Do you struggle with creating reports that provide business critical figures to gauge your businesses success?
One of the most common complaints heard when visiting clients or prospects is that they cannot get the information from their accounting system that help them make educated business decisions. This problem has nothing to do with what accounting platform used, it is more about legacy procedures or the inability to develop metrics that tell the story.
If you are working with an accounting consultant that really knows the capabilities of the system, this will certainly be a benefit. You need their expertise on your team. Determine who in your company should be on the strategy team to begin to determine what metrics will be required to be more profitable, have the systems in place so you can manage by the numbers from anywhere.
Perhaps you can make business decisions and move your company forward using spreadsheets. If you your standard operating procedure, I am sure it is not without effort. I suspect your staff spends time exporting files, inserting columns, creating computations, with the data presented in a series of tabbed spreadsheets that require hours of work. What if you could get the same information based on the same data, presented the way you want it automatically? Wouldn’t that be a responsible application of common sense?
Company X has enjoyed more than 25 years of profitability. Orders come in sales are not going down and remain steady. You don’t require any management reports because heck, you are profitable! You feel it is adequate to look at the bottom line once a year. You have no statistics. You don’t know or think you require feedback on how many orders are entered each day, the location of the orders, are if the customer was new or existing customers. If they are new customers while you are glad to receive the order, you have no system in place to track the source of the new customer. Was it a direct mail campaign, did they spend time reviewing your products on your website, or was it the result of the recent industry trade show?
Hopefully if you are part of the company management team you want the company to prosper. You should want to understand what marketing techniques are working so you can adjust the marketing budget when needed. More importantly, you must have metrics in place that clearly support what products are the most profitable, what growth or lack of growth you have experienced year over year, and that your financial statements accurately tie back to revenue and costs.
Historically I have found that customers have unique reporting needs. But we all have to have the same fundamental information requirements.
We have worked with clients to create reports that not only help them make the appropriate decisions; they get them automatically attached to an email. There is no human intervention required. No exporting, no time creating the spreadsheets, everything is automated.
Perhaps you want to break down your sales activity by the product line by date, for one product or all? Perhaps you want to be able to drill down and show the same metrics by product class. But what if you also want to go to the item level or down to the invoice level? We have done that! What if the report would show how many units of each product line you sold, the total sales, total cost based on the territory where the sales originated! Would that be valuable information to your company?
Our team at Tandem Technologies can help you accomplish your reporting requirements using Business Intelligence or creating custom reports tailored to your company needs.
Contact us today and starting managing by the metrics!