Using Profitability Dashboards with Trends and Variances to Streamline the Monthly Reporting Process
How can Financial Dashboards Drive Faster and Better Decisions?
As CFOs increasingly become key players in the Monthly Reporting Process, they must rely on modern self-service corporate performance management (CPM) and business intelligence (BI) tools. Using interactive Financial Dashboards like the Profitability Dashboard with Trends and Variances template shown below enables them and users from the leadership team to experience near real time profitability analysis that help drive faster and better decisions.
Who uses Profitability Dashboards with Trends and Variances and What are Some Key Analytical Features?
In today’s fast-paced business environment, CFOs are under high pressure to supply end users like board members and executives with timely and concise Financial Dashboards. Companies use key features like the ones below to support their users with effective analysis that helps drive growth decisions and profit maximization.
- Comparison of Actual profit KPIs with Budget and Last Year
- Profitability KPI measures with % Variances
- Charts with trends as well as automated estimates (Actual YTD + Budget/Forecast for the remaining months of the year)
The Profitability Dashboard with Trends and Variances template can be used as a key element of the Monthly Reporting process:
The Profitability Dashboard with Trends and Variances is a ready-to-use Financial Dashboard from the Solver Marketplace
A Brief Description of the Profitability Dashboard with Trends and Variances Template
Financial Dashboards like the one seen in the image above are interactive and parameter driven and typically contain sections with monthly trend charts, full year outlook charts, and KPIs. One of the important features that aid the user in the analysis process is the ability to select parameters such as year, period and company and immediately see charts update with analysis. Profitability Dashboard with Trends and Variances are often used in conjunction with revenue and expense dashboards, profit & loss reports, and forecast input models.
Data Integration to Transaction Systems
Most organizations these days want automated and streamlined planning, reporting and analysis. However, many of the benefits described earlier rely on best of breed Corporate Performance Management (CPM) tools and/or Business Intelligence (BI) capabilities as well as data marts or data warehouses that use pre-built integrations to the organization’s ERP system. Oftentimes, they also need integrations to other key data sources like CRM, subscription systems, payroll tools, etc.
Modern, cloud-based ERPs like Microsoft Dynamics 365 Finance (D365 Finance), Microsoft Dynamics 365 Business Central (D365 BC), Sage Intacct, Acumatica, Netsuite and SAP have robust APIs which allow for dynamic integrations to CPM and BI tools that are fully automated and flexible to run on a schedule or on-demand.
Additional Resources to Aid with Research of Templates, CPM and BI Tools
- Templates from Solver that are pre-built and that work out-of-the-box using the Solver CPM cloud. Click here.
- Template examples: You find more than 500 CPM and BI Template examples here.
- Interactive Dashboard examples: Try Power BI dashboard templates from Solver here.
- Software evaluation and selection:
- Vendor Comparison and ROI (free interactive tool)
- Evaluating planning, budgeting and forecasting functionality
- Evaluating Financial Reporting functionality
- Evaluating Dashboard functionality
- Evaluating Data Warehouse functionality to achieve “one version of the truth”
- Demonstrations and other specific assets: Solver Tour Central
- Using third party analysts and consultants to aid in vendor selection
- Creating efficient processes: