Real-time visibility into an organization’s financial health. It empowers users to easily create custom reports, providing the insights they need to make the very best decisions about their business.
A dynamic financial reporting software tool, also known as ad-hoc analytics or self-service reporting:
Static reports capture the data at the time the report was created. Whereas, dynamic reporting allows you to create reports on the live data that is happening in the moment.
However, costs get next to zero over time as information is easily available and users are provided with the ability to make better decisions for their organization.
Typically, it takes businesses weeks to create their month-end financials. With a dynamic financial reporting tool, once their report templates are created, with a few simple mouse clicks, they have the updated data they need to close their books…in a matter of minutes.
There’s a huge cost when companies don’t have access to their financial data. Making the wrong decision based on bad data, or no data at all, can be death to a business. Especially in uncertain economic times like today.
In our next blog, we’ll focus on why dynamic financial reporting is relevant in an economic downturn.
Jeana has been in the software industry for 13+ years specializing in ERP reporting solutions. She has decades of experience in creative content development and marketing and enjoys exercising, traveling & spending time with her husband & twin boys.
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