Benefits of using ExcelFSM

How does ExcelFSM help?

Amounts appearing in a financial report are either an Item balance or a Total.

An Item balance results from the grouping of one or more accounts from the Chart of Accounts.

A Total results from the grouping of financial report Items.

•ExcelFSM reads the trial balances produced by accounting software, then organizes and stores the data, building a Chart of Accounts. Besides the accounts identifier (number and/or title), ExcelFSM initializes a ‘Sense’ field that will be used further for presentation purposes.  This Chart of Accounts can be edited and printed.

•ExcelFSM accesses the accounts so you can easily group them into financial report Items. Items balances are placed into Excel worksheet cells, updated as you perform the grouping.

•ExcelFSM helps you group Items into Totals, which are also placed into Excel worksheet cells, updated as you perform the grouping.

•ExcelFSM also helps you reduce typing by providing Suggested Titles for the financial report Items. ExcelFSM even has a button to put the Enterprise name into a cell, and a button to put the ‘As-of date’ into a cell.

•ExcelFSM allows you to record Adjusting Entries. Item balances and Totals are simultaneously updated accordingly while you are recording an entry.

•ExcelFSM generates working papers, saving significant time and manual effort.

•A Trial Balance worksheet, per financial reports (that can be combined afterward), showing the selected prior period balances, the unadjusted current balances, the adjusting entries, the adjusted balances, the financial report balances and the groupings.

•A Leadsheet for each financial report Item, showing the grouped accounts and respective balances, for the selected comparative periods.

•A Grouped Accounts Sheet for each account grouped into a financial report Item, showing the grouping id., the unadjusted balance, the adjusting entries allocated to the account, and the adjusted balance of the account.

•ExcelFSM allows you to toggle the display of accounts that are grouped into Items, while you are in the sheet of a financial report.

•ExcelFSM updates the financial reports by simply reading the trial balance of the following financial period (next day, week, month, year) and identifies any new accounts, that you simply group into the proper financial reports Items. Even the cells initialized with the ‘As-of date’ button are updated.

•ExcelFSM manages the trial balance data and financial reports of multiple financial periods by automatically saving copies of your Excel workbook for each financial period.  The latest workbook contains the account balances read from the last trial balance, as well as the adjusted balances of all previous financial periods (to enable Comparative presentations).  Should you need to refer to your work of a previous financial period, simply open the appropriate Excel workbook identified by the “FSM”+”As-of date”+”Enterprise name”.

•ExcelFSM can display, in your financial report, Comparative balances of selected previous financial periods. You no longer have to print worksheets of prior periods and manually merge to place them side by side in order to compare numbers from one financial period to another.

•ExcelFSM not only displays rounded values, but also computes with the rounded values of the account balances, which provides accuracy.

•ExcelFSM allows you to manage the worksheets from a movable and resizeable dialog that shows all the worksheets at one glance, a handy alternative to manipulating the worksheet tabs at the bottom of the Excel workbook, which can be tedious and time consuming.

•ExcelFSM assists in generating PDF / XPS files for your financial reports and generated worksheets, from with Excel.

•ExcelFSM is also the ideal tool to prepare Consolidated financial statements.

•ExcelFSM allows you to drill down and get the detail of an account balance, and the detail of a transaction, from the financial statements built with ExcelFSM, as well as from the dynamic working papers and the customizable leadsheets.