Boost your financial reporting app with BI capabilities

You know that it’s important to stay on top of your company data.

But the problem is, you and your team are so busy with all those daily tasks that there just isn’t time for a deep dive into the numbers. And even if you can find some time, how do you make sense of all those rows and columns of data?

This is where business intelligence (BI) tools come in. BI tools can help you take all that data and turn it into visualizations that are easy to understand. And when it comes to financial reporting, BI can be a real game-changer.

With BI, you can create customized financial reports for your company. You can track key metrics, compare your performance over time, and even explore your data interactively. BI can give you the insights you need to make smart decisions about your business.

So how can you get started with BI for financial reporting? And how can you create a customized reporting app that meets your specific needs? In this article, we will answer those questions and more.

Why is BI important in financial reporting?

Financial data can be complex, and it can be difficult to make sense of it all without the help of a BI tool. With BI, you can create visualizations that make it easy to see how your business is performing. You can track key metrics, compare your performance over time, and even explore your data interactively.

In a world that is driven by data, BI is a must-have for financial reporting. With BI, you can get the insights you need to make smart decisions about your business.

There are tons of reasons to consider using BI for financial reporting. Here are just a few:

BI can help you track key metrics

With BI, you can track key metrics such as gross profit, COGS, EBITDA, and more. This information can help you make informed decisions about your business.

BI can help you compare performance over time

It can be difficult to track how your business is performing over time without the help of BI. With BI, you can easily compare your performance from one period to the next.

BI can help you explore your data interactively

With BI, you can explore your data in a way that is easy to understand. This can help you get a deeper understanding of your business and make better decisions.

 

How do BI tools offer customized capabilities for financial reporting apps?

Most BI tools offer a wide range of features that can be customized to meet your specific needs. When it comes to financial reporting, you will want to look for a tool that offers the following features:

The ability to create custom reports

With BI, you can create custom reports that are tailored to your specific needs. You can include information from a variety of sources, and you can customize the layout and design of your reports.

You will need to ensure that the BI tool you select offers this capability.

The ability to track key metrics

BI tools can help you track key metrics such as gross profit, COGS, EBITDA, and more. This information can increase your capabilities for financial analysis and decision-making.

The ability to compare performance over time

BI tools can help you track how your company is performing over time. This information can help you make better decisions about the future of your business.

The ability to explore data interactively

With BI, you can explore your data in a way that is easy to understand. With the right tool, you can get a deeper understanding of your business and make better decisions.

When it comes to financial reporting, BI can be a real game-changer. With the right tool, you can create custom reports, track key metrics, compare your performance over time, and even explore your data interactively. If you are looking for a way to improve your financial reporting, BI is a great option to consider.

 

How can you create a customized financial reporting app?

There are a few different ways you can create a customized financial reporting app. One option is to use a BI tool that offers a wide range of features that can be customized to meet your specific needs. Another option is to use a template or pre-built app.

Either way, there are some critical data sources you will want to connect to and visualizations you will need to create in order to make your app effective.

At a minimum, you will want to connect to the following data sources:

Accounting Software

This is where most of your financial data will come from. You will want to connect to your accounting software so you can pull in data such as income statements, balance sheets, and cash flow statements.

Product Data

In addition to your accounting data, you will also want to connect to the personal data about your business from your cloud databases. This data can include information about your customers, suppliers, and other stakeholders.

Customer relationship management (CRM)

Your CRM is another valuable source of data for financial reporting. You can connect to your CRM to get information about sales, leads, and customers.

Enterprise resource planning (ERP)

If you use an ERP system, you can connect to it to get information about your inventory, manufacturing, and other operations.

In addition to connecting to these data sources, you will also need to create some visualizations. Below are a few examples of visualizations you may want to include in your financial reporting app:

 

The best visualizations to include in your financial reporting app

1. P&L statement

A P&L statement can help you track your revenue, expenses, and profits. Build a visualization into your financial reporting app that allows you to track this information over time. If you can easily see how your business is performing, you can make better decisions about where to allocate your resources.

2. Balance sheet

A balance sheet can help you track your assets, liabilities, and equity. This information is critical for financial reporting. Include a balance sheet visualization to ensure you have all the information you need to make informed decisions.

3. Cash flow statement

A cash flow statement can help you track your incoming and outgoing cash. This information is critical for financial planning and decision-making. Include a cash flow statement visualization in your app so you can always be aware of your company’s financial situation.

4. Customer health score

Your customer list is a valuable source of information for financial reporting. Connect to your CRM to get a list of your customers and track important metrics such as revenue and profit generated by each customer.

5. Inventory tracking

An inventory list can help you keep track of your stock levels and make informed decisions about manufacturing and purchasing. Connect to your ERP system to get a list of your inventory and track important metrics such as stock levels, lead time, and more.

6. Supplier list

A supplier list is another valuable source of information for financial reporting. Connect to your ERP system to get a list of your suppliers and track important metrics such as cost, delivery time, and quality.

7. Sales reporting

A sales list is a valuable source of information for financial reporting. Connect to your CRM to get a list of your sales and track important metrics such as revenue, profit, and customer satisfaction.

 

Simplify with BI

One reason that many shy away from building a customized BI financial reporting app is that they think it will be too much work. However, this doesn’t have to be the case.

It all comes down to your design. Building your BI app to allow easy navigation between different types of data and different visualizations will make it easy for you to find the information you need.

Consider the use of toggles, filters, and search features to help your users find the information they need quickly and easily.

By including these features in your app, you can make sure that your users have all the information they need at their fingertips without overwhelming them with data.

 

Enhance your financials with the right tools

Building a BI-powered financial reporting app can give you the insights you need to make better decisions about your business.

With the right design, you can make sure that your app is easy to use and provides all the information you need to lower your costs and boost your profits. With the right tools and the best data, you can supercharge your financial reporting capabilities.