OpenExchange’s finance and accounting team struggled with a manual and time-intensive monthly and weekly reporting process. Updating reports consumed significant hours, diverting their focus from strategic initiatives. This manual approach also led to inconsistencies and a higher risk of inaccuracies in their financial data.
South Shore Analytics implemented a new, best-practice-driven reporting system for OpenExchange. This included establishing a central location for all data inputs, creating live links within their spreadsheets for automatic updates, and utilizing intelligent indexing to ensure dynamic report updates. Additionally, South Shore Analytics rebuilt the company’s Cash Flow model, integrated dynamic variance calculations for better analysis, and conducted a thorough review of vendor expenses.
The newly implemented system has significantly reduced the time and effort OpenExchange’s finance and accounting team spends on monthly reporting. This efficiency gain has freed up valuable time for them to concentrate on more strategic activities. Furthermore, the improved accuracy and consistency of the reports have increased trust in the financial data, leading to more informed and confident decision-making