Why EFP Is the Best Financial Reporting Software for 2023 

07.12.22 07:00 AM By admin

Is there a way for your finance department to become more efficient while still being able to contribute to the company’s long-term success?  

In the past few years, many companies continue to grapple with new technology to ensure their teams can work smarter, not harder. However, for finance teams, finding the right financial reporting software can be challenging as there are too many solutions available today and finding the right fit is a long journey ahead.  

For finance managers, the big challenge is finding the right balance between prioritizing strategic endeavors over complying with mundane tasks that hounds their team members. Many of them find that these tasks are just as crucial to delivering timely reports and gaining valuable insights into the company's financial performance.  


Financial reporting takes up a lot of time and resources in most businesses. Much of the monotonous toil that goes into creating regular reports can be avoided by strategically using available technologies. The time you save can be put to better use in the form of analysis, where your talents and knowledge can help your company in various ways.  


The Current Struggle of Finance Teams  


Rather than analyzing their EPM data, modern finance departments often spend too much time preparing reports.  

An element contributing to this is the growing complexity encountered by many businesses. Finance departments frequently face the challenge of integrating data from various disparate sources. If finance and other departments need to go back and forth to get information, verify that it is accurate, and incorporate it into reports because they don’t have access to the appropriate data in the first place, the reporting process becomes cumbersome.  


Gaining stakeholder confidence can be challenging as there is no “single source of truth” for financial reports within the company. For example, trust will inevitably suffer if the sales team and the finance department report drastically different revenue figures. Rather than focusing on problem-solving and taking the company ahead, C-suite executives may argue over which figure is correct.  


In many organizations, finance departments are making do with inadequate resources. They should be able to examine the numbers, concentrate on communicating with stakeholders across the business, and craft crystal-clear statements about financial outcomes and corporate strategy without wasting time wrangling the data into the format they want.  


How EFP Can Help  

Epicor Financial Planner is a modern and Easy-to-use, finance-focused Reporting software. It reduces time spent on reporting and improves your financial statements’ quality, timeliness, and readability.  

And even though it is hosted in the cloud, EFP can access data from any ERP system, whether hosted in the cloud, on-premises, or a hybrid of the two. EFP is also a subscription-based Financial Reporting Solution. Your Chart of Accounts (COA) in EFP can be configured to mirror how you now report or import directly from your ERP system. With this financial reporting solution, you don’t need any prior experience with any reporting software to get started.                                                                                                                                

It supports Excel Online and boasts robust drill-down features for accessing ERP attachments. EFP can be used on both Windows & Mac.                                                                                                                         

If you’re not happy with your existing reporting setup or are still utilizing an outdated tool like AFR or XLConnect, and you want to find a simple, affordable alternative, EFP is the best option for comparing financial reporting ability, according to accountants.  


Get in touch with our team and book a free demo or explore EFP’s packages on the website at efpcloud.com.

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