By Marisa Ruffles. Private company executives face high demand from their boards of directors to report data that will drive critical business decisions. This call for greater transparency and deep analysis puts a significant burden on typically lean teams. Below we outline a few pitfalls of investor and management reporting and provide an alternative to streamline the process.
Lack of Collaboration – Collaboration across team members and departments is mediocre at best – and not by anyone’s fault. Time constraints and data overload are against you.
Manual Input of Data – Risk is high when you are manually keying data into spreadsheets. Transpose one number and an entire section could be inaccurate.
Formatting – It feels like endless hours are spent on formatting and presentation, but it matters. You want stakeholders focusing on the numbers, not the misalignment of tables.
Version control – Who is working on v.2? What is the latest file name? Who was the last one to review the doc? Feeling anxious yet? Version control is one of the most difficult processes to manage and can result in big trouble if edits are made on the wrong file.
Drain on Time – Companies spend so much time gathering information and formatting documents that there isn’t not enough time left to analyze the data and come to actionable business conclusions.
Losing Sight of the Big Picture – Companies are under intense pressure to deliver these reports and make sure that the inputs are right and the data makes sense. That leaves little time to re-evaluate the information they are gathering as business objectives change and step back to re-assess the inputs.
Certent Investor Reporting simplifies private company board and management reporting. Our solution automates the flow of data, enables collaboration, and allows you to easily generate, present, and exchange information across departments. No more version control issues, no more keying in numbers, no more expletive outbursts when formatting tables and charts – now there is an easier way. Interested? Visit our webpage, download the data sheet, or schedule a call to learn more.