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A former company I worked for in Nashville was a medical transport company called Caliber Patient Transport. It had grown over the 7 years I was there from 4 drivers and 7 employees to 40 national locations with hundreds of employees and hundreds of operating vans. We delivered patients to and from doctor’s appointments, dialysis, and various physical therapy and related services. We offered not only wheelchair support but also a stretcher division (the only other company outside EMS to operate). The problem we faced as it grew larger was how small-firm financial statements and reporting didn’t work anymore because of the larger fleets, accounts, and employee numbers. The payroll system was handled by the CEO but the reporting and other financial aspects were handled by internal and external accountants. We needed better software solutions internally to account for the entire company which was headquartered in Nashville. Even though we were paid through direct deposit, sometimes that would get put in at a late time and put off our pay for up to a week at times. I’ve read about a reporting software solution that would help handle delays internally and should be considered. The name of it is Open Engagement, by CaseWare International (Financial Reporting, 2007). This software is an open-source software platform that can be downloaded for free and upgrades are available as certain packages and options are needed. What’s great about it is its ease of use at the latter end of reporting and how it is operated. It prepares automatic filings of annual reports, financial statements, board books, etc. It provides a collaborative environment with accuracy and open discussion, entries, and templates can operate within Microsoft Word for detailed similarity with current operating systems. If our corporate structure could collaborate easily with other branches on the same financial reporting platform, mistakes could be corrected early and delays could be avoided. Proper ratios could also be analyzed to show current status of accounts and where strategies should be focused to increase the ROI in the company (Davis & Davis, 2021). This software gives hands-on instant access to anyone in management or accounting when they need accurate ownership information or a stakeholder that needs to analyze a segment.
Davis C. E., & Davis E. (2020). Managerial Accounting, Enhanced eText (4th ed.). John Wiley & Sons. ISBN-13: 978EEGRP40373
Financial reporting. (2007, April 1). Financial Executive, 23(3), 67.