Is Your Financial Reporting System Serving Your BI Needs?

Medium-sized businesses who have taken advantage of Enterprise Resource Planning (ERP) software to integrate systems across departments have benefitted from an easier, more uniform flow of information within their organization. After all, your company’s most valuable asset is its business data. Timely and meaningful information is the foundation for effective functioning of any organization.

Think about the critical role that financial statements play; it’s imperative that the data is always accurate and delivered into the hands of people within the organization that need it. Whether reports are made available in dashboard form (with a real-time data view) or via customizable reports generated in Excel, management level, department level – even team or individual level — financial reporting is now an absolute requirement for any successful ERP implementation.

Most reports and dashboards now operate using real-time data, and as more software applications are moving to the cloud ERP analytics and reporting tools and dashboard views can also be made available via web browser. Managers and employees that travel extensively or work remotely should have the ability to access financials and business intelligence reports wherever and whenever they need them.

Successful companies are those that make efforts to continually improve the quality of their financial reports. Managers and other business decision makers need to understand the purpose — and limitations – of reporting in providing a comprehensive view of the business’s financial position if the company is to grow and succeed.

ERP is a complex framework that requires a dedicated vendor to implement. At Accountnet, we help our clients with challenges that often arise due to lack of adherence of best practices or neglecting to provide focused training for employees. Proper assessment at initial stages and being clear on your organization’s requirements from the outset helps to ensure an efficient and successful implementation.

Contact us for more information around ERP financial reporting tools.