Whether you’re operating a small construction company or a large public corporation with various subsidiaries, the need for timely and accurate financial statements is critical. From off-the-shelf accounting software to robust, customizable ERP systems to proprietary systems, there are a plethora of ways to internally structure and articulate financial information to a company’s key individuals.

This article will discuss and elaborate on methods that can help maximize the flexibility of any accounting system to automate, consolidate, and identify efficiencies in financial reporting. Emphasis will be on replacing inefficient financial reporting processes with data automation for more thorough and accurate analysis.

The Foundation of a Consolidated File

A solid chart of accounts forms the foundation needed to create an internal mapping system of general ledger accounts to automate virtually any financial report. Most, if not all, accounting programs can export data into various file formats, and Microsoft Excel in particular can be used to create an internal general ledger account mapping that is structured around your company management’s needs.