The Solution To Your Reporting Problems!

The wait is finally over!

Today we move further to disclosing the solution to the problem we’ve been discussing since the last two posts.

A quick recap:

Most organizations still rely on tedious, time-consuming, and manual activities for the month-end close, leading to oversights and errors.

So now that we have identified the problem, let’s introduce a solution for the same.

Organizations traditionally use “reporting” applications such as Tableau or Power BI which do not solve the problem.

They are excellent analysis tools, but neither is a reporting tool.

Reporting precedes analysis and consumes much more time and resources. In fact, most financial organizations spend 80% of the time producing reports and 20% performing analysis.

Yet, they spend willingly on BI applications but pay no attention to reporting tools.

No BI application currently on the market can produce financial statements, amortization waterfalls, cash flow projections, or in general, help with month-end close reporting.

Most BI applications have ‘Export to Excel’ functionality because they lack the finesse needed to get the job done here.

Excel by far, is the most widely adopted tool for reporting.

However, for Excel to become a fully capable reporting tool, it has to overcome a couple of hurdles.

When connected to a data assembly layer, Excel can only display data in pivot tables (matrix format) or other similar variations.

Pivot tables are cross-tabulations very useful for analysis, but they are not effective in producing and automating financial statements, account reconciliations, and other complex business reports that organizations create during their close.

Producing these types of reports requires a more sophisticated report design than simply a preset grid.

Let’s cut to the chase now.

What you need to cross these hurdles is Power Report.

Power Report connects directly to your source systems through a three-dimensional model optimized for your specific reporting needs.

Unify data from your accounting, HR, CRM, and other source systems into one single source of truth.

Build both reports and analyses from the same source without worrying about version control or inaccurate numbers. Power Report’s in-cell reporting technology allows you to start with a report template and simply place figures where they need to go.

It’s like painting by a number like you did as a kid!

Power Report for Excel unleashes the ability for end-users to create virtually any report, using simple drag and drop functions while maintaining a direct connection to the unified data assembly layer!

This means that all month-end reports and supporting spreadsheets become live documents that automatically update to reflect updated data.

This translates into creating a continuous close environment and saving massive amounts of time and reducing stress during the month’s closing process.

Power Report offers expert data modelling services tailored to your reporting and analysis needs and also offers software solutions that turn Excel into an extremely powerful reporting application.

Power Report turns you into a Reporting Hero!

Contact Power Report today and reduce your close time by 50%, with less stress, and better results!

Want a demo? Click here.

This post was originally written by me on medium.