Trial Balance

Introduction/Summary

A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance. Systems can restrictive due to a lack of functionality which can be improved with a modern cloud-based solution.

Typical Problems

Older systems are restricted by a lack of detail and available reporting types, which can hamper analysis and decision-making.

Preparing a trial balance can be a time-consuming manual process, involving the consolidation of information from multiple sources which often means it is out of date when prepared.

Solutions

Finance teams can automate and schedule the trial balance reports to ensure they are sent to the required stakeholders automatically as required.

Modern cloud solutions automate reporting at a dimension level; allowing users to drill down to specific areas as they require without labour-intensive consolidation and preparation.

Benefits/ROI

Real-time reporting with accurate balances to improve decision-making.

A greater level of detail with customisable report formats to suit individual business requirements.