The perfect solution for financial reporting

Each company aims to obtain reliable information about its financial condition and the results of its business activities through financial accounting. The financial report of any organization can give information that characterizes the state of its assets and the sources of their origination, the movement of cash and capital, as well as the results of economic activity in the form of profit or loss.

Why is financial reporting important for any business?

Financial reporting of the company is necessary in the following cases:

• to provide financial statements to the tax authorities;
• for internal use (reporting about the results of business activities to shareholders, investors, or creditors); and
• to analyze the financial condition of the company by its own employees, representatives of creditors, investors and consulting companies.

An analysis of the company’s financial statements allows you to evaluate the financial results, which have already been achieved, such as the financial stability, the efficiency of operating, financial and investment activities, etc. Then you can compare them with the previous periods or planned indicators. Moreover, such information is a great basis for making effective decisions and forming a financial strategy for the company’s development.

The risk of use the old-school approach for financial reporting

Everyone can make a mistake. But not all mistakes are as expensive as those made by accountants and financial staff. If the marketer makes a mistake, he will be scolded, or, in the worst case, the salary bonus will be reduced. But if an accountant or financial director makes a mistake, it can lead to a fine, debt collection, administrative, or even criminal punishment.

As we know, manual data processing has a high probability of making mistakes due to the human factor. People are not robots, and they can become tired. Then their ability to focus decreases. Data processing automation can eliminate this possibility and reduce the number of errors.

Financial accounting optimization with modern fintech solutions

Wallester Business in-house development team offers a unique opportunity for businesses such as Wallester Business platform. This fintech solution provides the possibility to issue cards for different teams and projects, which simplifies the monitoring of corporate expenses. But the main advantage is that the Wallester Business allows easy export of the expense data into your financial accounting system.

The Wallester Business platform envisages integration through the REST API. REST (Representational State Transfer) is a way to create an API using the HTTP protocol. An API (Application Programming Interface) is a code that allows two applications to communicate with a server. REST allows the Wallester`s developers to use APIs to customize the interaction between apps. To simplify the procedure, REST API technology enables the automated exchange of financial information between the financial accounting system and corporate cards’ expenses via Wallester platform. It does not require multiple business transaction data entries to meet the needs of various accounting systems. More info at Wallester Busines web page https://business.wallester.com/expense-reports.

Perfect solution for financial reporting

The Wallester Business platform helps you process and systemize financial data and create detailed reports. It allows you to generate expense reports with convenient parameters in various formats (XLS, PDF, CVS, etc.) You can also sort expenses by purchase type, payment status, or other filters to quickly find the information you need. The Wallester Business can help you create account statements for a selected period with a complete financial statement overview. 

This fintech solution simplifies the tracking of corporate expenses through the mobile application by the company’s management and can generate financial reports for analysis and budget planning.

The expense data can be monitored by financial specialists in real time, and financial accounting can be speeded up through the arranged document flow on one platform. Uploading of the invoices is available via the mobile app. Moreover, the platform ensures their storage in digital format and they can be processed at any time.

Conclusion

Modern fintech solutions significantly simplify a company’s business and can prevent an employee` s mistakes. Outdated accounting approaches do not suit modern digital development. Forget about ledgers and red-ink entry. With Wallester financial accounting optimization, you can upgrade your company to the next level of financial management in order to reach an advanced position in your industry.