SNP Announces New Software Release to Automate Financial Reporting

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Rapid Reports is a major upgrade to the robust reporting solution previously known as Cetova.

Rapid Reports

Corporate governance and compliance are among the highest priorities for the CEO and right down to the business unit managers in any organization.

SNP announced the general availability of its Rapid Reports software this week, a major upgrade of Cetova, the company’s robust reporting product. Designed to ensure automated end-to-end financial reporting from a company’s ERP system, Rapid Reports enables streamlined statutory and management reporting. Now, users can focus on business analysis instead of spreadsheet preparation and on correcting the ensuing errors inherent in manual and disjointed processes and from disruptions.

“Manual reporting introduces risk in any organization.” Jessica Lesperance, Director of US Software for SNP, says. “The chance for errors are high enough, but when you add in everyday distractions, it rises exponentially.” Confirming Lesperance’s statement, a Michigan State University study, funded by the US Navy, concluded that interruptions as little as 2.8 seconds doubled the number of errors participants made in a task requiring multiple steps while interruptions lasting 4.4 seconds tripled them. (Source)

“Mistakes in reporting processes encumber an organization’s efforts to provide timely financial reports to the proper authorities, including the SEC, IRS, or independent third parties such as auditors or bankers when trying to secure a line of credit.”, Lesperance added. “With Rapid Reports, a simple refresh updates all data directly into the reports.”    
Rapid Reports generates financial reports directly from the client’s ERP system automatically, making it a highly secure and hassle-free option. Other reporting methods, jeopardize compliance and are at risk for errors, data manipulation, and the inaccuracies caused by topside entries through spreadsheets and manual mapping.

“Corporate governance and compliance are among the highest priorities for the CEO and right down to the business unit managers in any organization.”, said Christopher D’Arduini, Vice President of Operations at SNP. “As a former internal auditor, I have firsthand experience on how critical it is to have an accurate audit trail back to the originating data source, saving time and effort while keeping stress and anxiety levels down to a minimum during an audit or financial close” he further stated.

With Rapid Reports, users view transactional data, and they design queries through its Query Editor application. For organizations not using Rapid Reports, the IT department’s time commitment is exponentially greater.

Rapid Reports provides the following benefits:

  •     Pulls data directly from the organization’s ERP system to ensure security and compliance
  •     Real-time, on-demand querying of data
  •     True drag and drop functionality when designing reports, queries and dashboards
  •     Limited IT involvement, empowering the report owner

About SNP
SNP empowers organizations to successfully shape digital transformations and pursue market opportunities enabled by highly adaptable IT. SNP's solutions and software are used to integrate previously separate IT environments, support M&A projects and carve-outs, and cultivate new markets outside of the home market. SNP Transformation Backbone® is the world's first standard software to automatically analyze and execute IT systems transformation. It delivers significantly better quality while greatly reducing the time and expense involved in transformation projects.

SNP AG employs approximately 600 people in Europe, South Africa, Asia and the US. The company is headquartered in Heidelberg and generated approximately EUR 56 million in revenue in 2015, according to preliminary figures. Its products and solutions are used by multinationals in manufacturing, finance and the service sector. SNP AG was established in 1994, went public in 2000, and has been in the Frankfurt Stock Exchange’s Prime Standard segment since August 2014 (ISIN DE0007203705).

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Neil MacLean

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SNP GL Associates
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