2013 Innovation Award Nominee: Renovofyi Financial Report Writer

Renovofyi – Financial Reporting Solutions by Design Businesses today are expected to make rapid, yet informed decisions. Additionally, the Sarbanes–Oxley Act of 2002 Corporate Responsibility mandates that senior executives take individual responsibility for the accuracy, completeness and validity of corporate financial reports. This dual management accountability makes it imperative that the company’s financial information be readily available, comprehensive and up-to-the- minute, providing the basis for sound business decisions.

Renovo’s Financial Report Writer, Renovofyi, allows a company to combine general ledger data from multiple general ledger systems, and perform currency translation with its Currencyfyi product, which provides the ability to perform daily reinstatements. All of Renovo’s solutions are 100% web based, allowing those with authorization to have instant access to financial statements and then drilldown to the details with just a click of a mouse, no matter where they are.

For decades, companies relied on spreadsheets to produce their financial statements, always a problem when numbers get accidently changed or formulas don’t calculate properly. Even worse, is the time spent to put together the statements and issue a single dimension of the financial data, all without being able to see the details of how the numbers came to be.

Renovofyi doesn’t use spreadsheets to produce financial statements. Instead, Renovofyi gathers the financial data from the general ledger system, assuring tight controls between the general ledger data and financial reports. Renovofyi also provides the ability for financial statements to be exported to Excel for further analysis.

Renovofyi‘s flexible drag and drop design and reusable components make financial statement creation quick and easy. Security levels can be assigned to each user, so that those with authorization can easily generate their financial statements whenever they desire. The reporting library provides the ability to store and archive historical reports, making it easy to view and rerun them at any time, and alleviating the need to retain stacks of printed financial statements. Distribution rules provide the ability to automatically burst financial statements to department managers, subsidiaries or any executive without performing time consuming separate financial statements for each department or region. Flexible rollup structures provide the ability to aggregate financial data into multiple dimensions without changing the underlying financial data.

For companies with global needs, the Currencyfyi module provides the ability for financial statement consolidation of foreign subsidiaries, providing daily revaluation for better insight. The system is completely FASB52 compliant, including the ability to truly revalue historical transactions. And for those who need a SaaS solution, Cloudfyi is our complete Renovofyi Suite deployed in the cloud.

Renovo Corporation’s innovative solutions take the time, worry and frustration out of financial statement generation and disbursement. By changing the way financial statements are delivered and accessed, Renovofyi makes it easier for our accounting and CPA partners to satisfy their customers’ needs in this challenging, fast paced and ever changing economy. For more information or to see a demo, visit www.Renovofyi.com.

 

Click here to see an in-progress list of nominees for the 2013 Innovation Awards.