Get more detail from your data and modernise your reporting processLearn how to unleash the full reporting power of your financial team
Custom reporting offers a fantastic way to see your data in the way that you want it. These reports can be built in house by your team (learn how to do this via our training portal), or your trusted MYOB partner can configure them for you. However, when you need to see specific information quickly, you may find that your current reporting methods may take longer than you realise.
Clarity, and other traditional reporting platforms, offer a way for you to include custom reports into your ERP system. While they need to be appropriately configured, the investment to get these reports working pays dividends over the life of your business as you get access to the data that you want, when you need it. However, the business world, and especially in the ERP space, is constantly evolving. You must be prepared to quickly update your processes to gain access to information instantly and maintain your competitive advantage.
Is traditional reporting slowing you down?
Traditional reports are static, only providing a summary of information without much detail. It is the detail that you need to dig into what is driving your operations. Furthermore, static reports only provide the information you request. You are only getting half the story when you cannot dive deeper into your data. A partial picture can lead to a wealth of missed opportunities or incorrect conclusions.
For many organisations, it is time to move beyond traditional reporting into dynamic analytics, allowing users to select a metric and drill down into the underlying data. In this way, users are empowered to ask questions and follow their train of thought to discover the answers. With this level of granular insight, you can more easily determine the causal factors leading to your results and take necessary action to remedy problems or capitalise on opportunities.
While your custom report might have the data you need, it may not be in the best format for you to fully appreciate it. A visual medium is the best way to quickly digest complex information so that you can more easily identify patterns, gaps, and opportunities in your data. Presenting your information as a live and dynamic dashboard, with drill-down capability, gives everyone the power to analyse your data in whatever detail they require.
Transitioning from traditional to more modern methods will let you see the complete picture of your data and let you respond and pivot quickly to any changes.
The Future of Financial Reporting
In May 2021, we held a webinar in conjunction with Phocas that explored the future of financial reporting. In it, we covered the various processes that can hold your finance team back, as well as how Phocas’ Financial Statements, and Budgeting and Forecasting modules can simplify your processes and improve workflows.
Watch it here:
For more information about a modern reporting platform like Phocas Software and whether it is suitable for your business requirements, please send an email to email@example.com or call us at 1300 857 464. Our team is happy to answer any questions you may have.