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How can efficient reports help Finance managers?

Did you know that the financial reporting process is one of the most important factors in an Organization’s success or failure? This is why Finance managers have a lot of pressure to obtain, analyze and share relevant business and financial data, being able to drive the company, its people and processes into the right path.

Your company’s financial performance is the result that your business produces from all the activity involved, which represents a very complex analysis. And what managers sometimes forget is that one should not only look into finance numbers, or “money numbers”, but to all business and market related numbers. Sounds like too much data and reports, right? That’s why having centralized reports in a single place makes all the difference in your workflow. Reports become easy to find, to interpret, to collaborate on, and share, regardless of your analysis being a daily, weekly, monthly or yearly one.

Believe us, having all the reports and data in one place, organized according to your preferences and needs, is a gift from heaven. If your Board, CEO, Marketing or other team asks you for specific data, you just access the reports you need and share with them effectively and quickly. The same goes for external Clients or Partners, that demand numbers and data on a regular basis.

We share with you some tips for better financial reporting:

  • Choose the right technology for your reporting work. Technology exists to make our lives easier and better, and that’s exactly what you will get with BIA Reporting: accurate, focused and centralized data, regardless of coming from one or multiple sources, having one single source of the truth.
  • Define clear KPIs of what you want to have in your dashboards, this helps to keep data focused, precise, and spend less hours searching among irrelevant data.
  • Reports must have comparative data, so make sure you include comparative metrics in your financial reports and having a split screen feature is a blessing (SPOILER: BIA Reporting has one!)
  • Adapt your reports to your target: not all people speak financial, and this way, reports become a strategic discussion instead of just a bunch of boring numbers. This leads us to the next and very important point
  • It’s all about visuals! Yes I’ve mentioned this before in other articles, I know, but this is a crucial element in reporting. Pretty, clean, and organized visuals can transform any report into an art piece. Even if the numbers aren’t that great, you can always WOW the audience with structured, appealing, and impressive visuals on your report. Hey, we have to keep it positive!

So, to overview, surpass your business goals and achieve success, turning your data into insights with one source of the truth, adapt your reports to your target, explore and benefit from visuals to create an awesome reporting experience and promote a report collaborative culture among your team and other business areas of your company. This way, your company is definitely guided to success, with efficient finance management.

About the author

Marcelo Buinho

Product Growth Specialist

BI4ALL

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