We are proud to keep pace with the modern digital approach to reporting. This month, for the first time, we presented the client with an interactive monthly financial report, created by generating, processing and visualizing data in the PowerBI software tool. Through the answers to the following questions, we will try to bring closer the advantages of periodic financial reporting through this application.
Why is periodic financial reporting important?
Periodic financial reporting is extremely important, both for our clients and for us as a company. It is important for clients that they can monitor their operations, results, cash flows, the state of their assets and liabilities from month to month in a way that is understandable even to non-financiers and that is adapted to the needs of each individual company. For our company, the existence of controlling and financial reporting is extremely important for the orderly and continuous monitoring of the records of business changes of our clients, which significantly facilitate the annual statutory financial reporting, for which the deadlines are significantly shortened.
How would you define financial controlling in one sentence?
In short, financial controlling is business support, ie. management in achieving business goals.
How is Power BI different from other financial reporting tools?
Power Bi is an interactive data visualization software tool with a primary focus on business intelligence. It can work simultaneously with different databases, by processing which we arrive at great dashboards through which we monitor KPIs. It also allows us to view data 24/7, from a mobile, laptop or tablet.
What is your approach to creating financial statements?
Each report is preceded by an analysis of the business and activities of each company individually, as well as close cooperation with the management regarding the definition of key performance indicators (KPIs). The result of that assessment are reports that represent the link between classic accounting reporting and the real needs of managers and owners for financial data and information on the basis of which they can make business decisions.
How can Power BI reports help us make business decisions?
Through interactive, visually appealing displays of financial data, within which you have the option of simple "self-service" analytics, you can easily gain insight into your business and business processes, compare different periods, projects, and track profit and cost centers in detail. This is how you come to conclusions on how to further improve business efficiency, identify new opportunities for earning and create the basis for systematic and effective planning.
Our team is always ready to advise and help you, if you have any questions or are interested in our services, contact us.
