3 Reasons to Leverage Business Intelligence for Better Financial Reporting
Posted by Corey Mendelsohn on April 15,2022
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Financial Reporting is very important in all organizations. However, when it comes to certain companies, it can also be executed in ways that are deemed archaic in today’s fast-moving technological climate. This can be explained by the perceived exorbitant costs associated with organizations making changes after they have been set in their ways for many years. But what if expensive software upgrades and training were all worth it? What if migrations of the sort were affordable? Many of our clients who use SAP Business One with our add-on solution, QuickStart for SAP B1, understand the importance of making these changes. They have found that this Business Intelligence solution has allowed them to change their business for the best. Yes, our solution can be beneficial for all departments, but most of our clients usually have seen great success when starting with the office of finance. Here are 3 reasons why leveraging Business Intelligence can improve your financial reporting.
- Uncover More Details and Insights
Many P&L reports and other statements provided by finance do not offer all of the information necessary to give decision-makers to get a full view of what is happening in the business. Without giving additional work to finance teams, Business Intelligence tools allow you to uncover additional data and insights with just a few clicks.
2. Uncover Trends to Make Smart Business Decisions
QuickStart for SAP B1 leverages IBM Cognos Analytics and Planning Analytics. Such technology allows users to uncover significant trends that can help you make better decisions and run a more profitable business. Spreadsheets as they are used today do not afford companies the same ability to access data and trends as Business Intelligence tools do.
3. Improve Communication & Transparency
Last but not least, communication and transparency will be greatly improved when your company leverages Business Intelligence tools such as QuickStart for SAP B1. Instead of being stuck with specific users, information can be readily available for various stakeholders to access. Instead of waiting for a monthly or quarterly report or meeting, users can pull current and past financial information they need. The ease of use of QuickStart empowers users to create and schedule reports relevant to them and their needs and eliminates back-and-forth communication.
To find out more about NewIntelligence’s QuickStart for SAP Business One solution and how it can improve your financial reporting, book a consultation with one of our Business Intelligence experts.
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