How’s business? It’s a question that organisational leaders get asked a lot. While a short, generic response almost always works, the real answer lies in the rows upon rows of data in a company's financial reports. They're what business leaders and finance heads rely on to assess the health of a business, foresee challenges and make strategic decisions to overcome them.
It's no wonder financial reporting demands great diligence and attention to detail. But if that means your best people are spending weeks crunching numbers, you're going about it all wrong. The right cloud-based ERP solution, tailored for your business, can help you streamline the process. Wiise has helped finance teams across Australia save time on reporting, stay compliant, and manage their financial functions more efficiently. Read on to find out the 5 ways your finance team can benefit from Wiise's reporting smarts.
Kill the spreadsheet and get your reports quicker
When different teams work out of separate systems, the straightforward task of putting a report together can become a time consuming and labour-intensive data-hunting mission. And yet, by the time the report is ready, the numbers are already out of date.
For Terra Mater, an Australian wholesaler of flooring solutions, not having an accurate and timely snapshot of their supply chain had become a real concern. With inventory spread across 4 different warehouses and new shipments coming in and leaving on a daily basis, using spreadsheets to manage their operations was proving frustrating.
Since implementing Wiise, the business has gone from using hundreds of Excel files and an on-prem accounting solution with limited functionality to managing their entire operations from the one platform. When asked about the decision to choose Wiise, Operations Manager David Temby says 'Wiise was the complete package. It was the only solution that provided everything we needed at an affordable price.'
With huge volumes of shipping and inventory data now updating in real-time, and all teams being able to access the info at any time, Terra Mater have been able to free up 8 full hours for their staff who no longer have to worry about moving data in and out of spreadsheets or fixing errors.
See your business from every angle with detailed reports
A good report can show you how your business is performing at a glance, but a really good report is one that gives you the details you need. The dimensional tagging feature in Wiise lets you add information to every transaction, so you can slice up the data however you wish. This had huge appeal for Capital Transport, one of the largest privately owned transport and logistics businesses in Australia. Their goal was to improve the quality of financial reporting to support the growth of the business.
The impact of choosing Wiise has been phenomenal for Capital Transport who have halved the time spent on their mid-month report, and reduced the time taken to produce their monthly management reports from 5 days down to just 2.
The business now uses the 60 days a year saved on reporting to analyse and do more with their data. CFO, Lewis Jackson says, 'We can now provide the granular detail we need back into the management team to really see where all of our costs are going as well as monitoring KPIs at the click of a button.'
Data you can rely on, powered by the ERP you trust
With Wiise, speedy reports go hand in hand with accurate reports as CVGT, a not-for-profit employment services provider, discovered. Using two different systems to manage purchase orders and accounting meant that the better part of a day was spent reconciling data between the two. With purchase orders going missing half the time, and managing upwards of 180 cost-code centres individually proving impossible, CVGT chose Wiise to help streamline their financial reporting. Wiise and jet reports has allowed CVGT to be more agile in reporting finances to the business, and their purchase orders are now raised directly from Wiise.
Reduce risk and increase compliance with Wiise
For businesses like Trilogy Funds, a premium fund management company, maintaining a high standard of governance is a top priority. Regulated by ASIC, who prescribe strict guidelines about lodging documents, Trilogy Funds needed a solution with checks and balances in place that could improve internal controls.
'We wanted a system that reduces risk and enhances the compliance program within our business. [...] As soon as I saw the demo, I was impressed.' says Justin smart, COO at Trilogy funds about Wiise.
With our clever cloud-based ERP, Trilogy Funds are able to see audit trails, assign authorised users, and set up their reports to be sent out automatically. By using the Wiise functionality to attach relevant documents to key transactions, Trilogy Funds save valuable time during auditing. They also have more confidence in their data, knowing that it will always be accurate, timely, and well-protected on Microsoft Azure's highly secure cloud servers.
Save time and see all your P&Ls in one place
Businesses that own multiple companies need to account for each entity but relying on more than one database to transact between owned companies is time-consuming and admin heavy. Wiise lets you manage all your owned companies with one subscription: unify them with a standardised chart of accounts or set them up to be standalone with a unique chart of accounts structure. Open up multiple companies in different tabs on the same browser, see your true P&L across your entities, operate companies with an additional reporting currency, and more.
What can Wiise do for your business?
Built on Microsoft Business Central and localised for the Australian market, Wiise has helped dozens of companies reduce reporting times and manage their finances more effectively. Not only are the above snippets a testament to the functionality of Wiise as a product, they also underscore how the right ERP solution can transform business processes by minimising inefficiencies.
If you’re a business owner or finance leader looking to transform your finances, Wiise can help you streamline your finance processes, operations, payroll, CRM and more.
Get in touch with our experienced team today.
