill-down reports, answers to your business queries are just a click away. Interactive features like charts, filters, and conditional formatting empower you to uncover insights, spot trends, and enhance decision-making.
ERP Integrations
GLSense offers the advantage of integrating with multiple leading financial applications including Oracle EBS, Oracle Cloud ERP (Fusion), NetSuite, PeopleSoft, JD Edwards, and many more, in real-time. This versatility enables users to consolidate data from multiple sources into a unified report or dashboard, It grants users more control over the information they extract, allowing them to create more intricate reports.
GLSense’s sharing features allow users to schedule reports and dashboards for automatic delivery to colleagues. Additionally, they can embed reports in other applications, enhancing accessibility and usability.
Financial Statements
With Orbit’s GLSense you can produce live financial reports with the convenience of Excel, simultaneously controlling the complexity and risk that come from managing spreadsheets. GLSense lets users access all General Ledger Segments, Accounts, and Functions to produce financial reports and statements in minutes by defining rows and columns.
How to get started with GLSense
As Orbit GLSense makes financial reporting automated and easy, it has emerged as an advanced cloud financial reporting solution for the future. Empowering finance teams with seamless connectivity and data retrieval for generating reports and statements, GLSense with its plug-and-play feature provides finance professionals the flexibility and familiarity of Excel to create reports, with accurate information.
To discover the remarkable capabilities of Orbit’s GLSense, all you need to do is get in touch with us and we will get you started in no time. You can also schedule a demo and our experts will give you a first-hand experience of the immense possibilities and the limitless business opportunities that await you with GLSense.
