How Real-Time Accounting and Financial Reporting Can Transform a Business

Recently updated on March 7th, 2024 at 10:32 am

Financial reporting is important to your business because it gives you an understanding of how much money you have, where that money is coming from, and where it needs to go. An accurate overview of your business allows you to make informed decisions about the future of your business. Financial reporting depends on data, but not all data is created equal.

What Does Real-Time Mean?

Real-time data is available for accounting and analytics as soon as it is collected.

For example, your business makes a sale. As soon as the payment processes, the purchase goes through your accounting software, where it is labeled as sales revenue. The data from this purchase is available to your accounting business intelligence software, where it shows up in revenue numbers, and you can view the purchase details in accounting dashboards.

This all happens in real-time and is something possible today with a solution such as PathQuest® SCALE.

The world moves fast these days, and many industries have seen the benefits of real-time data and reporting. In the financial field, it allows teams providing accounting advisory services and business leaders to see how the enterprise is doing at any given moment. Real-time accounting and reporting bring benefits that can make your company a threat even in a competitive landscape.

Benefits of Real-Time Accounting and Financial Reporting

How can tracking every single financial transaction in and out of your business, building reports automatically from these transactions with PathQuest® BI, an accounting business intelligence software, and automating the workflows of payroll, accounts, and more help your business? There are many ways:

• It gives you a bird’s-eye view of your business financials with customized accounting dashboards.
• It provides investors and executives with real-time, up-to-date reports and insights.
• It helps you make better and smarter business decisions on critical parts of your business.
• It saves you time and energy, allowing you to focus on helping your customers, making sales, and growing your business.
• For accounting firms, it provides you with value-added insights to boost accounting advisory services.

And most importantly with PathQuest® SCALE, you get a dedicated team of accountants at your disposal for any accounting needs.

Start Transforming Your Business Today

A unique end-to-end solution, PathQuest® SCALE – Automated Accounting Solution saves time and increases productivity. A team approach, combined with automated accounting business intelligence software, allows us to handle time-sensitive bookkeeping tasks and reduce everyday drudgery so that you can focus on growing your business. With our custom accounting dashboards, you can get the business insights you need in real-time, so you can make decisions to improve your business in the moment. Our ultimate goal is to improve your bottom-line results while increasing your top-line revenue.

As a PathQuest SCALE customer, you will have access to a dedicated accounting advisory services team, including a staff accountant, senior accountant, team lead, service delivery manager (CPA), implementation manager, quality assurance and customer success manager. These professionals can step in to help, whether you need assistance with automated accounting, reporting, or perhaps some advisory strategy inputs. All the resources and excellence of PathQuest are available to your dedicated account team!

Thinking about how to get started with PathQuest® SCALE? Let us assist you.

References

Forbes
CPA Journal