3 Ways to Better Business Decisions
60% of SME companies agreed their Finance team’s management information (MI) was not sufficiently insightful to support truly effective decision-making – according to Deloitte’s recent Finance Benchmark study.
The study included the following barriers to the truly insightful use of MI:
- Limitations of traditional accounting and reporting systems
- Inefficient financial processes
- Poor financial data quality
Digging a little deeper uncovers one of the main offenders – Spreadsheets – used by over 60% of respondents for collating and analysing data. As we know, the spreadsheet approach is disjointed and inefficient, lacks consistency and is prone to error – so why do so many people rely on it?
The answer appears to be the lack of reporting and analytics functionality in traditional accounting and ERP systems – with only 6% of respondents able to achieve insightful MI reporting in their current system.
The study highlights 3 avenues that Finance leaders have identified to improve the quality of MI and support insightful decision-making including:
- Investing in modern finance systems to improve control and accuracy.
- Processing transactions more efficiently.
- Standardising procedures to minimise time spent on routine tasks.
At Xledger we work with complex multisite and project-based businesses with very demanding MI needs. Being so acutely familiar with these reporting challenges we understand the issues and, more importantly, how to help our customers address them.
Users of Xledger’s cloud accounting software benefit from real-time business intelligence at consolidated, subsidiary, site and project levels – without the need for spreadsheets or additional reporting tools.
- Real-time access to P&L, Balance Sheet, Cashflow & KPI’s from summary to transaction level.
- Real-time insight into profitability and performance at site or subsidiary level.
- Real-time insight into project costs and performance against budget.
- Anywhere anytime access to role-specific reporting dashboards via web browser and mobile device.
Our customers benefit from clear, timely management reports, working with accurate real-time data, to deliver instant business insight.