Ensuring data accuracy and integrity in your financial reports
How to avoid time and resource constraints while offering accurate data: Power BI
When doing your quarterly or yearly financial reports, are you suffering time and resource constraints? These reports have tight deadlines that must be met as they are often set by regulatory bodies, investors or stakeholders. Usually, to create comprehensive reports, different teams are involved in the process, which can be time-consuming and error-prone, and data reconciliation can be a challenge when there are multiple data sources or complex financial transactions.
The struggle sometimes is real, but organisations can make reporting easier for their teams by using business intelligence systems and connecting them with their ERP solutions.
To improve the financial reporting process, systems like Power BI are crucial to streamlining data analysis and enhancing data visibility while avoiding errors and speeding up the process with automation. Power BI is built to get data from various sources, including Excel. Still, using it to create financial statements can be challenging if your organisation is not using another financial planning and analysis tool. That is why, at Arribatec, we offer to connect it to your ERP software.
Using Power BI with an intelligent solution that allows for budget planning, financial forecasting, and reporting will enable businesses to create purpose-built financial dashboards that can be drilled down for more extensive data exploration, with interactive reporting, visual reports, and easy-to-digest data.
Ensuring data accuracy and integrity while fostering communication and collaboration amongst teams involved in the reporting process is paramount when doing your business’s financial reporting. This can only be done with streamlined data collection and analysis processes and integration with your main ERP solution.
At Arribatec we are experts in ERP systems and understand the importance of integrating it with tools that streamline processes, and that is the reason we have developed our own Power BI connector for Unit4 ERP and RamBase Cloud ERP.