Posted on: Monday October 19th, 2020

Author: Phocas Software

MYOB Enterprise systems like Advanced and Exo do not just help your business manage financials, inventory, customers, and other key factors — they are also a wellspring of data. There are insights in your cloud MYOB ERP data that could be used to make more timely and informed decisions, address new opportunities, and improve your operations over time. But sourcing, processing, and analysing all this data can feel intimidating. Learn more about how Phocas data analytics plus the financial statements tool —sits alongside your MYOB system— and makes you feel good about your data.

Unify siloed data into a single source of truth

Your company generates data across the entire organization. Whether from customers, inventory management, or project updates, data flows in from all departments. So, when different departments teams use separate systems, it can lead to data integrity problems.   

To make informed and strategic decisions, it is essential to collect data from your various sources and consolidate it into one single source of the truth. The benefit of having your data in one place is that it ensures everyone in an organisation can base business decisions on the same data.   

Creating a single source of truth is straightforward when you use an integrated data analytics solution to connect your various data silos. Phocas analytics is one vendor that has an established connection and integration with MYOB systems plus other external data sources such as Google Analytics or Time and Attendance data. 

Move from standardised reports to customised reports (including month-end statements)

Everyone in your organization relies on your MYOB ERP to store operational and transactional data, and provide useful information across production, operations, and finance.  

But where ERPs can fall short is the system does not provide easy access to real-time data and insights, since gathering information from the ERP involves time and effort. Month-end reporting can also be time-consuming when your finance team go back and forth consolidating changes and anomalies to close the books, rather than using their time to value-add.

data analytics system presents your data in more visual and accessible formats and teamed with a financial solution you can quickly produce customized financial statements as well Phocas data analytics solutions take the analysis a step further. Building your useful dashboards and scorecards is straightforward — but what makes Phocas cloud data analytics apart work for mid-size business is the ad hoc analysis layer, which is called the grid.  

The grid makes it easy for users to follow their train of thought by moving from the dashboard visualizations and drilling into the underlying detail data to find answers to their most pressing questions. Users also uncover far-reaching business opportunities ,and then easily share their findings with others in a report or dashboard format. 

By using a dashboard to showcase the month-end financial reports will help more people in an organization to visualize financial data in the form of charts or graphs. This way is more natural to uncover patterns, communicate insights, and make data-driven decisions.

Access to real-time numbers

Static reporting hampers business’ ability to remain agile in the face of emerging challenges is why business leaders have demanded and sought out data analytics that supports dynamic reporting. 

In a Phocas dynamic report, the data is interactive. This way, anyone can investigate a figure, and answers can be found quickly so you can be proactive and move decision making forward.  

Dynamic reporting and dashboards allow you to create reports specific to the needs of your business in real time that automatically update when new data is entered into your MYOB ERP.

Phocas’ new financial reporting solution is an easy-to-use platform to share critical 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 financial dashboards.

Built-in content ready to go with MYOB Enterprise data   

Having the appropriate data analytics solution is vital to strategic decision making. However, one-size-fits-all solutions do not always address a company’s specific needs. Cloud technology has facilitated the rise of vertical SaaS data analytics and more bespoke customized solutions like Phocas data analytics.  

With smart technology vertical SaaS, industries such as manufacturing, distribution and retail have access to custom-tailored solutions that will help them achieve a market advantage. Because the software is customized according to industry, a company’s data and insights can be leveraged to address their unique problems and to discover new opportunities.  

Phocas has done the development work for these target industries so these businesses can immediately connect the software to their MYOB ERP and other data sources. All the content is built-in like dashboards, KPIs, financial statements ready to go.

Phocas cloud-based data analytics provides continuous improvement in performance through the development of new features and regular upgrades, without additional cost.  The solution is easy to use since it is designed with practical problem solving, best practices in mind.  

For more information about Phocas data analytics and Financial Statements download this ebook: Turbo charge your finance team to value add