Dec 13, 2022

Learn how to save time in your monthly financial reporting process

Improving your financial reporting process with simple Excel or Google Sheets formulas.

Learn how to save time in your monthly financial reporting process

Every month there is a ritual where accountants and finance teams across the country spend their time manually closing out the books and updating financial models and reports with the previous month's data.

The goal is to keep track of how your business is doing on a monthly basis to identify any potential issues and keep the books clean.

While updating the model, users export data from spreadsheet to spreadsheet, matching up line items to update the numbers. Even the most advanced users set up a series of complex Index Match functions to streamline the reporting process.

The problem with doing this is that once you update your data once, the data becomes stale. Any changes to your general ledger or recategorization of expenses won’t get picked up in each of the different spreadsheets you are maintaining.

The solution is to create a standardized reporting package where the data is dynamic and linked to your accounting software. With Genius Sheets, you can do things like recreating your P&L as a trailing 12-month report that automatically syncs with data in QuickBooks.

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