Does your financial management system keep up with the changing economic world? Can it handle the demands of various locations and multiple entities likewise? Is it possible for you to easily run a report that displays the profitability by service line?
It is most likely, in case the users are still using Excel or legacy accounting software, as it is not offering the kind of multi-dimensional reporting that your business requires to make informed and strategic decisions with a simple click of a button.
Also, as you might also know the decision-makers are under repeated pressure to guide their businesses in the right direction. Multi-dimensional reporting has the potential to offer accurate and complete details regarding the performance of the company. This kind of reporting organizes the data and transactions into those dimensions that allow you to slice and dice the data while enabling a more complete financial performance analysis.
Challenges Faced With Traditional Reporting
Most users will agree that Excel spreadsheets and legacy accounting systems are rife with manual reporting tasks. This is because these aspects take time and also increase the possibility of human errors. Generally, there are 10 steps involved in producing a report that comprises everything from exporting data, data filtering, and data tagging to repairing Excel formulas and also addressing discrepancies. Regularly, this process takes about five days, two meetings with cross-functional teams, and about 10 hours. However, when making a “simple” ad hoc financial report it is not so simple. Bear in mind that Sticking with traditional financial reporting generally means:
- Distorted data due to the presence of recurring instances of the same report.
- Too much time was spent manually massaging the spreadsheets.
- A case of errors and certain discrepancies within data that need sending out multiple reports to correct them
- Some delays in important strategic decision-making
However, the good news is that you do not need to put everyone through this when you have an efficient solution in hand. There is a solution to get the required insights that you require to make impactful, strategic decisions. This is without having to involve your finance team: the solution is building multi-dimensional reports in Sage Intacct.
Also Checkout -> Financial Reports in Sage Intacct
Multi-dimensional Reporting with Sage Intacct
Being quite different as compared to a conventional chart of accounts (COA), a modern, cloud-based, multi-dimensional COA and reporting structure allows the leadership teams to analyze organizational performance and also improve margins and profitability in real-time. This comprises complete visibility into the user’s financial, managerial, and operational data.
Sage Intacct offers you:
- Self-service reports
- A single source of truth
- Real-time and accurate data
- Click-and-drag report creation
- Data security
Tag Financial Data Once Entered
At the very basis of the powerful reporting that Intacct offers, is the dimensionalized data, that allows the user to utilize those0 tags that make sense for your business, such as: departments, employees, projects, services, or products. Likewise, your organization can also outline its dimensions according to what is most important to your business and create as many codes as needed to customize Sage Intacct for your organization. Dimensional information will also offer clarity on individual transactions and allow the system to filter the data within reports and dashboards according to some well-defined tagging. This means that the user can also acquire:
- Profit and loss statements for every dimension, department, and/or location
- Granular drill-down capabilities
- Those details are always up to date
- A lean COA
- Swift decisions at board meetings
- Simple cross-dimension comparisons
- Simple audit traceability
This kind of dimensional filtering can also be applied to the various areas of the system, all the way from financial reports and general ledger account groups on to various dashboards. Dimensions are captured at any point in time a transaction is being recorded within your financial system, this way you do not have to tag any certain transactions to build the required reports.
Leverage Non-financial Data
With the help of Intacct, the user can take their reporting beyond financial data and also integrate it with non-financial data that affects their business. This allows you to check the trends within the performance of both financial and operational activities. One can also tag any of such data with any dimension value and slice and dice their data by any business driver that they wish instead of creating calculated fields in Excel.
Powerful Report Generation and Organization
One does not have to start from scratch when working with Intacct. It includes pre-configured dimensions known as the entities. This is a feature that you can use to represent divisions, franchises, branches, partnerships, locations, or even self-balancing funds. It also includes some out-of-the-box reports that one can use as templates to build your own. Likewise, you can even start templates for easy access. After you have tweaked the required reports, you can then send them out to a designated delivery list within a schedule. This way the reports are always within the hands of stakeholders when they require them.
Conclusion
This is all that we have at the moment regarding the Sage Intacct Multi-Dimensional Cloud Reporting. How did you find this article? Was it helpful? Do let us know in the space below and we would love to hear from you.
FAQs For Sage Intacct Multi-Dimensional Cloud Reporting
Q. Is Sage Intacct Cloud Based?
A. Yes, Sage Intacct is a true cloud system, implying that it is completely online. There are various benefits to this system, such as there being no need to download software to your computer. It saves time and also reduces the cost of IT infrastructure and upkeep.
Q. Is Sage SAAS?
A. Yes, Sage Intacct is the only complete Subscription + Financial Management solution and it uniquely offers SaaS finance teams one subscription system of record across billings, revenue, and cash, covering the complete customer lifecycle.
Q. Does Sage have an API?
A. Yes, SAGE offers APIs that might be applied to multiple internal applications as well as websites. These APIs offer you the ability to integrate product data, inventory, order status, presentations, and a lot more.
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