Business Intelligence for Accounting

Business Intelligence for Accounting

Many accountants are familiar and comfortable with the accounting software that they have used for years and of course their reliable old friend, Excel. However they are missing the opportunities to perform their function much more efficiently using business intelligence software.?

Business Intelligence software provides automated collection and presentation of data in reports that can be easily understood and used for strategic and tactical decision-making. With accountants holding the role of gatekeepers to the majority of the financial data within an organisation, their ability to provide intelligible reports to non-finance specialists is of utmost importance.?

Within the various accounting functions there are significant needs for business intelligence information. In the Accounts Receivable department a variety of information must be gathered to ensure cashflow is maximised. Companies need to be made aware of their current credit balances in a regular manner to ensure prompt payment, thus increasing positive cashflow. For example, by adopting Crystal Reports Distribution software the Australian company EMPR was able to reduce their accounts receivable by 60% and increase their cashflow by $300,000.

On the opposite side of the ledger, Accounts Payable needs to maintain a complete picture of outstanding balances to avoid any unnecessary interest charges on overdue accounts. Internal management accounting reports must be produced on a regular basis and compared with budgeted costs to objectively assess performance. Often, management accountants will use metrics which differ greatly to those monitored by financial accountants due to requirements to look forward and predict, rather than look backward and record. Business intelligence software can be adapted to the various needs of these different functions within the accounting department.

Due to increased regulatory requirements in the wake of the recent financial crises; most significantly the Sarbane Oxley Act in the United States, the financial reporting requirements of companies have increased dramatically. As part of their annual report, companies have to produce tens of thousands of pages of reports with boxes that require ticking by their internal auditors. Producing reports which satisfy the compliance requirements of this act have created countless hours of additional work for the accountants both of the U.S. and those in business with U.S. companies. These companies are in desperate need of software which can streamline this process and make it as painless as possible.

While each of these individual departments can benefit from the adopting of a business intelligence software system, where it really comes to fruition is in the analysis of the business as a whole. Users can specify their data requirements up-front and the software will drill down and produce reports automatically and on schedule, which directly addresses their needs. Using the same software across the entire enterprise users can optomise their time and maximise the return on investment.

Barr Limited originally started using ChristianSteven Software SQL-RD to automate the company's manual quoting process. Soon they began to realise that the software could be applied right across their company. They began with using it to provide quotes to customers and tracking payment of the quote. Then they applied it to ensuring contracted drivers were making deliveries and receiving payment for their work. They are now planning on automating processes right across the company, starting with their environmental business. Bill Ramsay, Systems Information Manager for Barr Limited, says,?We were able to demonstrate real value to the business in a relatively short space of time, and are still only just scratching the surface of what SQL-RD can do.?

If you would like to see for yourself the resounding impact that ChristianSteven Software can make on your accounting department get in touch and sign up for a free demo and set-up configuration of our free trial software now.

Source: http://go.christiansteven.com/blog/bid/228986/Business-Intelligence-for-Accounting

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