These reports have historically been collated using manual entered data which has led to delays (the data gap)
In 2020 manual entry is becoming obsolete with the advent of automation, therefore, these reports previously 30-45 days after a given reporting date can be produced LIVE
With bank feeds built into accountancy software like Xero and automation tools like receipt bank creating live data sources that reports can be run from in real-time.
With real-time data and reports, a business can react to changing trends and identify best practices.
Recently Lime has digitally transformed clients from old software to new modern applications. The care has to be to amend processes to match the new reporting deadlines!
For example - actively training clients on software and encouraging use of receipt bank as standard practice for purchase ledger and staff expenses - simply take a photo and submit!
The best example of this is a client filing accounts 30 days after year-end having management accounts regularly on or 24hours after month-end - populating a detailed forecast in real-time - this allows the client to raise finance and grow much easier as it’s in full control of its finance function.
Lime offers the above as an outsourced solution or will manage the process internally for clients.