Why Customers Choose Workiva and the Cloud: Ad Hoc Reporting
Finance, accounting, risk and compliance professionals have given us many reasons for choosing Wdesk. In this blog series, we are exploring each of the top 10 reasons organisations move their reporting and compliance to the cloud.
So much data, so little time.
Today's accounting, finance, risk and compliance teams need tools that support continuous reporting, so they can offer insights that deliver a competitive edge. As organisations look to the cloud to handle increasing amounts of data, more than 3,000 have turned to Workiva to help them collect, manage and effectively report on that data. In an age of continuous accounting, Workiva cloud solutions deliver timely, accurate data ready for reporting on demand.
Reason Number 5: Ad hoc reporting
Fifteen years ago, it might have been standard for management to review company performance for the previous quarter long after it had ended. Today, a new generation of leaders expect insights waiting in their inbox by the end of the week or even day to help them strategise for the future.
Continuous accounting, reporting and testing spread out work that once stacked up at the end of the quarter, but a continuous reporting process also serves other purposes. Being able to respond quickly to ad hoc requests for a different cut of data or another iteration of a test can provide valuable insights sooner. A more agile reporting process leads to faster, more-informed decision-making.
The cloud makes continuous accounting and ad hoc reporting easier:
- Storing data in a shared space in the cloud gives analysts a single source of truth from which to pull information
- The cloud can provide more storage and computing power to process data than what is available on an individual machine
- Multiple team members can access documents in the cloud at once, which saves valuable time when colleagues do not have to wait their turn to work on their sections of a report
Workiva for faster reporting—and more time
Workiva makes compiling reports even faster. In fact Brown-Forman, whose brands include Jack Daniels and Finlandia, slashed the time it takes to compile the board of directors report from 15 hours a month to less than two hours.
"Wdesk let us implement a modern process for our internal reporting, allowing us to spend more time analysing data rather than compiling it," said Andrew Campbell, a former analyst and now a manager in corporate development at Brown-Forman.
Workiva helps you gather and centralise structured and unstructured data from multiple systems and connect it for final reporting and analysis. Wdata, the data preparation tool from Workiva, can support billions of records to help you respond to ad hoc requests more efficiently. One customer is already using it to process 17 million records in seconds.
Workiva solutions were built to save you time collecting data and creating reports and presentations, so you can spend more time on analysis:
- You can link data so that updating a spreadsheet cell automatically updates the same information wherever it appears
- Robust audit trails show a complete revision history, so it is easy to quickly see what has changed
- Users can add comments to document why changes were made, limiting the need for follow-up phone calls or emails
- Customisable style guides let you easily build reports with a consistent look and feel, so you can focus on what you do best, instead of what colours your pie chart should be
We will explore other top reasons organisations choose Workiva and the cloud as this blog series continues.
If you are ready to see more right away, you can request a demo to see our products up close.