The Challenge
Preparing an Annual Comprehensive Financial Report (ACFR) is a critical responsibility for anyone in your position. As you're well aware, the process can be extremely complex, involving meticulous data collection, manual checks for compliance, and multiple rounds of review before final submission.
With the pressure to meet ever-evolving standards like GASB 34 and ensure transparency for stakeholders, it's easy for the ACFR process to become beyond overwhelming. The question many professionals face is: how can you streamline this process without sacrificing accuracy and compliance?
Status Quo: ACFR Preparation is a Mess
The ACFR process is largely manual. You likely rely on tools like Excel, Word, and email to manage a range of tasks that need to be completed in tight timelines. The preparation usually begins by gathering data from multiple departments and manually consolidating it into Excel spreadsheets. This step alone can be prone to errors, such as incorrect formulas or outdated numbers, leading to frustrating delays.
To ensure compliance with GASB and GFOA standards, you might spend hours cross-referencing reports, often manually checking for accuracy and alignment with the latest guidelines. The collaboration process is also cumbersome—team members emailing back and forth, often leading to version control issues and miscommunication. By the time you're ready to submit the ACFR, it can feel like a long, grueling process, only to face more administrative work when submitting to state agencies and the GFOA.
Do ACFR Better with Gravity
With Gravity, the entire ACFR process is transformed. Gravity’s cloud-based platform is designed to simplify, automate, and streamline each step, ensuring accuracy and compliance while saving you valuable time.
Data Collection and Consolidation
Instead of manually pulling data from different departments, Gravity integrates with your financial systems, automatically consolidating accurate data in real-time. It categorizes data by fund type (governmental, proprietary, fiduciary), eliminating manual sorting and reducing the chances of errors. With all your financial data centralized in one platform, you’ll never have to worry about version control or duplicated efforts.
Built-in Compliance
Gravity comes pre-configured with the latest GASB and GFOA compliance standards, so you no longer need to spend hours manually reviewing reports for accuracy. Whether it’s preparing government-wide financial statements or checking supplementary information, Gravity ensures everything meets the required standards automatically. For narrative sections like the Management Discussion & Analysis (MD&A), Gravity even automates key elements—such as inserting updated figures and making adjustments—so you can reduce errors and improve consistency.
Automation of Financial Statements
With Gravity, generating required financial statements like Balance Sheets or Statements of Net Position is automated. The platform creates these reports in real-time, ensuring they are always accurate and up-to-date with the latest standards. You can even generate government-wide statements automatically, including the ability to post journal entries and track changes through a clear audit trail.
Real-Time Collaboration and Review
Forget about the headaches caused by email chains and version control. Gravity allows for real-time collaboration across your finance team, enabling multiple users to review and edit documents simultaneously. Tasks are automatically assigned, and progress is tracked in real-time, ensuring that deadlines are met without miscommunication. With Gravity’s centralized platform, your entire team stays on the same page, improving efficiency and accuracy.
Streamlined Auditing and Finalization
External audits no longer require manual document compilation or physical copies. With Gravity, auditors can securely access the platform to review reports and supporting documentation in real-time. The final review and approval process is automated, with alerts and tracking features to ensure a smoother, faster workflow. When you’re ready to submit the ACFR, Gravity automates the submission process to ensure timely and accurate delivery to state agencies and the GFOA
Simplify Your ACFR Reporting Process with Gravity
Preparing your ACFR doesn’t need to be a daunting task. Gravity simplifies every aspect of the process, from data collection to final publication. With built-in compliance features and automated workflows, Gravity allows you to prepare, review, and submit your ACFR with ease—without compromising accuracy or regulatory standards.