How to find an app to ease the consolidated reporting headache

As recurring accountancy tasks go, consolidated reporting can be a complex and time-consuming headache, even for the most experienced accountants.

If your clients have group structures, subsidiaries, or portfolios, you’ll know that consolidated reports process a vast quantity of data. The data is often in different currencies, across territories, with inter-company transactions thrown into the mix, just a few examples of the complexities involved.

As a possible solution, you may be starting to think about how the latest cloud-based apps could overcome consolidation complexities and build upon finance software you already have in place.

Here, we look at how to find the right app for you, offering a three-point plan. But first, some background.

What is a cloud-based app?

An app (or application) is software that bundles together features in one place for its users to utilise for a specific task or area of life/work. There are millions of apps available in app stores, covering all sorts of things, from running and travel to personal banking and music streaming. If you use accountancy software like Xero or QuickBooks, there will be apps (or add-ons) for reporting, invoicing, payment management, and even consolidated reporting, to name just a few.

1. Scope what you need from an app

In 2009, Apple started using the phrase ‘There’s an app for that’, and you can be sure there’s something out there to help solve challenges keenly felt by your practice.

But with an ever-increasing choice of apps available for accountants, where do you start?

To begin any search and find the right app for your practice, we recommend you scope your existing process.

With consolidated reporting, think about your workflows and where manual processes might be failing, identify sticking points, and look at where you can improve.

As you’re scoping what you want from an app, also consider any routine, rules-based tasks that could be automated.

Think about those fiddly actions within spreadsheets – the ones that require complex workarounds or where the manual handling of data has become a burden, as this is where you will find tasks ripe for an app.

Create a wish list of solutions you’d like to see in place as you go.

Case study: UK-based chartered accountants and tax advisers Bulley Davey

Bulley Davey faces challenges with larger clients who tend to have multiple data sources across different cloud-based platforms. The practice needs to bring the information into one location so its accountants can assess and present an overall picture.

Bulley Davey has been using our Joiin app since 2019. Essentially to consolidate profit and loss reports and balance sheets, enabling them to build an accurate picture of the client.

Jake Burton, digital development manager at Bulley Davey, leads on how the practice utilises cloud-based apps. Jake advises: “Don’t’ be hasty. Map out exactly what you want to achieve and then assess if there is a solution out there to meet your needs specifically.”

You can read more on this case study here – Bulley Davey Joiin Case Study

2. Research what’s available

We advise that you look at the broader ecosystem surrounding your cloud accountancy software and find a connected app – a decent app marketplace is a good starting point.

An ecosystem is a collection of apps centred around a core software platform. An example is the Xero App Marketplace featuring apps integrating with Xero and enhancing the platform.

Each accountancy software brand will have an app marketplace to find apps and add-ons.

Have your wish list to hand and check this against the features for each connected app.

Always ask for a demo – as this will provide a more in-depth look at any apps you’re considering.

You can always turn to specialists like App Advisory for clear-cut advice if in doubt.

Case study: Chartered accountants, Baxter World

Already using Xero with its clients, Baxter World implemented Joiin because it’s an official add-on for the accountancy software brand.

The trigger for Baxter World to choose Joiin? Running a bustling service through Excel proved too complicated and error-prone for the practice. The entire consolidation process was proving painful. It was simply too time-consuming due to complex Excel formatting, and the whole process placed too heavy a demand on the company’s account managers.

Initially used with one client only, the practice was so pleased with the results that it now incorporates our app into work for multiple clients.

3. Look beyond the app

When you choose an app, you’re also deciding to work with a partner, and you should expect to receive a rounded service. Is there a free trial available? How is ongoing support delivered to customers?

Consolidated reporting is a complex process you’re trying to ease with the right app. Just as you solve your consolidation headache, the last thing you want to encounter is poor service from an app provider.

Good luck, and remember, there’s an app for that.

Click here to find out more about Joiin, the Consolidated Reporting App ›