Reporting from the Cloud
“Reporting From the Cloud” details the ways in which statutory financial reporting and tax compliance headaches – along with their attendant hardware, software, infrastructure, and maintenance costs – can be dramatically reduced by accessing all of the necessary functional capabilities from the cloud. Here’s an excerpt:
Just think about what you go through to ensure the data in your financial statements agrees precisely with the data in your general ledger. In contrast, in the cloud, it’s easy enough to imagine you could simply load your original general ledger data into Microsoft Excel, then export the data from the annual statement into the same worksheet to compare it for balancing purposes. The same would hold true for Schedule P, when you’re trying to validate your premiums and losses back to your source data — and for your auditors, when they want tie annual statement data back to the general ledger.