For many finance teams, preparing board packs and monthly report sets is a routine yet time-consuming task. It involves collecting data from multiple sources, validating numbers, updating spreadsheets, and creating polished presentations—often under tight deadlines. While this manual approach might work for small businesses, it quickly becomes unsustainable as your organisation grows.
In this blog, we’ll explore the disadvantages of manually preparing board packs and monthly reports, and why a purpose-built solution like BrizoSystem can make a significant difference in accuracy, efficiency, and strategic decision-making.
1. Time-Consuming and Labor-Intensive Process
Manually creating board packs and monthly reports often requires hours, if not days, of work. Finance teams must extract data from multiple systems, format it consistently, and manually build charts and tables. This process leaves little room for actual financial analysis and strategic planning.
For example, if you have a group with 10 subsidiaries, consolidating financials for each entity and then preparing a polished board pack can consume an enormous amount of time each month.
How BrizoSystem Solves This:
BrizoSystem automates data collection from multiple accounting systems like Xero, QuickBooks, and MYOB, eliminating the need for manual data entry. Its Insight Package feature lets you compile selected reports and dashboards into a single, professionally formatted PDF, saving countless hours every reporting period.
2. High Risk of Errors and Inconsistencies
Manual processes are prone to human error. A misplaced decimal point, incorrect currency conversion, or outdated data can significantly distort financial insights, potentially leading to poor decision-making or even regulatory issues.
Example:
Imagine presenting a board pack where the profit margin is overstated due to a simple formula error or a missed elimination entry. This can mislead executives and stakeholders, resulting in misguided strategies.
How BrizoSystem Solves This:
With BrizoSystem, data is pulled directly from the source, reducing the risk of errors. It also supports automated intercompany eliminations, ensuring your consolidated numbers are accurate and reliable.
3. Inconsistent Presentation and Branding
Manually prepared board packs often suffer from inconsistent formatting, outdated templates, and mismatched fonts, which can undermine the professional image of your financial reports.
How BrizoSystem Solves This:
BrizoSystem allows you to use custom report templates and color palettes at the organisation level, ensuring that every report is polished, consistent, and on-brand. You can even choose different templates for different organisations or insight reports, providing a tailored experience for each business unit.
4. Lack of Real-Time Data and Insights
Manually prepared board packs are typically a snapshot of financial performance at a single point in time. By the time the board sees the numbers, they may already be outdated, missing critical real-time insights.
How BrizoSystem Solves This:
With BrizoSystem, you can include live dashboards and real-time financial data in your board packs. This ensures that your executives are always looking at the most up-to-date information, improving decision-making and responsiveness.
5. No Audit Trail and Limited Data Security
Manually prepared reports often lack a clear audit trail, making it difficult to track who made changes and when. This can be a significant issue for compliance and internal controls.
How BrizoSystem Solves This:
BrizoSystem provides robust audit trails and user permissions, ensuring data integrity and security. It also supports user comments at the account and period level, capturing critical context for future reference.
6. Difficulties in Collaboration and Review
When reports are prepared manually, collaboration becomes a challenge. Sharing drafts, incorporating feedback, and managing multiple versions can lead to confusion and version control issues.
How BrizoSystem Solves This:
BrizoSystem simplifies collaboration with features like period filters, color highlights, and search functions, making it easy to refine reports and share insights with your team. Plus, its automated scheduling feature ensures stakeholders receive the latest financial insights on time, every time.
7. Scalability Issues as Your Business Grows
As your business adds more subsidiaries or expands into new regions, manually managing financial data becomes increasingly complex. This approach simply doesn’t scale.
How BrizoSystem Solves This:
BrizoSystem is designed for multi-entity businesses, offering flexible consolidation structures, including virtual groups for non-traditional reporting needs. This scalability ensures your reporting processes can grow with your business.
Conclusion: Automate Your Financial Reporting with BrizoSystem
Manually preparing board packs and monthly reports is not just inefficient—it’s a risk to your business. With BrizoSystem, you can automate data collection, eliminate errors, and present professional, consistent financial reports with ease.
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