Financial reporting tools can go beyond the scope of common reporting to elaborate financial statements for external users, such as decision makers, stakeholders and suppliers. These users also have some rights - legal or moral - to access certain financial information about an organization, but generally have to rely on negotiation or specific regulations to obtain it. Financial reporting applications can support the process of data summarization for the benefit of external users, while helping organizations to share information as necessary and comply with disclosure requirements.
Traditional reporting tools still have an important role within many types of organizations, especially for bookkeeping and accounting purposes, aiding in handling the data used for recording transactions and enabling the visualization of this type of data. But when it comes to extracting insight from this data, many organizations that still rely on common tools might be unable to deliver the right information to the right people, or might be exerting excessive efforts to accomplish the task.
These organizations should consider a financial reporting tool - which could give them the means to generate more valuable information to support the decision-making process of an organization, to comply with specific regulations, and to improve performance.
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