How to Elevate your Financial Reporting with Prismatic

​​As a former Finance Director at a family office, I’ve always believed in the power of informed decision making—having the right data at the right time can make or break a strategic move. The countless long weeks spent closing LAST months books is all too familiar. We’d often struggle to get the board package done in time, scrambling to reconcile and eliminate mere hours before the board call started. Prismatic’s goal is to eliminate that pain and free up your time so you can focus on strategic decision making.

Having rock-solid financials is not just a necessity—it’s the backbone of any thriving business. Here is how Prismatic can help you create a set of financials that you can use as a secret weapon for optimizing your operations, both inside and out: 

1. Informed Decision-Making: Picture this: your financial reports are like a GPS for your business, guiding stakeholders—whether it’s your management team, investors, or creditors toward smarter decisions. Personally, I don’t like making decisions without all of the appropriate data available. Prismatic helps put accurate financial data at your fingertips, so everyone can confidently navigate investments, lending, and strategic business moves.

2. Transparency and Trust: Transparency isn't just a buzzword; it’s the currency of trust. This is especially true if you are sitting in the CFO/Controller/Director of Finance’s chair. People are relying on you to give them the information they are looking for. Clear and honest financial reporting lets stakeholders know exactly where the company stands. When people see you’re not hiding anything, they’re more likely to trust you, which reduces the risk of misunderstandings or, worse, suspicions of foul play.

3. Attracting Investment: Want to catch the eye of potential Investors? Show them a set of financials that scream stability and growth. Any time we were looking at making an acquisition, or an expansion of a business that was reliant on outside capital, meant I needed to make sure I had the most relevant financial data available. A well–prepared financial report helps shine the spotlight on your company’s potential, making it easier for investors to see the rewards they are looking for. 

4. Performance Measurement: Do you remember the feeling of receiving a grade back on an assignment that you worked really hard on? Whether you passed or failed, the feedback you received from the assignment was crucial for your future performance in the class. Your financial reports are like a report card for your business. Prismatic can take you beyond the financials by using ratios and KPIs to show you how you are performing over time, helping management spot trends, shift focus to areas that need some improvement, and even set goals that will help keep you moving forward.  Prismatic then takes your reports and presents them in real-time on dashboards you configure yourself – no consultant required. 

5. Internal Accountability: Keeping everyone in check is easier when you have solid controls. You don’t have to have large departments full of people to put proper controls in place. I have always made sure that the right controls were implemented whether it was just me as a team of one, or leading a team of multiple people. Solid controls help equate to accurate financials by allowing you to monitor the performance of different departments, ensuring that resources are being used wisely and that every part of the business is pulling its weight towards your financial goals. Prismatic helps you achieve this by setting various levels of permissions within your accounting software so someone isn’t doing something they aren't supposed to.

‍

By considering these points, you can elevate the sophistication of your business. It also demonstrates to stakeholders that you are reliable, trustworthy, and dedicated to the success of your organization.

Interested in seeing how Prismatic can transform your business financials? Drop me a line on LinkedIn or fill out our demo request form to get a personalized walkthrough of the platform.

-Josh Summerford, CPA