How to monitor business performance with financial analytics
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How to monitor business performance with financial analytics

The finance department monitors and analyzes business performance in detail. Yet sometimes it can take awhile to communicate and address issues occurring in different parts of the business that are creating bottlenecks or affecting costs. Companies spend months preparing budgets and yet when the numbers are reviewed a year later a company's performance isn’t always aligned. To get the maximum benefit from your financial data, using dynamic reporting tools in data analytics software will allow you to better monitor performance metrics, visualize the numbers and deal with 'unexpected' issues.

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

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How to monitor business performance with financial analytics

The finance department monitors and analyzes business performance in detail. Yet sometimes it can take awhile to communicate and address issues occurring in different parts of the business that are creating bottlenecks or affecting costs. Companies spend months preparing budgets and yet when the numbers are reviewed a year later a company's performance isn’t always aligned. To get the maximum benefit from your financial data, using dynamic reporting tools in data analytics software will allow you to better monitor performance metrics, visualize the numbers and deal with 'unexpected' issues.

Read more

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

Financial Reporting - it's time to automate and modernize

With today’s critical need for accuracy, completeness and speed in financial reporting, the finance team can’t afford to spend weeks collating data to generate reports. Your obsolete reporting software may be leaving your business exposed to a range of critical risks, and your finance team are left doing 'busy' administrative work. Instead, they could be adding value through knowledge sharing and analysis. It's time to add the power of data analytics to financial reporting, so customization and automation follow.

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Topics: Job Role - Finance, Financial Statements, Dynamic reporting

What is an interactive dashboard?

An interactive dashboard allows you to drill down and filter information so data can be viewed from different perspectives or in more detail. With a condensed and clear presentation of the business figures, dashboards enable data-driven company decisions. People don’t need to analyze the whole data set to tell them what's the matter - the headline information is there. People know the colour in the chart needs to be green not red and so using the interactive features of the dashboard, can find out why this is the case. 

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

How do you feel about data?

Data means many things to different people. How does data make you feel? Does it keep you up at night because it’s not solving problems but sparking more questions. Or do you prefer to put data in the too hard basket because you believe the cost of storing, securing, analyzing and sharing it outways the business benefit. Perhaps you feel completely in control of your data and turn to it for every decision. Does accurate and timely data help you know what's happening in your business and be an empowered leader? Phocas asked several general managers, finance and IT professionals and purchasing and inventory folk how they feel about data. Here's what they said….

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Topics: Job Role - Finance, Job Role - IT, Job Role - Executive, Job Role - Inventory/Operations, data analytics

Attract and keep the best finance talent with financial analysis software

There is a global shortage of finance talent. Yet there is also a growing push toward having a more modern finance team that can be ready for anything, can quickly share up-to-date numbers and coach others in the business about financial performance. The biggest obstacle to achieving digital innovation in finance is the lack of trained teams. To help address the problem, companies need to consider intuitive financial analysis software. These tools can build a bridge to digitizing finance capabilities providing benefits for both the experienced finance team member and the rookie.

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

Why a single source of truth for data management is critical for HVAC&R company

Resolute Industrial (Resolute) is the largest independent provider of temporary HVAC&R solutions in North America. The Indianapolis-based company has around 250 employees that serve customers across all industries from more than 40 depot branches and sales offices. It has recently grown 3 times its size so the need for a single source of truth and the ability to manipulate and dig into its business and financial data is paramount. Resolute has an aggressive growth path through acquisition, so to seamlessly integrate data from a growing number of data sources and see the big picture is critical.

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Topics: Case Study, Business Intelligence Basics, Job Role - Finance, Industry - HVAC/Plumbing, Job Role - Executive, Financial Statements

How sharing data makes financial performance everyone’s responsibility

The finance team has always turned to numbers to answer its questions, and as the current economic environment has forced businesses to act faster, everyone needs real-time access to critical financial performance. Many finance teams follow the old method of storing information in a silo, and introducing new technologies seems like turning a giant wheel. Nevertheless, the finance teams can adopt new ways of working to share credible data.

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

How Trade Supply Group customizes financial statements across 14 locations

Trade Supply Group, New York, operates a number of companies that specialize in the distribution of building materials for trade and retail customers. Each company’s management operates autonomously while benefiting from the economies of scale that come from being part of a larger organization. Trade Supply Group added Phocas financial statements software to its tech stack which customizes and automates month end reporting across 14 operating locations, allowing branch managers to monitor financial performance and make fast, accurate decisions.

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

How to automate financial statements in minutes

What does the month-end look like 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 effort, double checking 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 customize and automate financial statements like the income or profit and loss statement and balance sheet in minutes.

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

How to democratize data-driven decision-making?

The need to know what decision-making is critical when everything is a priority has been highlighted by the pandemic. To democratize decision-making, an organization needs to break it down into manageable pieces. This ensures that responsibilities for making and executing critical decisions are transparent, and people have accurate data and technology to support them. An excellent way to determine what the important decisions are in your company is to look at the sources of value in your business and then organize the data-driven decision-making around them.

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

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