How can a New Financial System Improve your Reporting Capabilities? – Evaluating a New ERP System Checklist Item #2

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Reporting capabilities should factor heavily in your choice of a new enterprise resource planning (ERP) for your organization. Having accurate historical information about your organization’s performance is not only helpful for the creation of various reports but also required for auditing and compliance purposes.

A system with robust reporting capabilities will also give you new insights and better visibility into your operations and finances. Different reports, charts and graphics can be created to visualize and organize your data as you need it. You can then share it with those inside your organization, drilldown to specific information for further analysis or obtain an overall portrait of your profitability by client, department or product. Not only will managers be able to react more quickly to changes in even the most time-sensitive projects, but strong reporting capabilities also improve the flow of information across your organization and promote collaboration between your different teams.

Embedded business intelligence (BI) tools and reports are also the key to several other important analysis requirements for your organization:

  • Profitability reports by product allow you to identify the goods that are the least profitable and to take corrective action if needed to curb or eliminate extra costs.
  • By comparing key performance indicators (KPIs), you can uncover growth opportunities, then model different scenarios and invest in those with the greatest probability of success.
  • With the ability to spot competitive threats or changing market conditions early, you can identify and solve problems more rapidly or even prevent them from occurring in the first place by taking proactive measures with this type of insight.

Furthermore, various members of your organization often have to review similar information but need to visualize or review it in different ways depending on their roles, tasks and particular needs. This is why an integrated system is important—that way your data is centralized, ensuring that everyone across your organization has access to the same up-to-date, consistent information. A system that offers embedded BI and analytical tools will provide them with the means to display the information that they need, how they need it. As a result, this will improve the operations of all your various departments from sales to finances and help your managers make more informed business decisions.

The reporting capabilities of the system are just one aspect to consider when trying to decide what management information system would most benefit your organization. There are many factors should be considered before taking the plunge. To find out more, download the eBook today for the complete checklist.

By JOVACO Solutions, Microsoft Dynamics GP implementation specialist in Quebec

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