5 Reasons Your Reporting Needs to Change Now!

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Office Worker with Mountain of Paperwork

If you're spending more than zero (that’s 0, nada, nothing, no time, zip)  minutes on your reporting, you’re doing it wrong and here’s 5 reasons why.

1. You don’t need to spend any time reporting – that’s "so 1990’s"!

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I was talking to a CALUMO customer the other day about their reporting. I asked Chris "how long it takes to do month end reporting now?". He said: “Before CALUMO it used to take two days, but now it takes zero time. Accountants and Analysts don’t have to spend time in Excel updating spreadsheets.  It’s just not required these days.  The hard work of getting data together is an automated task that software can do better and faster than us humans". So let's use software, people!

 

2. Manual reporting is very expensive

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Having an expensive resource from Accounting/Finance Department to do month end reporting for more than an hour is a huge waste of money. Yet many companies are OK with it. Why?  The answer is that it’s a hidden cost. The CFO isn’t writing checks to a third party for the reporting, so it feels 'free' when you have internal staff doing the work.

Let’s do some simple math to work this out:

  • Another customer of CALUMO’s (before CALUMO of course) would spend two weeks updating reports. Two people worked on them. With a total cost of $200,000 for the employees, over $100,000 per year was wasted on adding data to reports in Excel.  That’s a lot of cash!
  • After this customer implemented CALUMO, they were able to have their reports ready on the first day of the month instead of day 14. Both employees moved to other more productive positions in the company. The business was also much happier with present, accurate to the minute data. People are expensive and hard to manage so if you can make both your lives and theirs easier, it’s a win-win!

3. You’re using the wrong tools for reporting
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- Excel

Ok, I know that’s not only one tool, but that’s the bad boy that most companies are forced to use. I can’t believe there is only one spreadsheet tool on the market!  It’s great for small stuff - you know, basic business models. But when your workbook hits 5MB,  you’re in trouble.  It’s time to find something smarter that can do the job better. Something like CALUMO that is fully automatic and doesn’t suck your time like that boring meeting you were in yesterday where you daydreamed about a vacation in Australia. The beautiful long beaches, the Great Barrier Reef, Sydney Harbour, okay, that’s enough.

4. You can’t do proper analysis
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If you are spending time updating reports in Excel, then you probably don’t have time to analyze your data like you really should. How many Analysts do you know who only have time to crunch numbers into Excel and hope the numbers are still correct? Then they slam a report out and have no answers to the myriad of questions that get fired at them.

Why is this so? Your data is silo'd i.e. in different databases or in other spreadsheets. If you have a wonderful tool like CALUMO, all of your data is in one place. You can create new views of data you never dreamed of in moments, then turn them into reports in seconds. Add some comments and send to the person asking all the questions! That person receiving the report can continue to answer questions themselves with self-service BI, drill to detail and get on with their job. Simple.

5. You don’t have enough time to look forwards
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Getting the most current data you possibly can into a report and sending that to one or many people is hard. But when asked what the forecast looks like, you’re ready to quit your 9 am to 9 pm job and start hugging trees, apologizing for all the paper you used, and ground yourself again.

But, (you knew there was a but) if you have a proper reporting tool like CALUMO, you can enter budgets and forecasts too. When your reporting is automatic, the natural next step is forecasting and budgeting. You, like many of our customers, will focus on the future because you can’t change they past, but you can change the future!

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