Still Consolidating in Excel? Here’s Why You Need to Stop

SME’s now account for around 99% of private sector firms in the UK and as businesses bloom and grow, there inevitably comes a point where multiple entities are needed and in turn, need to be reported upon. At the beginning of a new financial year, it makes sense to take stock of your financial reporting processes and look at what needs to be improved upon and aligned.
02/04/2019

Traditionally, consolidation has always been a recurring chore for accounting and finance departments, using excel spreadsheets and limited reporting options. However, it’s complicated, inefficient and no one’s favourite task. With more and more Freelancers and SME’s operating multiple streams of income, we also need to take into consideration that the CFO is often the CEO as well, so time effective solutions are essential for those with intercompany reporting to make sense of.

 

We believe that building a business is tough enough without the added pressure of manually stitching together reports whilst trying to maintain reliable, compliant accounts. Which is why we created Joiin – simple, fast and reliable consolidation software to enable you to create an accurate picture of your company financials.

 

Still think you should hang on to excel? Here are just a few ways that consolidation software is a much more efficient option for your business than consolidating in excel, saving you time and resources.

 

Reporting at your fingertips – with multiple file formats and sources, collating and maintaining the accuracy of your data can be problematic. Consolidation software enables you to link to your company accounts and collaborate in a central environment where everyone can contribute. With Joiin, all you need is a connection to your QuickBooks or Xero companies and the information is quickly pulled in the correct format and available either for collaboration with your team in the app, or to download as and when you need it. Simple.

 

Currency conversions – operating across multiple countries means currency conversions are unavoidable. Deciding which rate to use and coping with differing exchange rates is something that’s a hassle when you’re trying to configure a spreadsheet, but automated, updated and when necessary, customisable within consolidation software.

 

Data Protection – one of the downsides to passing around an excel document is you can’t always guarantee you have an updated version – human error and formula mistakes can wreak havoc with your financial reporting. Using consolidation software means that the latest version is available at all times. It’s straightforward, easy to use and you can also control who can download and access your information.

 

Audit Trail – with your data safely stored in one place, your audit trail is reliable and readily available – essential compliance for the new Making Tax Digital regulations.

 

These are just a few of the highlights that you could benefit from with Joiin – all from as little as £2 per month. To find out more, or sign up for your free trial, click here. Or if you want to talk to us about what Joiin can do for your business, drop us an email at hello@joiin.co