As the SEC filing season coming to an end, If you are a financial analyst, you are likely starting to spend days and weeks poring over financial data in order to compile all of the reports for which you are responsible. You have probably developed process that you stick to, repeating it again and again for subsequent reports.
Although you’re comfortable with this method and its repeatability, it probably isn’t saving you as much time as you’d like, and as a result, there are likely a number of additional tasks you’re continually putting off and unable to complete in a timely manner.
While you understand new technologies exist and are paving the way for improved and more efficient methods of financial reporting, you also know that your chances of getting approval to implement new financial reporting software from upper management are fairly slim. Finance departments are typically viewed as a cost centers instead of as revenue generators. As such, it can be nearly impossible to convince executives to invest in new financial reporting tools that will create efficiencies and maybe even lead to value-add financial reporting.
Companies aim to maximize profits and sometimes can end up managing their costs and bottom lines at the expense of overworked, overstressed, and potentially unhappy employees. And turnover can be very expensive. However, a smart and efficient financial data software platform can turn these challenges and risks into opportunities by providing your team with time saving tools that also provide a platform that adds value to the financial reporting function.
Better tools, better reporting
When your team can easily access and share public financial and non-financial data, quickly research financial disclosures filed in reports to the SEC, and easily perform financial analysis relevant to the business, the way you report, make decisions and collaborate will quickly change for the better.
Consider the potential benefits of having access to things like recent SEC comment letters that peers have received. How valuable would it be to your company to address an issue raised in a comment letter to a company in your industry or adjacent industry and, therefore, avoid similar SEC correspondence?
This is where the rubber meets the road in terms of what intelligent, dynamic financial tools can do for your business. Having a research tool that allows you to analyze more companies and dig deeper into a broader range of data and disclosures makes you a better financial reporter. In fact, it makes everyone on your team better at what they do each day.
With automated, intelligent processes, you can avoid the obstacles that slow you down and drain your team’s productivity. And, by eliminating many manual processes, efficiency is gained and time saved so that your team can finally get to all of the non-reporting-related tasks that either go undone, or bleed into their nights and weekends.
These factors are typically where CEOs and CFOs are shortsighted when it comes to the overall job satisfaction of finance department employees and how it can impact productivity, and ultimately profitability.
Changing management’s mindset
So how can you pitch new financial data software to upper management? In order to effectively do so, it’s imperative to point to the efficiencies that will be gained that will ultimately add to your company’s profitability. Only then can you begin to change the mindset of the decision makers that the finance department is not solely a cost center, but business partners.
It comes down to having a candid conversation about how a smart and dynamic financial data platform will allow your company to become more competitive in its market, without adding time or effort to processes.
If you’d like to take a look at the financial data platform that can improve your financial reports and help turn your finance department into a revenue generator, contact idaciti today for a free demo of our financial data SaaS platform.