Imagine running a report focusing on company profitability, knowing that the last few weeks of sales and cash receipts are not included. Meanwhile, across town, your closest competitor, who is using real-time reporting, can look at their report and see sales data and payments as of that morning. As a business owner, which option would you prefer?
No matter the size or scope, businesses rely on accurate reporting to make better decisions. While static reporting has been the norm in the past, real-time reporting offers a host of benefits for business owners including:
- Immediate access to accurate data – Historically, the purpose of financial statements were limited to recording business performance and only available 15 days after the previous month’s end. Now, with automation, business owners can see financial statements in real time. Real-time financial reporting allows you to see exactly where your business stands – right now – not where it was at the end of the month.
- Real-time data informs decision-making – When you need to make the best possible decisions in an optimal amount of time, access to the latest income and expense data is critical. Every day you need to make informed decisions about where to allocate resources, how to increase or maintain revenue, and where you need to control expenses. If you don’t, your business shrinks or may even be at risk of closing permanently. Real-time reporting provides something that traditional reporting doesn’t; accurate, up-to-the-minute data.
- Saves time and labor – If you have a small staff, the last thing you want is for them to spend half of their workday creating reports. By adding automation, you eliminate time-consuming manual tasks like matching receipts to transactions. Your staff is then free to spend more time helping you grow your business.
If you’re frustrated with your current reporting options or the time it takes to get them meaningful and accurate, real-time reporting may be the right solution for you.
Can financial reports be updated in real-time?
Yes, financial reports can be updated in real-time, provided you’re using automated accounting software. Powered by artificial intelligence, AI accounting software can run real-time reports in less time than it takes to create a historic report. Because AI-driven financial reporting software pulls data in real time, if an expense hits your bank statement at 12:02 PM and you run a report at 12:15 PM, that expense will be included in your report.
Why not optimize financial reporting?
If you want more robust reporting options, it might be time to consider AI-powered accounting software that can provide you with financial reports in real-time. Making the switch ensures that your reports are up to date no matter when you run them. Accounting automation software like Docyt automates the entire accounting process for your business, giving you access to real-time reporting 24/7. And when you’re away from the office, you can use the handy Docyt mobile app. Visit our website and schedule a demo today.