In my last blog post, I covered how automation can help your business scale from single entity to a complex global structure whilst saving time, increasing accuracy, and reducing risk. In this blog post I will focus on the importance of visibility to support your business growth.
In a recent article in CFO magazine, Frank Friedman, CEO of Deloitte LLP, writes about why analytics should be owned by the CFO. One of his main points is that in order to tell “an effective story with analytics means the data underlying the insights must be unimpeachable.”
At Intacct we believe that to provide a truly unimpeachable analysis it needs to originate out of the system of record. In my experience, the more you remove the creation of reports from the system of record the more it erodes confidence by the user in the integrity of the data. That is why Intacct has built a powerful financial and managerial reporting tool right into the product.
As your business grows from one location to multiple legal entities, a powerful reporting tool becomes ever more important; business insights can easily be hidden within the growing mass of data that you are collecting. Filtering through these layers will provide you a deeper understanding of your business and give you the key to unlock insights to run your business better.
Intacct offers a powerful dimensional report writer that gives you access to this analytical power. The Intacct report writer empowers your finance team to create multi-dimensional reports and calculated metrics that are tailored to your businesses. Because you are analyzing data right out of the system of record you have higher assurance over their integrity making your analysis unimpeachable.
Now let’s look at a specific example of how Intacct can help you uncover an insight into the performance of your product portfolio. Let’s take the example of a restaurant. With our dimensional report writer you can quickly generate a report analyzing sales across your locations by specific dimensions such as: Meal Type (Lunch / Dinner) and Source (Dine-In, Special Events, and Take-Out). In addition, this report can easily be expanded to show comparative results (i.e. current month versus prior month - with dollar and percentage variances).
This is the type of analysis that will help transform your finance team from merely executing processes to becoming a business partner that helps drive corporate strategy through data-driven decision making.