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How to relieve these 5 common consolidated reporting headaches

Author: Joiin

Published: 26 May 2022

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Regular deadlines like month-end or client reporting are synonymous with being up against the clock. Complex tasks like consolidated reports for multi-entity businesses only put pressure on stretched practices and teams, leaving you to question: “maybe we could have done it better?”

At Joiin, we work with accountants and practices to understand your pressures and pain points, helping to solve common consolidated reporting headaches. Over the years, we’ve addressed and solved many sticking points. Here are five headaches you might recognise and how our Joiin consolidated reporting platform can offer relief.

1. “It takes hours to generate consolidated group reports”

If you’re losing hours of work each month wrangling with stress-inducing spreadsheets and even more time pulling together consolidated reports, you’re not alone.

Compiling a consolidated group report can be a frustrating task. Even more frustrating when you’d ideally like to use your valuable time to advise clients and offer strategic insights rather than wrestling with sheets and formulas.

Yet help is at hand. New platforms like Joiin offer simple integrations to connect your cloud accounting software in minutes, consolidate complex multi-entity data straight away, and run time-saving off-the-shelf reports for all manner of things, such as profit & loss, balance sheet, cash flow, KPIs and trial balance.

Less time consolidating data means more valuable time with your clients.

How to relieve these 5 common consolidated reporting headaches

2. “Using Excel, there’s too much room for error”

Not only can spreadsheets be time-consuming, but there’s way too much room for error.

When consolidating data, most of us at points have spent too much time checking and rechecking sheets and identifying and rectifying data discrepancies, which is not a good place to be.

Is being able to quickly pull accurate reports for entities in a group too much to ask? At Joiin, we think this should be a given, and our platform’s automations are ready-made to remove errors and speed up the entire consolidated reporting process. Rich reporting features help you create real-time reports, automatic conversions simplify reporting across different currencies, and straightforward filtering eliminates the information you don’t need.

3. “Managing too many spreadsheet changes is difficult”

We’ve all been in a tough spot whilst coordinating multiple changes to one spreadsheet, wishing for better ways to involve stakeholders, whether working more efficiently with an immediate team or wanting to better include clients.

In a world of cloud technology, modern platforms should be able to let you collaborate easily and share reports seamlessly, right? We couldn’t agree more.

At Joiin we’ve always viewed the cloud as an opportunity. Our platform turns the traditionally siloed spreadsheet into a centralised, shared document. You can invite others to view and collaborate wherever they’re working while always staying in control of access and permissions.

4. “I need better reports so I can easily digest figures”

There are moments when you need a report there and then, which lets you quickly grasp the figures and make fast, accurate decisions. We know those moments.

While developing our Report Packs feature, many of our Joiin customers were calling for a fast and flexible way to create consolidated group reports dynamically. They wanted to be able to pull in relevant data, apply filters and visualise group finances.

Joiin’s Report Packs now let you run and package up reports whenever you need to, seamlessly delivering an up-to-the-minute picture of group finances.

5. “A new system could be expensive and too complex”

The cloud and software-as-a-service model have vastly reduced the cost of delivering platforms to end-users. New technology also means everyone can remain on the latest, continually updated platform version, exactly how we work at Joiin.

Our platform starts at £9/month, with pricing based on the number of companies uploaded to Joiin. Everyone gets all our features, limitless users, and benefits from friendly support to get you up and running and on track.

If consolidated group reporting has become too much of a headache, get started with a free two-week Joiin trial

To see how Joiin works and integrates with cloud accountancy software such as Xero, QuickBooks, and Sage, sign up for a Joiin webinar

About Joiin

Joiin is the consolidated reporting app for cloud accounting software like Xero, QuickBooks Online and Sage Business Cloud, and Excel spreadsheets. Click and connect in minutes, pull through data to Joiin and enjoy powerful plug and play features that automatically consolidate financial, sales and KPI data, creating great-looking reports to be shared seamlessly with colleagues and clients.

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