Budgeting is such a crucial process that is usually a logistical challenge because most teams have traditionally been linking spreadsheets together manually, but there are modern solutions that change that. Independent software vendors (ISVs) are producing more efficient, more modern tools to meet today’s budgeting demands. Like most organizations, you have probably outgrown a homegrown Excel budgeting process, so it might be a great time to look at ISV planning solutions to upgrade and expand your planning tasks. The best of today’s planning solutions enable you to facilitate secure collaboration, with the ability to eliminate tedium as a budget manager and distribute ownership to your budget team.
If you use Sage 500, it is beneficial for you to know the features and functions of today’s financial reporting and consolidation tools offered by third party manufacturers so that you can pick the right tool to help you meet company needs and goals for Business Intelligence analysis and reporting with Sage 500.
In today’s data-driven business world, a modern financial reporting tool is a requisite for any company that wants to continue being competitive in the marketplace. In this article, I will discuss the plethora of options and available functionality offered by independent software vendors (ISVs), so you can navigate the market to pick the best reporting solution for your data analysis needs and goals, powered by business intelligence (BI) analysis, all while enhancing Sage 500.
Every once in a while, a company needs to answer a question that is outside the regular BI reporting done for performance management, and this is called ad hoc reporting. This article will discuss the benefits of this functionality and what to look for in a solution to best meet your company’s needs.
Financial reporting is arguably the most utilized solution in the Business Intelligence (BI) world of analytics – and serves as a foundation for other functions, like data visualizations, budgeting and forecasting, and consolidations. Generally speaking, financial reporting is analysis done in a comprehensive, routine manner to make sense of company data for better decision-making. Ad hoc reporting and analysis zooms in for a more particular type of report.
Ad hoc refers to something done for a specific reason, so ad hoc reporting refers to a report that professionals need for a particular query. Furthermore, ad hoc reports usually drill deeper or answer questions that the regular company-wide reports are not addressing. Ad hoc reporting enables business users to seek answers to their own questions regarding company data, without interrupting or changing the course of organizational reporting permanently. Because the data is coming from the same sources, the analysis is consistent and accurate, but much like project budgeting, questions and projects can arise outside of the standard, routine reporting that guides the overall course of the entire company – and different corporate cultures have different needs.