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AcctTwo Blog

When it Comes to Reporting, Businesses Should Look Forward, Not Backward

Look Forward, not BackwardPlanning better and working smarter is something pretty much everyone aspires to do both at work and in their personal lives. This couldn't be more true for CFOs and those in finance departments. A recent article on CFO.com by Colin Hare and Lana Klein emphasizes the need for forward-thinking analytics to help drive growth and profitability, and to pave the way for better communications and relations between the CFO and other CxOs. 

A second recent article by John Parkinson mentions the need for more than just backwards-looking reporting. He points out that new ERP systems are providing CFOs and finance departments with real-time dashboards and analytics that provide powerful alternatives to the static reporting of yesterday. Business Intelligence has been incorporated into the new ERP systems, and provide finance professionals the ability to do a good bit of their own analysis, without the need for IT involvement or costly 3rd party specialists.

The key is to take advantage of this new functionality. According to Parkinson, many businesses are still in the habit of looking backwards at static reports. Real-time data and the ability to drill down to a granular level provides real insight into business processes and how they're working. Another important piece, perhaps the most important according to Parkinson, Hare, and Klein, is to know what you're looking for. A real effort needs to be put into deciding what information you need, what are the key perfomance indicators, what questions are you trying to answer?

At AcctTwo, we implement ERP and cloud-based financial software, and we see the importance of forward-looking analytics every day for our customers and in our own business. We've gathered a list of requirements that every business should look for from their financial software. Stay tuned for those...

About AcctTwo

AcctTwo is a leading consulting firm and reseller of cloud-based accounting and financial management software. AcctTwo’s sophisticated systems solve the issues growing middle market companies face today. AcctTwo also outsources back office processes, allowing clients to focus on the core competencies of their business. AcctTwo provides the people, processes, technology and office facilities to perform these functions, while allowing clients to collaborate interactively through an on-line portal.

AcctTwo is headquartered in Houston, Texas. For more information, please visit http://www.accttwo.com or call 713-744-8400. Connect with AcctTwo on LinkedIn, Twitter,Facebook, Google+, or Youtube.

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Topics: Blog accounting software management reporting planning Business Intelligence / Analytics CFO Financial Reporting Software Evaluation analytics Informational business intelligence Financial Analysis, Ratios and KPIs Accounting reporting Awareness