Benefits of using WordFSM

How does WordlFSM help?

Building and updating financial statements with Microsoft Word is now automated.

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.

•WordFSM imports the adjusted trial balance data from ExcelFSM which reads the trial balances produced by accounting software, then organizes and stores the data, building a Chart of Accounts.

•WordFSM accesses the accounts so you can easily group them into financial report Items. Items balances are placed into Word document bookmarks, updated as you perform the grouping.

•WordFSM helps you group Items into Totals, which are also placed into Word document bookmarks, updated as you perform the grouping.

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

•WordFSM allows you to view the chart of accounts built from the adjusted trial balance of the selected FSM workbook, with the financial statement items where each account is grouped into in the FSM document.

•WordFSM updates the financial reports by simply reading the adjusted trial balance data of an updated FSM workbook of the following financial period (next day, week, month, year). Even the bookmarks initialized with the ‘As-of date’ button are updated.

•WordFSM can display, in your financial report, Comparative balances of selected previous financial periods.

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