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When it comes to the success of an organisation, budgeting, and financial management are key aspects. You need to ensure that data is easily reconciled and kept up to date, that financial calculations are accurate, and that accuracy is maintained in real-time. It’s also crucial that reports can be generated with ease to monitor the budget and ensure confidence in the alignment of financial goals, budget allocation and operational activity.
But what happens when you don’t have the right tools in place to manage these aspects of your organisation? This is typically when clients come to us to solve the issue. We provide a solution that gives you a single truth when it comes to your data, one that automates financial calculations and reconciliation processes and makes budget monitoring simple. So, you can focus on what’s important – running your organisation.
The first issue we solve is streamlining the reconciliation and reporting process, because we know that it can be difficult to keep track of everything going on financially within an organisation. We’ll work with you on a tailored solution that makes it easy to see where money is being spent, so you can make adjustments and informed decisions accordingly. We also automate the reconciliation process, so you don’t have to waste time doing it manually. LightArc’s Ashley How explains that reconciliation, “to make sure everything actually lines up”, is a very labour-intensive process that can take months to execute with much backwards and forwarding of data. However, with an automated solution, the process can be completed all in a few clicks.
The second common problem we solve is the need for improved accuracy in financial calculations. Issues can easily occur during the use of spreadsheets where calculations can get accidentally changed, inadvertently moved or separated from their reference point. What results, as How explains, is a “massive difference and nobody can tell where the difference actually happened.” Implementing the right software solution automates the entire process and keeps track of changes in real-time, so you don’t have to worry about a thing.
Finally, we help organisations with the all-important but often overlooked task of monitoring budgets and ensuring alignment with organisational goals. It’s not enough to just build and develop a budget, you need to monitor it on an ongoing basis to make sure that you’re still on track. This involves being able to see how much money has been spent, where it’s been spent and whether or not this aligns with organisational goals. Understanding variations from budget to actual spending has traditionally been a manual and labour-intensive process, however, the right software solution makes it easy to monitor budgets and ensures alignment thereby avoiding any nasty surprises down the line.
At LightArc, we understand how important budgeting and financial management are for the success of an organisation. We also know how difficult it can be to keep everything in check without the right tools in place. That’s why we offer tailored solutions to help with streamlining financial processes so you can focus on what’s important – running your organisation. If you’d like to find out more about how we can help, get in touch with us today.
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