Evaluating Top Financial Reporting Software for SAAS Companies Using Acumatica
For a progressive SAAS company using Acumatica ERP solution, choosing the right third-party financial reporting software is crucial. A powerful financial reporting software can streamline the entire budgeting and reporting process, offer flexibility, reduce the risk of errors, and enhance decision-making capabilities. In this blog, we will discuss the key functionality that a progressive SAAS company using the Acumatica solution should look for when evaluating top third-party financial reporting software, and highlight the top features to expect in leading third-party report writers that integrate with Acumatica.
Key functionality to look for in third-party financial reporting software for Acumatica:
- Pre-built integration to the ERP system: The financial reporting software should offer seamless integration with Acumatica ERP solution, enabling real-time data access and eliminating the need for manual data entry.
- SaaS KPI reports: The software should offer SaaS KPI reports that enable you to monitor your key performance indicators (KPIs), such as MRR, Churn, CLTV, and CAC, in real-time.
- Revenue Recognition reports: The software should offer pre-built revenue recognition reports, which should be compliant with the latest accounting standards such as ASC 606.
- Excel integration: The software should offer Excel integration, enabling you to extract data from Acumatica and analyze it in Excel.
- Flexibility: The software should be flexible, allowing you to customize the reports based on your specific requirements.
- Security: The software should offer robust security features to protect sensitive financial data, such as role-based access controls, audit trails, and data encryption.
- Multi-currency support: The software should offer multi-currency support, allowing you to create financial reports in multiple currencies.
- Drill-down capabilities: The software should offer drill-down capabilities, enabling you to analyze the underlying data that makes up the report.
- Collaboration features: The software should offer collaboration features, allowing multiple users to work on the same report simultaneously and share feedback.
- Dashboards: The software should offer pre-built dashboards that provide an overview of your company’s financial performance and key metrics.
How a modern financial reporting software makes life easier for power users:
- Less time spent managing budgeting and reporting processes: A modern financial reporting software automates the entire budgeting and reporting process, saving time and effort for the power users.
- More time for higher value tasks: A modern financial reporting software frees up the power users’ time, enabling them to focus on higher value tasks such as analyzing the financial data and making strategic decisions.
- Less risk for mistakes: A modern financial reporting software eliminates the risk of errors, ensuring accurate and compliant financial reports.
- Faster and better decisions: A modern financial reporting software offers real-time data access and pre-built reports, enabling faster and better decisions.
- More accurate reports: A modern financial reporting software offers advanced data analysis capabilities, enabling more accurate and insightful reports.
- Faster month-end close: A modern financial reporting software streamlines the month-end close process, enabling the power users to close the books faster and with greater accuracy.
In conclusion, choosing the right third-party financial reporting software is crucial for a progressive SAAS company using Acumatica ERP solution. By evaluating the key functionality and features discussed in this blog, and choosing a modern financial reporting software, the power users in the office of finance and accounting departments can save time and effort, focus on higher value tasks, eliminate the risk of errors, make faster and better decisions, and close the books faster and with greater accuracy.
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