This article focuses on the difference between Excel-based and Web-based budgeting tools.
Choosing the right budgeting tool is extremely important for a growing company. Many financial companies use homegrown Microsoft Excel models extensively in their budgeting, but there are some limitations that are inherent in the application. I admit Excel is a great tool for modeling and analysis, but it is not the best tool to use for budgeting. Software companies are developing commercial budgeting tools that are Excel-based and Web-based to stay familiar with the features and functionalities that most professionals are accustomed to. In this article, we will explore the advantages and the drawbacks of both Excel-based and Web-based budgeting tools that organizations experience. This article is the third installment of our series on budgeting: Excel-based Budgeting Tools Versus Web-based Budgeting Tools.
This article focuses on consolidating finances from multi-entity companies.
Nobody likes growing pains, but every company wants to grow. Growing pains are symptoms that an organization needs to make a transition. It is the nature of business. There is a way to alleviate these pains through automated consolidation of your company’s budget. Budget consolidation, just like financial consolidations, is growing in significance because of reasons such as globalization and the popularity of acquisitions and mergers. Nowadays, it is not uncommon for a mid-sized organization to own many legal entities in different locations. Although a business’ budget consolidation requirements may not be that complicated, creating a set of consolidated accounts can be time consuming and prone to many errors if done in Microsoft Excel spreadsheets. There are many financial consolidation tools and solutions that can also automate the consolidation of your budgets and they can replace or improve existing processes and systems. This article is the second installment of our series on budgeting: Budget Consolidation in Multi-Entity Organizations.
This article focuses on financial reporting and roll-up solutions for not-for-profit organizations utilizing Microsoft Dynamics GP.
Financial reporting and consolidations can mean different things to different people. Many larger Microsoft Dynamics GP not-for-profit customers are managing the finances of a parent organization with multiple locations rolling up to it. First things first, let’s define financial roll-ups or ‘consolidations’ as it is typically called in the corporate world. It can simply mean that an organization is combining data from multiple locations either as part of the planning process or for reporting purposes. It can also mean a lot more than just combining data. Financial consolidation is the process of aggregating transactional data from several departments and from multiple business entities within a company for the parent company. In these cases, simply combining data can be complex for multiple reasons. For instance, legal entities can have different charts of accounts or fiscal years. They may also be partially owned. This article will explore the elements and functionalities of financial consolidation for your non-profit organization using Microsoft Dynamics GP.
This article will help organizations identify signs that they need a new Business Intelligence system.
Today, plenty of large organizations, as well as small and medium-sized companies, are stuck using old or manual Business Intelligence (BI) tools that are in desperate need of a replacement. BI translates to technology-driven processes for analyzing data and presenting information that will help companies improve the decision making processes at all levels of management. Well, how do you know if you need a new BI/Analytics system? You should begin by constructing the right set of questions. What tool(s) does your organization have to have right now? What are your BI goals, and what is your schedule for building the BI toolbox to meet analytical goals? Also, outdated BI systems show several warning signs such as wasting time, harming decision-making, and keeping organizations from taking advantage of their data.
The best independent software vendors are working with other key third party Business Intelligence manufacturers to provide integrations that streamline BI processes and build true best-of-breed solutions for your team.
Do you have a machine, an appliance, or application at home or in the office that you only use for the reason(s) you were used to with an older model? For example, if you upgrade to a new car or a new blu-ray machine, there are usually features and functions that you did not have in your previous model that you don’t even know how to use or implement to enhance your experience. If I were to guess, this is pretty common, whether it be your espresso machine or your Business Intelligence (BI) software. However, the only person who misses out is you as the user. In the case of a financial reporting tool or a full BI suite, you have the opportunity to not only maximize your results, but expand your data management and analysis into areas your team has never gone before – to infinity and beyond, right?
What sub-ledger, transactional reports are you missing out on using native ERP reporting tools? What is the impact on your company’s future? This article will discuss the different sub-ledger reports that empower your company’s leaders to make better decisions about the growth and development of the organization.
In the world of business, specifically when it comes to financial reporting, there is an abundance of Business Intelligence (BI) report writing tools that focus on the General Ledger (GL). But what about all the sub ledger reports that different employees and departments rely on to make better business decisions? What does the native Enterprise Resource Planning (ERP) report writer offer you? What are the pros and cons of this built-in offering? And what are your other options for transactional reporting? So many questions, and this might just be the tip of the iceberg regarding your search for better financial reporting solutions.
Ever wondered why third party products are necessary with all the features and functions in Microsoft Dynamics GP for data analysis and management? This article will explore the concept of best-in-breed software for corporate performance management.
Recently, I saw a user on LinkedIn pose a question, asking fellow Microsoft Dynamics GP users if they had some documentation regarding why the Enterprise Resource Planning (ERP) system needs Independent Software Vendor (ISV) products. It was an interesting discussion, perhaps a challenge to ISVs, and a legitimate question for Microsoft fans. Several people chimed in, and a couple recurring comments seemed to organically surface.