Your finance staff could also be losing their valuable time in getting ready outdated static studies, to supply insights which don’t matter anymore.Know-how has remodeled how the choice makers can leverage information to make knowledgeable choices. As an alternative of ready for year-end or month-end studies to investigate your monetary well being, the choice makers now require up-to-date insights to make on-the-go choices and create new alternatives for enterprise development. Monetary assertion planning and evaluation has developed considerably, and with it, the necessity of switching to software program has additionally elevated tremendously.

Frequency of decision-making has modified monetary statements

Information has turned the definition of economic reporting on its head. Beforehand, monetary statements can be thought-about an output of economic reporting and the method of issuing monetary statements to the exterior stakeholders occurs at every year or quarter finish. 

Nonetheless, now, financial reporting includes collecting and analysing data to get insights for making ongoing knowledgeable choices. 

Monetary decision-making has turn into fast-paced. The choice makers need the finance staff to supply a method to drill down into the underlying information and leverage it on their very own —every time they need — all through the month.

How does expertise empower and modernize your finance staff?

The finance staff, generally, has to spend 4-5-6 or much more hours in getting ready a monetary assertion. They export information from the ERP, dump it into formula-filled spreadsheet, replace and repair method, after which create pivot tables or charts to current information visually.

Nonetheless, if any changes are made to the info, the static report will get outdated. Then, the staff has to repeat the method and re-update the spreadsheet and charts to indicate up-to-date information, which delays the method unnecessarily.

Additionally, since preparation of those static studies entails big value and time, it’s almost inconceivable for the finance staff to customise the report for each consumer. Each one from high administration to entry-level positions use the identical report back to analyse information and accumulate insights. 

Phocas does all the hard work here — it modernizes your finance staff and provides them the true, final energy to create custom-made studies and current info to match each consumer’s requirement. 

Phocas automates the preparation of financial statements and creation of studies. Each report is synced with the unique information which makes it simpler for the customers to search out solutions to their questions on their very own with out getting again to finance staff for any question or concern. 

How does finance staff get profit? — They get further time for doing value-added evaluation and diving deep into information to uncover hidden patterns and anomalies. 

However does this course of have an effect on the unique information or basic ledger? — No, it doesn’t. Phocas pulls information from ERP and dumps every little thing in its personal system so the customers can create studies with out touching the final ledger and unique information.

Analyze, customise and visualize

Phocas information analytics plus monetary statements resolution enables you to carry out three steps to leverage information and use it to make choices:

Analyze: Phocas facilitates dynamic reporting system the place you’ll be able to click on on any metric and drill down into the underlying information. Transcend the numbers {that a} report presents, and uncover the hidden patterns. Whereas doing so, you don’t have to fret in regards to the unique information — it stays unaffected by your clicks and filters.

Customize: As an alternative of constructing one report for all customers, current customised studies as per each consumer’s necessities and wishes. As an illustration, a CFO would require organisation-level information whereas a department supervisor can be extra all in favour of analysing information pertaining to his area or department. 

Visualize: Construct reside dashboards to see a snapshot view of the monetary efficiency and see the up-to-date numbers to make higher, quicker choices. 

To seek out out extra about Phocas monetary evaluation software program, here is your free e-book :
Turbo charge your  finance team to value-add.

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