We’re elated to launch a new solution that lets you view and analyze financial statements like profit and loss (P&L), balance sheet and cash flow directly in Phocas.
This new feature of our business intelligence software brings active analysis, data drill down and dashboarding to the finance and management team using accounting standards and fully controlled user-permission.
It can also extend access of critical financial data to branch, product and department managers who might benefit from not just seeing the numbers but analyzing them to build out stronger maneuvers.
If you’re running a business, you need Financial Statements that comply with generally accepted accounting principles, often known as GAAP and most importantly for you, you need financial statements around which you can build your business strategy. With Phocas Financial Statements, this business-critical information can now also be at the heart of your data and your analytics.
Phocas Financial Statements brings all the user-friendly, slice and dice, highly visual functionality of Phocas to your financial datasets. This is your financial data presented how you and your finance teams like it.
As the CEO of Phocas and a CPA, this is the type of functionality and data that I need to run the business, Phocas Software. In fact, Financial Statements was born out of the practical need for this type of analysis in our own business. Phocas is a solution for improving revenue and analyzing costs and while this may be the main responsibility of the head of finance, Financial Statements has been built for anyone to do easier and faster financial data analysis.
said Phil Dodds, Phocas CEO.
Finance teams will also value the fact that Financial Statements adhere to international accounting standards, specifically IAS1. This ensures compliance with US, UK and Australian GAAP Finance Statements transforms the cumbersome job of financial reporting into active analysis.
With Phocas’ permission-based access, finance leaders can give branch manager, product managers, purchasing teams and others in their company the ability to run their numbers and see their P&L statements. This reduces the reporting demands on the finance teams but allows them to maintain control over a single set of data.
Financial Statements are typically static, whereas Phocas analysis is active. You can follow your train of thought and answer complex financial questions quickly and easily in the way that Phocas users do it today.
You can upload your actual budget and forecast data into Phocas and immediately start analyzing using the Phocas grid. If you're familiar with Phocas, you will notice that our summary grid is gone, and in its place, are your financial statements including trial balance, balance sheet, cash flow and P&L statement. You can easily analyze by period of time, measures, properties and manipulate the data in the usual Phocas manner. Of course, like all Phocas data you can drill right down to the source transactions.
Financial Statements blends seamlessly with the way Phocas usually works. For example, in our CFO snapshot dashboard you can combine a divisional P&L statement with other financial statements and graphs and charts showing financial KPI information.
When doing financial analysis in Phocas, you often go from the consolidated view to a divisional or branch view of the data. You can see consolidated profit and loss statements. You can take the division view of this data, matrix three divisions and then produce the P&L statement again. The result is a well presented divisional statement showing the P&L of each entity against previous and budget.
Phocas also makes it easy to download your financial statements into a spreadsheet program. Within the spreadsheet the groupings are preserved and the formulas are included, making it easy to manipulate the data. This can be extremely useful when it comes to budgeting.
Phocas is all about analysis, whereas financial statements are traditionally about presenting static financial data in the way accountants want to see it. For the first time, Phocas allows you to blend financial statement with analysis, this makes Phocas incredibly powerful.