It’s easy to think of enterprise performance reporting as a necessary evil. Companies need reports to evaluate their success objectively and plan their next move strategically. Yet reporting is a complex, time-consuming process that can leave those responsible feeling frustrated by how much effort is involved.
PeopleSoft is a valuable tool for enterprise data collection, full of insights companies need to find and leverage. With the built-in PeopleSoft reporting tools, however, producing even simple financial reports from that data can require hours of data entry and significant assistance from the IT team. Not surprisingly, reporting quality suffers.
Financial reporting will always be necessary, but it doesn’t have to be a burden. Streamlined reporting can be easier than companies expect, and the benefits can be greater than they anticipate. If your goal is to reduce frustration for your reporting team while upgrading the quality of the reports they produce, apply the following best practices.
Move to a Less Complex Environment
For those who are new to PeopleSoft or come from a non-technical background, the built-in reporting tools can be challenging to use. Instead of relying on PeopleSoft to handle reporting, migrate to a more familiar environment like Excel. Very few will object to working inside a tool they have been comfortably using for their entire professional lives.
Automate As Much As Possible
A big reason people dread reporting is that the work involved can be repetitive and monotonous, yet also complicated and highly sensitive. It’s a task no one particularly looks forward to. And anyone who does it risks entering errors into the data.
Automating the majority of the process—especially in terms of how data is accessed, integrated, and organized—can eliminate hours of work. Rather than tackling the same routines month after month, finance experts will have time to focus elsewhere. Reporting stops feeling like an all-consuming obligation as it becomes a process that now leaves time for analysis and drives smarter decision-making.
Streamline Report Generation
Creating a financial report inside PeopleSoft often involves extensive SQL coding, which typically the IT team. Tools that are purpose-built for reporting make this kind of coding unnecessary, freeing up the IT team for other tasks.
Individual users—whether accountants, CFOs, or decision-makers in other departments—are empowered to build their own reports using intuitive features and simple design options. Eventually, reporting stops feeling like a chore and starts to feel like an on-demand asset.
Look Outside the PeopleSoft Ecosystem
PeopleSoft reporting becomes even trickier when users need to look outside the system for additional data. Either the data can’t migrate into PeopleSoft or else the migration creates extra work and a higher risk for data errors. Neither situation is ideal.
Reporting tools based outside the PeopleSoft ecosystem make it easy to connect data sources from across the enterprise. These connected reports then reflect the full reality of enterprise performance, rather than a snapshot of potentially erroneous data.
Companies that rely on native PeopleSoft financial reporting often face considerably time-consuming processes with results they don’t fully trust. Fortunately, there are other options. Spreadsheet Server, a financial reporting solution that integrates with PeopleSoft (plus 140 other ERPs), situates easy, custom financial and operational reporting right inside the familiar environment of Excel. It’ provides a tremendous boost for reporting, finance, and all aspects of decision-making. To learn more, contact us.