Clue 2: How Easy is Your Financial Reporting?
In a recent article, we pointed out that there are four very common clues that will tell you if it’s time for your financial institution to upgrade to a stronger accounting solution. We wrote about Clue 1 most recently: Excel overload. The second clue is that your financial managers start to dread end of month.
Sure, things are going to get busy as the money starts to slip away and everyone is trying to sneak just one more deal through to the closing table. But for too many accounting departments, month end is the beginning of a hellish period that can take weeks to work through. This is especially true if your department is tasked with a lot of cost center analysis work.
In our business, we have multiple, overlapping cost centers that must be analyzed if financial managers want to make sense of what’s really going on in their businesses. Unfortunately, the accounting systems many lenders use make this much too difficult. If you’re being forced to set up multiple accounts in the general ledger to perform meaningful cost center analysis, it’s a clue that it’s time to upgrade.
Find out more in our recent article, and then reach out to us to find out how much easier your life can be with the right accounting software.
About the author:
Carl Wooloff is Mortgage Bank Accounting Technology Product Specialist at Bestborn Business Solutions, the company behind Loan Vision, the mortgage industry’s fastest growing provider of accounting and financial management solutions. Carl can be reached at Carl.email@example.com.
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Moving to the latest version of Loan Vision will allow us to automate more and get more information to the decision makers in the branches without them having to reach out to the head officeOystein Konsmo, Chief Financial Officer, NOVA® Homes Loans