Accounting analytics – how business intelligence helps
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Accounting analytics – how business intelligence helps

A decade ago, an accountant balanced the daily transactions and prepared a statement of profit and loss for the year-end. In recent times, the ERP and spreadsheets became the accountant’s best friend to create static reports and communicate historical financial performance. Now in today’s fast-paced business environment, the story has flipped on its head. Accountants manage the end-to-end accounting process as well as act as strategic partners to growth and success. They use accounting analytics to review data, collect insights and communicate outcomes to people across the organization, so everyone can understand the impact of their decisions in real-time.

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Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Executive, Financial Statements, business intelligence dashboards

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Accounting analytics – how business intelligence helps

A decade ago, an accountant balanced the daily transactions and prepared a statement of profit and loss for the year-end. In recent times, the ERP and spreadsheets became the accountant’s best friend to create static reports and communicate historical financial performance. Now in today’s fast-paced business environment, the story has flipped on its head. Accountants manage the end-to-end accounting process as well as act as strategic partners to growth and success. They use accounting analytics to review data, collect insights and communicate outcomes to people across the organization, so everyone can understand the impact of their decisions in real-time.

Read more

Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Executive, Financial Statements, business intelligence dashboards

Financial data visualizations - how they help businesspeople communicate

Humans are wired to love numbers over text, pictures over written content, and dashboards over spreadsheets. To make business decisions with spreadsheets, the finance team has to pore over thousands of rows of data. Analyzing company data lying in cumbersome spreadsheets becomes a chore so is often neglected. But when the same financial data is consolidated using data analytics and presented in a visual format —it’s easier to analyze and communicate the insights with the whole team.

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Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Executive, Financial Statements, ERP - Epicor, business intelligence dashboards

Don't go back. Get your digital transformation strategy 2.0 ready

A digital transformation strategy can be defined as the way a company implements and uses technology and analytics to differentiate itself, operate better and compete more effectively. Many businesses knew prior to the pandemic that they were in need of a digital upgrade - now it's imperative id-market managers need to consider data analytics as an essential way to make the transformation to a digital business.

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Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Executive, Trends, data analytics

Phocas Financial Statements upgrades

The Financial Statements solution was upgraded this year so your team can review and analyze financial statements directly in Phocas.The solution makes month-end financial statements more accessible and allows more people to understand the impact of operational decisions on financial performance faster.

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Topics: Job Role - Finance, Product, data analytics, data visualizations

The KPIs every manufacturer should know and measure

ebook-the-kpis-every-manufacturer-should-know-and-measure

When it comes to achieving success in manufacturing, the industry is way beyond the idea that data matters. Manufacturers and the decision-makers that run them understand the value of data and are turning to BI strategies and manufacturing KPIs in times of uncertainty. Leaders want to know how decisions on production runs, purchasing and the supply chain impact their financial KPIs faster than traditional reporting allows so they are looking to BI to provide this insight.

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Topics: Industry - Manufacturing, Job Role - Finance, Job Role - Executive, Dynamic reporting, business intelligence dashboards, Inventory Management, KPIs and metrics

Ad hoc financial analysis and reporting for everyone

In many companies, the IT department creates a library of pre-built templates for generating static financial reports from the ERP. These reports reflect data in a standardized format and layout. Yet often a decision-maker requires more information or wants to drill down on specific data. In such cases, they have to come back to the finance team (or the IT team) who investigates the matter and generates more standardized static reports. Now with new software, it is possible to remove the middle person and carry out ad hoc financial analysis – at any time – to quickly solve a pressing issue.

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Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Executive, Financial Statements, Dynamic reporting, business intelligence dashboards, data visualizations

What is Business Intelligence? The ABCs about BI

Business Intelligence (BI) helps decision makers understand how their business is performing. For many years, Phocas customers implemented BI predominately to generate revenue. Recently we're seeing a shift in the BI strategy to help people recognize real-time financial performance, reduce costs and improve operational efficiencies. This blog goes back to the basics of Business Intelligence to help business leaders understand the many uses of BI for their business.

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Topics: Business Intelligence Basics, Job Role - Finance, Job Role - IT, Dynamic reporting

Financial Statement Reporting Software: A friend for your finance team

Finance teams have been opposing the arrival of Financial Statement Reporting Software for a simple reason — many assume that it will put you out of a job. But what if Financial Statement Reporting Software isn’t here to replace you; instead, it will assist you in your routine tasks, empower you to lead, and make you a more valuable asset for your organization.

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Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Executive, Financial Statements, Dynamic reporting

The evolution of financial statement planning and analysis

Your finance team may be wasting their precious time in preparing outdated static reports, to provide insights which don’t matter anymore.Technology has transformed how the decision makers can leverage data to make informed decisions. Instead of waiting for year-end or month-end reports to analyze your financial health, the decision makers now require up-to-date insights to make on-the-go decisions and create new opportunities for business growth. Financial statement planning and analysis has evolved significantly, and with it, the need of switching to software has also increased tremendously.

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Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Executive, Financial Statements, Dynamic reporting, business intelligence dashboards, data visualizations

5 reasons financial reporting software is impossible to ignore

 

The finance team is the central nervous system of your business primarily responsible for making finance-related decisions. It can deftly interpret your external environment as well as keep you balanced. Without funds, an organization can’t breathe. Yet, instead of contributing expertise to all business decisions, the finance team spends much time preparing static reports. The rest of the business is siloed from the numbers, prolonging action to address issues. In this blog, we’ll address why financial reporting software can’t be ignored - freeing up the vital resource of financial know-how.

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Topics: Business Intelligence Basics, Job Role - Finance, Job Role - Executive, Dynamic reporting, data analytics

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