The evolution of business IT systems means more and more information is available to business owners and managers and information continues to be essential for driving business decision-making. But with all this, data companies now require a modern, easy-to-use, financial reporting solution so that their organizations can make informed decisions and remain competitive.
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Most reporting tools generate custom financial statements, pulling from historical data sources with the option for live queries from Dynamics GP or from an online analytical processing (OLAP) cube or a data warehouse. Dynamics GP includes a native Report Writer as well as SQL Reporting Services and Management Reporter, but as with other ERP systems these reporting tools were not made with BI analytics in mind.
That’s where these third-party solutions fill the gap. Manufacturers of BI reporting software have learned how to leverage the expertise of financial teams to craft custom report templates that provide executives with the information they need most often: reports to help understand the status of the organization and to use the information to make better decisions about the future direction for the company. As with any software purchase, you will want to consider all the options and weigh them against your requirements for integration, access and user-friendliness and any other relevant factors.
One such factor might be whether or not your organization needs live integration to Dynamics GP, which Microsoft’s Management Reporter and Solver’s BI360 can both accommodate (many reporting tools require a separate BI data store).
Another factor is whether to consider an Excel-powered reporting solution. Most finance departments are regular users of Microsoft Excel. Because Excel is the de facto software used in the finance world, it can be valuable to stay with an Excel-based reporting solution, like BI360, which extends capabilities to focus on secure collaboration and accounting logic.
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Written by Accountnet, Inc.