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In fact there are some very important differences between the two, and understanding those distinctions can go a long way toward helping your organization make best use of both financial reporting and analytics. Financial Reporting. What About Financial Analytics? For more information, or to arrange a demo, contact us today.
With its ability to add formulas, sort information, and automatically generate pivot tables, YSR offers significantly greater flexibility than screen-based reports. Unfortunately, though, for finance teams, it still falls short of the mark in several respects. Challenges for Reporting and Analysis.
Like many others, finance and accounting professionals are turning to collaboration tools, as remote work becomes the norm for millions of people around the world. In the world of finance and accounting, CFOs are discovering the merits of finance-owned reporting tools. Nowhere is this more critical than with reporting.
Reports A tabular display of data, often with numerical figures grouped in categories. Interactivity can include dropdowns and filters for users to slice and dice data. They can be presented in the context of a single chart or in a collection of visualizations in a dashboard.
The CFO or finance team needs to be able to slice and dice project financials, which is traditionally done in Microsoft Excel. Managing the costs and utilization of those resources across one or multiple projects, while delivering high-quality work, is a primary driver of success for an AEC firm.
Your finance team is under pressure to make data-driven decisions that optimize financial health and fuel strategic growth. But a hidden roadblock can impede your progress: report generation. This reliance on IT for reports can lead to delays and frustration, hindering your team’s ability to be agile and responsive.
While financial reporting and compliance are still key responsibilities of the role, more and more businesses are now leaning on a CFO’s management expertise to help inform strategic decisions. Many CFOs spend their time dealing with the business-as-usual finance tasks and putting out fires. Powerful Tools.
Virtually every business on the planet has some kind of reporting mechanism in place–even if it’s just a simple set of off-the-shelf printouts that come from basic accounting software. Reporting is important, but BI has the potential to generate the kind of meaningful insights that lead to competitive advantage.
Analytics is vital now because providing end-users with the ability to analyze, slice, and dice data within the context of their application is essential to staying competitive in today’s fast-paced digital world.
This unifies information, eliminating discrepancies and boosting trust in report accuracy. The finance team confidently presents insights based on a single, reliable source, eliminating the need to defend data validity. Stakeholders see the finance team as strategic partners, not just number crunchers, empowered by connected data.
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