For many public sector finance teams, preparing an annual financial report in Excel and Word is familiar. Yet familiarity does not make a process well suited to the growing complexity of government reporting. When data, narratives, scheduling, notes, and formatting are spread across separate files, teams may spend substantial time stitching documents together and still face risks that are difficult to detect until late in the reporting cycle.
Not all hope is lost, though. Modern financial reporting platforms provide professionals with a streamlined approach to report preparation, and help limit the risks associated with outdated or antiquated reporting methods.
Why a More Controlled Reporting Process Matters
Annual financial reports contain hundreds of interrelated data points across government-wide and fund statements, notes, management’s discussion and analysis, required supplementary information, and statistical sections. In a spreadsheet-based process, a myriad of factors can affect multiple parts of the report. Consider a formula error, hidden row, broken link, accidental overwrite, or copy/paste mistake. These occurrences, as well as last-minute audit “adjustments” entered into one worksheet, may not reach every related schedule or disclosure. There is opportunity for error in several places.
In addition, separate Excel and Word files can create competing sources of truth for reports. Version control is a real challenge: as review comments and revisions accumulate, staff may struggle to identify the latest rendering or confirm that an update was applied throughout the report. Formatting can shift when content moves between files, adding more time and work when deadlines are tight.
Changing GASB requirements add another layer of complexity. Spreadsheet users may need to redesign templates, formulas, schedules, and workflows as standards evolve. That work creates a training burden on employees and increases reliance on the individuals who understand custom formulas, macros, and workarounds, as well as the new requirements. If those employees leave or retire, institutional knowledge can leave with them.
Financial report preparation platforms focused on purpose can address these challenges by bringing data, document development, review, and collaboration into a controlled environment. A single source of data can help updates flow through related report components, while built-in consistency checks and centralized collaboration can reduce repetitive validation, version management, and formatting. These capabilities allow finance professionals to devote more attention to analyzing results and supporting decisions rather than maintaining files.
A More Connected Approach With The Reporting Solution
The Reporting Solution (TRS) from Forvis Mazars is a web-based platform that helps public sector teams dynamically build annual financial reports in real time. Database-driven financials and a collaborative document editor allow multiple users to work in the platform simultaneously, with updates reflected in real-time. A user log also shows what users have done, strengthening visibility during preparation and review.
TRS maintains formatting within the platform and exports the annual financial report as one document in one format. Changes can flow through the report rather than requiring staff to update each affected location manually. GASB updates are programmed into the software to incorporate reporting changes, helping teams manage evolving requirements without rebuilding spreadsheet-driven processes each year.
Evaluate Risk in Your Current Process
Excel and Word remain useful tools, but annual financial report preparation may have outgrown what they were initially designed to accomplish. Frequent broken links, multiple versions, repeated adjustments, key person dependency, and time consuming efforts are signs that the process may be creating unnecessary risk or exposure for your organization.
Forvis Mazars can help your organization assess whether TRS offers a more efficient, consistent, and lower-risk path for the next reporting cycle. Learn more about our platform and request a demo to see how TRS can support your team.