Interactive Reports with TRUE Accounting
As of version 19.0.41 TRUE Contractor Software will now support Interactive Reporting for all TRUE Accounting subscribers. Users will be able to utilize the Income Statement, Trial Balance, Accounts Receivable and Payable Reports for drill-down, interactive reporting offering an unprecedented level of review and enabling quick corrective actions. Functionality to allow users to run reports, and what we refer to as ‘jump’ to the General Journal offers the ability to quickly un-post, modify or delete, and re-post to the General Journal to resolve issues that arise from incorrect data entry. Although TRUE offers default account setup and line itemization in the Procurement and Invoicing process, it’s all to frequent users identify miscoded data that needs to be rectified. Interactive reporting is heavily used in a multitude of accounting solutions. We listened to our customers and have now filled the void to provide another tool in the TRUE toolbox for users gain the intimate knowledge of their company’s financial records.
All financial reports in TRUE Accounting are available in PDF and Excel formats, a mandatory industry standard. Let’s dive into Interactive reporting stating with the Income Statement:
Figure 1 – Interactive Income Statement
Figure 2 – Drill Down Sales Account – By Period
Figure 3 – Year to Date Sales Account
Figure 4 – Selecting an Entry ID
When users drill-down to an Entry ID level, a unique ID number every journal entry obtains on creation, users now can review ledger accounts applied to the journal entry and with a click, un-post the entry for modification if necessary. How many times do accounting professionals find themselves sending smoke signals to complete the simplest of tasks? Although locking months for back-end closing of Revenue and Expenses accounts is par for the course in financial reporting, no longer do our users jump through hoops to conduct month and year end bookkeeping procedures.
As with all TRUE financial reports, the top of the funnel, Total Sales, establishes the basis we use to identify where the dollars are allocated by dollar amount and percentage. As a 10-million-dollar annual revenue commercial glass and glazing company, one can easily identify a problem when Indirect Costs exceed 10%. Users can establish benchmarks and conduct a breakeven analysis while identifying when spending is out of touch with the bottom line by simply glancing at our reporting tools. Although tasks are in queue for benchmarking and budgeting reports as those will be the next modules available in upcoming versions of TRUE Accounting, never before have we offered the functionality our accounting teams need to analyze the company’s performance while simultaneously conducting their specific workflows.
About TRUE
TRUE is the #1 provider of construction management and accounting solutions for self-performing subcontractors in the construction industry. TRUE’s platform serves to connect field and office staff with the most advanced web-based and mobile-friendly cloud technology on the market today. Trusted to deliver world-class support and ease of use, TRUE offers companies the ability to run their businesses end-to-end within a single solution. Headquartered in Tampa Bay, Florida, TRUE is equipped to assist in managing construction projects, finances, and people across the nation.
Have questions? You can reach out to us at any time to inquire about the different packages and schedule a one-on-one demonstration!