You're facing a time crunch with quarterly financial reports. How can you simplify data collection processes?

Automated tasks are great when the software is working properly. It does save time when you can import data instead of manually entering the data. My company created a new system for cash application where I can import check batches and ACH reports forms Wells Fargo into the system. It has been working perfectly fine, and has reduced small typos for all offices. It has also saved me a lot of time when I would have 3 check batches to enter. Now it only takes a couple minutes to import the batches.

Automation will become more prevalent in the workforce as companies continue to look into ChatGPT and other machine learning processors. Having a system automatically generate reports MoM not only saves me a world of time but also allows me to delineate more tasks to members of my team making us more effective as a unit with our time management.

Having a system where the financial reports are in one place is very convenient, and helps to get tasks done quicker. All of the data we enter throughout the system is pulled automatically by the reports so there is no back and forth between systems and/or employees. It is way more efficient.

Having a centralized data storage unit is so crucial to the security and relevance of one’s data. When teams decide to have their own storage services it can become a hassle to gather the necessary information to complete a task. It also can lead to issues down the line especially if attrition plays a factor. If the person who knows and regularly logs the relevant data goes, not only will it take time to train another person on the location of resources but could further delay project deliverables.

Streamlined communication is so important especially for someone who is junior and beginning their career. Often times we get enamored by the “hard skills” a job demands. We focus so much energy on becoming a subject matter expert which is important don’t get me wrong but doesn’t always help with career progression. There needs to be a combination of the two; both hard and soft skills growth and one of the most important soft skills is streamlined communication. Developing streamlined communication early helps keep the team honest on expectations for project deadlines, team member execution styles, and team morale. Nobody likes a bad communicator.

Communication is key with everything. Being able to communicate with everyone involved without having to send emails to several people would be very beneficial. Everyone would know what needs to be done and also it would help them stay on track.

I agree that having templates is a huge time saver. It also insures that every type of report will look the same so it would be easier to compare reports if needed.

Waiting until the last minute to review the data is never a good idea, especially if there are errors that need to be fixed before the deadline. It may be a tedious task to incorporate into your schedule, but it will save you in the long run when all of the errors have already been dealt with when the report deadline comes up.