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What do you do if your business reporting needs a fresh approach to presenting financial data?

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When your financial reporting starts to feel stale, it's a clear sign that you need to revitalize your approach. Financial data is critical to business success, but if it's not presented effectively, valuable insights can be lost. A fresh approach can mean the difference between a report that's glanced over and one that drives strategic decision-making. Understanding how to communicate financial information in a more engaging, clear, and actionable way is essential. Whether you're a seasoned finance professional or someone with a basic grasp of business reporting, the following strategies will help you present your financial data in a new light.

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Larysa Melnychuk

Founder & CEO @ FP&A Trends Group
Alex C. Leung, CPA, CA

Passionate about Digitally Empowering Finance & Accounting

1 Visual Aids

Visual aids are powerful tools for enhancing the comprehension of complex financial data. By transforming rows of numbers into charts, graphs, or infographics, you make the information more digestible and engaging. Consider the audience's needs and the story you want to tell with the data when choosing the right type of visual aid. For instance, a line graph could illustrate trends over time, while a pie chart could showcase the distribution of costs. The key is to use visuals that simplify the information without oversimplifying the message.

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Alex C. Leung, CPA, CA

Passionate about Digitally Empowering Finance & Accounting
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With technological advances particularly in GenAI such as Copilot from Microsoft or ChatGPT from OpenAI, the possibilities of presenting data in a fresh new way become limitless. Traditionally, data visualization tools such as Power BI or Tableau become the gold standard in presenting data. However, this quickly hit bottlenecks and technical limitations since in themselves, these tools had limited to port data governance and management capabilities. This then led to an uptick in data governance type controls such as Master Data Management or Data Dictionaries and bolstering the popularity of tools in data transformation and integration (e.g., Extract Transform Load (ETL) or some variation thereto. Cont'd ... in 3 Interactive Reports

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Larysa Melnychuk

Founder & CEO @ FP&A Trends Group
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Self-service visualisation with help of modern technology is an important consideration. As visualisation needs to be adjusted to the needs of different stakeholders, the approach where dashboards could be automated and distributed to different users is important to implement.

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2 Data Segmentation

To make your financial reports more accessible, segment the data into smaller, more focused chunks. This approach allows readers to quickly find the information that's most relevant to them without being overwhelmed by extraneous details. For example, separate financial outcomes by department, product line, or market segment. Not only does this make the report more navigable, but it also enables readers to draw more nuanced conclusions about specific areas of your business.

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3 Interactive Reports

Interactive reports are a game-changer in business reporting. They allow users to engage with the data by filtering, sorting, and drilling down into specifics. This level of interaction can lead to a deeper understanding of the financials as stakeholders can explore different scenarios and answer their own questions. To implement this, consider using software that supports interactive features and ensure that the user interface is intuitive.

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Alex C. Leung, CPA, CA

Passionate about Digitally Empowering Finance & Accounting
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Cont'd ... from Part 1 Visual Aids With the improving capabilities of GenAI and tighter integration to reporting platforms, the ability for interactive data discovery presented in a manner specified by users becomes a very real possibility. "Hey Siri - could you please render EBIT by Operating Segment as a waterfall graph between Actual and Forecast bridging variances in Product Profitability and include the corresponding data table." *After results return -- "Drill down further in Operating Segment A but change the variances in the waterfall by Geographical Region and highlight exceptions." We still have a ways to go before this becomes a practical and affordable reality, but it is definitely within eyesight. #ReinventFinance

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4 Narrative Integration

A narrative can transform numbers into a compelling story. When presenting financial data, integrate a narrative that provides context and explains why the numbers matter. This could involve discussing market conditions, business decisions, or future projections. By weaving a story throughout the report, you hold the reader's attention and make the data more memorable. Remember, the goal is to connect the dots between the figures and the larger business strategy.

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Larysa Melnychuk

Founder & CEO @ FP&A Trends Group
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Generative AI has already started to help with the commentaries. Important to remember that the needs of different stakeholders could be very different. Simplicity and consistency are important factors to take into consideration. Automation of all routine tasks should be done as well.

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5 Training Sessions

Sometimes your audience needs guidance on how to interpret financial reports. Offering training sessions can be an effective way to ensure that stakeholders understand the data being presented. These sessions can cover how to read financial statements, what key metrics mean, and how to use the data to make informed decisions. By empowering your audience with knowledge, you enhance the value of your reporting.

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6 Feedback Loop

Establishing a feedback loop is essential for continuous improvement in business reporting. Encourage stakeholders to provide their input on what's working and what's not in your financial reports. This feedback can reveal which aspects of the report are most valued, which are confusing, and what additional information might be needed. Use this information to refine your approach and tailor your reports to better meet the needs of your audience.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if your business reporting needs a fresh approach to presenting financial data?

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1 Visual Aids

2 Data Segmentation

3 Interactive Reports

4 Narrative Integration

5 Training Sessions

6 Feedback Loop

7 Here’s what else to consider

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