Transforming Financial Reporting: How ResultLane’s Shared Services Drive Efficiency, Collaboration, and Accountability

Imagine, you are sitting in the head office of your organization and your team requires your assistance from the regional office during the year-end close process. To top up the agony your organization still follows the traditional methods that require you to go through all the spreadsheets and understand where the assistance is required. Sounds intensely painful, right?

Well, here is an idea that is gaining popularity recently; the shared services feature in finance digital transformation. Finance transformation is the need of the hour, and automation of your financial reporting system is the step towards growth. The aim is to have a single site where everyone works to complete a function, rather than having different departments doing the same activities in different places.

Let’s look into how the finance transformation and shared services feature of ResultLane ease your financial reporting system during the gruelling year-end close time.

Why do you need automation for the finance transformation process?

Automation of financial reporting can decrease your costs and increase your productivity by up to a staggering 90%. Using automation for finance transformation translates to:

• Having more time for strategic decision-making
• Streamlining your workflow and ensuring timely reports
• Analyzing data to draw meaningful insights
• Bringing teams across borders in a collaborative effort
• No more juggling between endless spreadsheet run
• And above all, saving time and effort due to manual financial reporting.

As a finance leader time is money in the literal sense and the finance transformation process using automation for financial reporting does that for you in a few clicks.

The finance transformation process helps you to:

– Say goodbye to Excel : Manual data entry consumes much of the time and is prone to errors. The heavy reliance on Excel for data management can reduce your productivity and efficiency; during month-end or year-end close processes checking for errors in these sheets will be time-consuming. Automation of financial reporting systems will allow you to embrace more reliable and scalable solutions.

– Easy group reporting : Collaboration among teams is critical if you have a presence in more than one place. Managing reports and financial data across different teams requires seamless collaboration. Automation tools ease your job by bringing various departments together and reducing the dependency on individual teams for manually consolidating and verifying data.

– Balance amidst organizational complexity : Organizational complexity increases as the teams and processes grow; balancing amidst the complexity is the key. With routine tasks handled by automation of the finance transformation process, employees can be reassigned to more complex, value-added work. This balance allows for growth without adding unnecessary complexity, enabling the organization to focus on both stability and innovation.

How ResultLane’s Shared Services feature to aid you in achieving finance transformation?

These days, finance leaders are tasked with driving finance transformation while maintaining efficiency and accuracy in financial reporting. ResultLane’s shared services feature empowers finance teams by streamlining workflows, improving collaboration, and providing a high level of visibility across financial operations. Here’s how these features can help you drive finance transformation effectively:

Use Workflow Feature

Financial reporting often involves multiple steps, numerous stakeholders, and tight deadlines and this gets worse at the finance close time. With ResultLane, you can streamline your financial reporting system and workflow with clear step-by-step procedures. Whether you’re managing month-end close, preparing consolidated financial reports, or doing an ad-hoc analysis, you can assign specific tasks to the right individuals and set clear deadlines and track progress to ensure timely completion of reporting processes.

Use Observations and Artefact Feature

Collaboration is a crucial component of a successful finance team, but with a growing organizational structure, it often becomes fragmented. ResultLane facilitates clear communication and knowledge sharing through observations and artefacts. You can record comments and attach relevant documents directly within the reporting workflow for better collaboration and institutional knowledge.

Use Version Controls

To ensure accountability and transparency, ResultLane provides you with a robust system that enables you to track changes made to reports, models and data throughout the reporting process. Whether it’s a modification to a balance sheet or a revision in forecast assumptions, version control ensures that each update is documented with a clear audit trail. The ability to track and manage versions guarantees the integrity of your financial data, allows you to analyze historical changes, and understand the rationale behind the decisions taken.

Workspace Management

Last but not least, ResultLane’s workspace offers a centralized hub for all your financial activities. With everything in one place, you can track tasks, manage reports, and monitor progress across the entire team. No more scattered work or missed deadlines – everything you need is right here, making your financial transformation smoother.