Everyone in accounting has a specific role geared to deliver accurate numbers each month. Many finance teams with multiple entities and divisions can spend up to 40% of their time gathering data to prepare these static reports, rather than analyzing the data. A finance solution created by Phocas to enable a speedy digital transformation to dynamic, interactive reporting, is now available. Backed by the power of a data analytics toolkit, finance teams can now deliver more business insight and empower others to use the right data to measure business performance.
Speed and convenience
How does the month-end look in your business? Does the finance team spend a lot of time pulling data from your enterprise resource planning (ERP) system into spreadsheets so they can manipulate it into the standardised format? Is there a lot of wasted paper, effort, scanning and renaming?
For many, the process of preparing the data is a huge time waster and takes a lot away from analyzing the data. A new finance solution allows the accounting department to quickly create financial statements like the Income or Profit and Loss Statement and Balance Sheet to match the nuances of your business or division.
When month-end comes around, the statements are already built so the finance team can better use their time analyzing the numbers and empowering others to do the same. The dynamic reporting is available throughout the month and because the software is cloud-based, from anywhere.
Phil Dodds, co-Chief Executive Officer for Phocas says the business has learned from early users, that the Phocas Financial Solution can save days of editing time on the P&L, making reporting more streamlined and consistent with other BI reporting.
The finance solution maintains data integrity
Traditionally, finance leaders do not allow many people to access ERP or corporate financial data due to the risk of submitting incorrect entries or corrupting the data. The Phocas financial solution protects the integrity of the legacy data while giving members of the finance team, or staff with financial reporting needs, the freedom to manipulate and share financial information. All this happens outside the ERP with the flexibility to analyze the data to identify areas of concern and opportunity.
Phocas' new financial solution is an easy-to-use platform to share key financial information across your team. It will help open the lines of communication between the people who are reviewing the numbers and the finance team and no matter where the conversation is taking place; everyone is working from the same numbers. Users can also add custom calculations, create dimensions and sub-categories aligned to your industry, and convert numbers and tables into visual charts and graphs on custom dashboards.
To find out more about the new financial solution, watch this 35 minute video that includes an explanation from an in-house expert, a quick demo showcasing how it works and some feedback from early adopters.