This article will focus on the Best Excel Reporting and Budgeting Tools on Cloud for Banks
Excel: How do I love thee? Let me count the ways. (Sonnet 43) – The reason why we all love Microsoft Excel so much is that you can create almost any report you can imagine. Take for example this Business Process Management (BPM) report. BPM is a systematic approach to making an organization’s workflow more effective, more efficient and more capable of adapting to an ever-changing environment.
This article will focus on Cloud-based Business Intelligence Solutions for Banking.
Why do I love my iPod Classic? – I got my 80GB iPod Classic around 2007. I was able to load all 14,000 songs from my library onto it. I created several playlists that helped me organize the songs. One playlist consisted of heavy metal that got me amped up before going to the gym. Another playlist contained acoustic folk songs that were for the morning after a late night of fun. Continue reading
This article will focus on the Top Cloud-based Financial Planning &Analysis (FP&A) Budget Tools for Banks.
The way things used to be – When I first got into building a budget for a bank, we were using Lotus 1-2-3 spreadsheets that were stored on 5¼ inch floppy disks. The spreadsheet was basically a 24-month trial balance for each branch or department. The first eighteen months contained historical balances. The remaining eighteen months were the forecast for the rest of the current year and budget for next year.
This article will focus on Cloud Reporting for Banks.
Just what is Cloud Reporting? – TechTarget defines Cloud Analytics as a service model in which the reporting and analysis process are provided through a public or private cloud. These solutions are typically offered under a subscription-based pricing model called Software as a Service (SaaS). Gartner defines the six key elements of analytics as data sources, data models, processing applications, computing power, analytic models and sharing or storage of results. In its view, any analytics initiative “in which one or more of these elements is implemented in the cloud” qualifies as cloud analytics. Continue reading
This article will focus on Web-based Reporting for Banks.
Who cares about web-based reporting for banks? When we think about reporting for banks, we often think about accountants, controllers, and CFO’s. According to The Wharton School, accounting is considered the language of business. The story of any company, no matter the size, the industry, or the country of origin, is told through its financial records and reports. Continue reading
This article will focus on BI Tools for Banks.
Business Intelligence (BI) definitions – TargetTech defines BI as a technology-driven process for analyzing data and presenting actionable information to help corporate executives, business managers and other end users make more informed business decisions. Gartner says that BI is an umbrella term that includes the applications, infrastructure and tools, and best practices that enable access to and analysis of information to improve and optimize decisions and performance. Webopedia says BI represents the tools and systems that play a key role in the strategic planning process within a corporation. These BI systems allow a company to gather, store, access and analyze corporate data to aid in decision-making. The main theme among these various definitions is that BI encompasses tools that help with decision making. When it comes to banking, there are many use cases for BI.
This article will focus on FP&A Tools for Banks.
So what does a FP&A manager do? – Here is a position description for a Manager of Financial Planning and Analysis for a bank in Atlanta.
The FP&A Manager will be a key finance and analysis partner for multiple lines of business within the organization. Duties will include providing support for strategic and tactical planning, understanding financial and operational results, and supporting management decision making. Key responsibilities include:
• Budgeting and Forecasting
• Monthly Analysis
• Business Scenario Planning
• Dashboard Preparation
• Ad hoc Analysis
Let’s take a look at each of these responsibilities in a little more detail.
This article will focus on Forecasting Methods for Banks.
Have you done this? – According to Nasdaq, the consensus Earnings per Share (EPS) forecast for Bank of America for the years 2017, 2018, and 2019 is $1.73, $2.03, and $2.19 respectively. How did they come up with these numbers? If I told you that an analyst for Nasdaq went to the corner fortune teller and asked them to divine the numbers, you would laugh at me. Or if I told you that they called three different gas stations for their price of gas for their research, you would say that the information was irrelevant. Continue reading
Why I hate the first six weeks of the year – If you have been a member of any gym for more than a year, you will know what I am talking about. Whether you go to the gym twice a week or all seven days, you have a routine and see the same people.
Then, January 1 hits. The parking lot is so full that it takes you ten minutes to find a spot. You enter the gym and there are three times as many people as normal. What used to take forty-five minutes to finish your routine now takes an hour and a half because every piece of equipment is being used!
What makes it worse is that most of these new people have no idea what they are doing. You say to yourself, just wait until Valentine’s Day. Almost all of these newbies will be gone by then and things return to normal. And how do I know which ones will stay and which ones will leave?