Migrating from Legacy and Manual systems to Financial Reporting Automation

As the year-end close is drawing near, are you feeling the pressure of finalizing financial reports the old-fashioned way? The scramble to reconcile data, double-check entries, and meet deadlines can be overwhelming—especially when you’re still relying on outdated systems.

But what if there was a way to make this year’s close smoother, faster, and far less stressful?

The shift from legacy systems to financial reporting automation software is revolutionizing financial reporting. It’s no longer about painstakingly processing mountains of data—it’s about having accurate, up-to-date insights at your fingertips.

In this blog, we’ll dive into how migrating to financial reporting software powered by the latest AI technologies can streamline your reporting, eliminate inefficiencies, and empower your business with faster, more reliable financial data.

Challenges faced by the data teams while migrating to automated financial reporting processes

• Identify which reports are relevant and should be migrated; focus on the active ones to reduce migration effort.
• Build a new, clean ERD (Entity Relationship Diagram) by eliminating outdated reports, ensuring no duplications or patches.
• Consolidate duplicate reports and remove identical ones to streamline the reporting process and make results more useful.
• Review and reschedule ETL (Extract, Transform, Load) or middleware processes to ensure accurate reporting, with each step running in the correct sequence and at the right time.

Before moving to automated financial reporting

Ask:

– What are the current challenges faced by the teams?

– What is the lag between getting insights-ready information and making decisions?

– How are legacy systems hampering the achievement of the goals?

– What integration capabilities are you looking for from the new financial reporting software?

– How easy is the migration process, and how much time does it take?

– How will the data be handled and transferred to the new tool?

Key steps in the migration process to financial reporting software

1. Assessment and Planning

First things first, begin with analyzing the manual processes and checking where the lag is and what areas can be automated. Look into various options of au that will meet your needs.

Compare the features, scalability, integration capabilities, and compatibility with existing systems to know what works best for your requirements. To manage for accurate data transfer, identify and map data fields from legacy systems to financial reporting software.

Once done with all these, develop a communication plan to educate stakeholders about the transition from manual financial reporting to automated financial reporting.

2. Data Cleansing and Standardization

Next comes ensuring data integrity in the new system. Look for errors and inconsistencies to review your existing data before implementing cleansing procedures. It is important to standardize data formats to ensure easy conversions. This helps improve the accuracy, reliability, and consistency of your data, which in turn enhances your performance and generates better insights.

Get ready to develop a plan for transferring data from legacy systems to financial reporting software.

3. System Implementation and Integration

Identify your business requirements like report templates, data connections and user access levels before setting up the new financial reporting software. It is important to have a seamless data flow while migrating to automated financial reporting and establishing connections between the new system and the existing ERP or data sources for a smooth transition.

Brace the finance team members with new functionality and reporting features backed by strong training on the workings of the financial reporting software.

4. Testing and Validation

After the implementation of the financial reporting automation processes, thoroughly test data import, calculations, report generation, and data integrity. Set up the validation and testing schedules by the key users to authenticate the accuracy and usability of the reports.

Benefits of migrating to financial reporting automation

Increased efficiency

Financial reporting automation reduces the reliance on manual data entry, thus freeing up precious time to make decisions of strategic importance. This means higher profitability, enhanced processes, and increased efficiency.

Improved accuracy

Once you move to automated financial reporting, errors associated with manual data manipulation are reduced, giving you a more reliable analysis of the reports.

Different reporting formats

Financial reporting software these days is backed by AI, enabling you to generate multidimensional reports in a jiffy as compared to traditional reporting processes. If you want to perform variance analysis or generate executive summaries, financial reporting software like ResultLane has it all.

Enhanced visibility into the numbers

Numbers become data and give you better insights into financial performance with automated data analysis and reporting capabilities. For instance, if you are a large group looking to have an eagle’s eye view of different reports, financial reporting software can offer you consolidation in a few clicks.

Key considerations while considering financial reporting software implementation

• Weigh the upfront costs of new software against the benefits expected and productivity improvements.
• Plan for comprehensive training for the existing users for the smooth adoption of the new system.
• Ensure the new system meets all data security protocols and complies with relevant industry regulations.
• Evaluate whether your financial reporting software can grow with your business and adapt to future needs.

Build the future by choosing ResultLane, your ultimate financial reporting software powered by AI

At ResultLane, we believe in getting you up and running with our financial automation software in a matter of a few days. We understand the urgency of streamlining your processes, so we’ve designed a solution that lets you start achieving more, faster. Our user-friendly interface ensures easy adaption to meet the existing needs of your business.

Our smart tools add intelligence to every step of the process, from modeling and mapping to reconciliation, anomaly detection, and exception highlighting. The result? A gold standard in financial analysis, allowing you to collaborate seamlessly across teams and generate valuable insights.