Finance in the modern enterprise has brought the need for improved technology to meet a unique set of reporting, analytics, and performance insight requirements. Often, companies already have reporting or business intelligence (BI) tools in place, but many of these systems aren’t designed with the needs of the finance department in mind.
Typically, financial professionals are focused on producing accurate management reports quickly to meet critical deadlines or real time demands.
Therefore, many are asking, “What solution can help us automate tasks to free up time for financial analysis and activities that enable company growth?”
Company managers at J. Murphy & Sons Limited knew they wanted to reduce the time it took to produce reports but without the prohibitive cost of most BI solutions on the market. Clare O’Hara, Information System Manager for J. Murphy & Sons Limited shares her perspective:
“The growth of our company in recent years created a tangible need for improving reporting efficiency and achieving better use of the finance team’s resources,” explained O’Hara.
Other companies are limited by access to scarce programming talent or the IT resources needed to create reports.
Such was the case of Davis & Shirtliff, a water equipment distributor. Their financial reports could only be produced by developers. The process to create a series of reports for senior-level managers took five to six days each month. Most companies don’t have the luxury of a long wait time for critical reports and data.
When looking for a solution to alleviate these challenges, time-to-value was a primary consideration for these companies. They found it easy to quickly find the return on investment with a solution that saves precious resource time nearly immediately, and offers a seamless integration with tools like Excel and Microsoft Dynamics NAV, GP, or AX.
You may be surprised to find that your company likely already has the right mix of people and technology in place to successfully implement a finance-centric BI and reporting system that solves the problem of time consuming and bottle-necked report generation. This is especially true if you select a solution that is built to work right out-of-the-box with your financial ERP system, such as Microsoft Dynamics, and made for finance professionals who already know and love Excel.
In summary, there are different solutions available to help not only improve, but streamline financial reporting. However, by using BI and reporting solutions specifically made to work immediately with, and for, existing systems and established employees, you save valuable time and money. This eliminates the need for long, complex implementations and maximizes productivity immediately.
Learn more about how you can transform your financial reporting with Jet Reports today.