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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?
In the world of finance and accounting, CFOs are discovering the merits of finance-owned reporting tools. These real-time reporting tools are ideally suited for remote work. Like all of insightsoftware’s products, Spreadsheet Server provides real-time information with a self-service toolset that empowers finance end users.
Also known as “analytics,” BI looks at more expansive data relationships, perhaps even between multiple systems that collect data (such as CRM and GP), and identifies trends that can inform strategic business decisions and objectives that will improve overall performance across the entire operation. BI is macro.
If your organization is using Yardi to run your real estate business, then you already have effective systems in place for managing operations, sales and marketing, and core accounting functions. Having the right visibility to all of the information within Yardi, however, can be a challenge. Reporting in Yardi: the Default Options.
Our valued partner, Deltek is a leading provider of software and information solutions for project-based businesses. The CFO or finance team needs to be able to slice and dice project financials, which is traditionally done in Microsoft Excel. I'd like to see a demo of insightsoftware solutions.
These reports are critical to making decisions. Aggregated views of information may come from a department, function, or entire organization. The data may come from multiple systems or aggregated views, but the output is a centralized overview of information. The result is more informed decisions.
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. Create rich and user-friendly reports that save time on manual processes, like manually inputting data into multiple systems.
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.
Limited Visibility: Traditional, pre-built reports may not offer the granular detail you need for a comprehensive financial picture. With limited technical capabilities your team might struggle to slice and dice data, uncover hidden patterns, or perform deep dives into specific areas.
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. Information about everything a customer does on a product, down to the click, scroll, tap, page view, and form fill.
Without deep technical knowledge of Epicor’s data structures, attempting to manually create custom reports can create serious roadblocks to data trust within your organization. Delays in generating custom reports leave your leadership with outdated information, hindering informed decision-making.
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