The Future of Financial Reporting (Accountex Interview)
Panintelligence exhibited and spoke this month at Accountex 2016. We had lots of great conversations including an interview with media partner AccountingWEB.
Sales Director Zandra Moore spoke on the ‘The End of Board Packs’ which explored how organisations are transforming financial and management reporting. Below are some highlights from the AccountingWEB interview.
How can real time data help businesses make better decisions?
We find that at the moment most finance functions and departments are still working with huge volumes of data in different sources and spending lots of time bringing that data together into one place, usually copying and pasting information into spreadsheets.
They do this on a monthly basis, for different management reporting needs and board reports. This is very time consuming and by the time they are presenting and reviewing the data, it could be out of date.
We live in a world where more and more data is being collected in a variety of systems, usually online, but also on-premise and from different ERP and CRM systems - therefore it is becoming more and more difficult to report on the data we have.
So enabling businesses to be more effective and timely with reporting is about helping them to bring information together in real time - in an easier way than they’re doing now- saving them time and making it as simple as possible to get to those insights that allow them to make better decisions.
So in a world where there is so much information out there, what can financial managers, financial and CFOs do to make sense of it?
There are lots of tools out there, dashboards, financial reporting tools, and we’re finding that the majority of companies are moving to real-time solutions; solutions where they can access information anywhere, at any time, from any device.
Panintelligence has such a tool, which allows any finance function to connect to any data source they have, whether it’s a Sage, Exchequer, QuickBooks, Xero, Netsuite, Salesforce or any other work tools that they may have.
These tools could be online, or even just Excel spreadsheets where they input budgeting and forecasting data.
They need to be able to bring all that data together in one place. Using the Panintelligence BI dashboard, they can build a report once and it’s there live for everyone, or specific person to see at any time.
They are particularly useful when you’re out and about, as you can be alerted when something changes in your data, not later when you get back in the office.
Will there be a big tipping point when people will go from the spreadsheets to real time data tools or is it way down the line?
Excel still is one of the best tools ever built; we’re a long way from Excel being a tool not used by any department or organisation.
We make it really easy for finance professionals to get that data back into Excel to allow them to do the things that they want to do.
There’ll always be a place for a tool like Excel in a business but the dependency on it is starting to disappear from businesses.
It’s now easier for organisations to access what they need from finance tools and accounting software they’re using remotely irrespective of where it is.