New Global Survey of ERP System Users Highlights Struggles with the Month-End Close Process for Financial Professionals
Automated reporting tools could make closing the books quicker when working with Oracle, SAP, PeopleSoft and other systems.
Pittsburgh, PA (December 6, 2017) – Almost 75 percent of ERP system users say it takes five or more days for a financial close, yet 85 percent say what they really want is to close the books in five days or less, according to a global survey of more than 780 such users from Excel4apps, a provider of best-in-class Excel-based reporting and data-loading software for use with Oracle, PeopleSoft and SAP. The survey results are highlighted in a new infographic and blog from the company.
In addition, 51 percent of respondents indicated they use Microsoft Excel to manage period-end close processes, but 75 percent also indicated they spend five or more hours moving data from static reports produced by their ERP system to Excel for formatting. When asked the biggest area of the close process needing improvement, automated financial reporting was tops, followed by clear definition of processes, more resources and better tools.
“ERP system users have long been frustrated by reporting tools from ERP vendors, as well as the manual import/export process to get ERP data into Excel—the application 72% of those in our survey use for financial reporting,” said Chris Meyer, CEO, Excel4apps. “Fortunately, financial reporting and upload tools like our Excel add-ins automate this process by linking directly to real-time ERP data, bypassing manual steps and providing confidence in numbers from the single source of truth.”
For more information about how Excel add-ins can automate financial processes, visit the Excel4apps website.
Excel4apps is a best-in-class provider of Microsoft Excel-based reporting and data-loading software for use with SAP, Oracle, and PeopleSoft. By empowering business professionals in a range of industries with independent and secure access to real-time ERP data via Microsoft Excel, the company’s products expedite accurate and timely business decisions. Excel4apps products include the award-winning GL Wand for financial reporting, as well as software for budget and planning data uploads and other types of reports. Founded in 2005, Excel4apps has offices in North America, Europe, Africa, the Middle East, Asia and Australia to serve the needs of both local and global multinational companies. For more information, visit www.excel4apps.com.