Are you wondering how using the correct reports can influence your profits? Find out how using advanced reporting software can increase your profit margin.
Reporting software can play an important role in your company’s success and failure. There are numerous reasons why it is critical. For instance, sophisticated reporting software helps you avoid making costly mistakes, offers you the information you need to make informed decisions, and, most importantly, puts you in control of your financial data. Improved reports created by advanced financial software can increase your profitability. Here’s how:
The life blood of every business is sales. With sophisticated reporting software you can know who is buying what from you and how often. Do you want sales by brand, by customer, by product line or …?
Excel can do this job for you but who wants to spend their time keying data into multiple spreadsheets. Even after you have keyed the data you now need to build your report with vlookup and linked spreadsheets, not the most reliable, accurate and trustworthy option. How do you know when there’s an error or even where the error is?
Excel based reporting also tends to be manual in that the report is rebuilt every time you want an updated version. Is this the most valuable use of your time or your team’s time?
Managing inventory is challenging. You have to manage the inventory SKU quantity on hand, customer orders, and purchase orders outstanding. But, to make all of this really useful you need to bring it all together to create an available to promise number. Instead of maintaining and updating spreadsheets, sophisticated reporting software will bring it all together for you and do it automatically so you can answer your questions and respond to customers immediately.
Reduces Costs and Increases Profits by Saving Money
The right reporting software can reduce by half the amount of time it takes to produce reports. With a few clicks of the mouse, you’ll have all the data you want in a single report. Doing this will give you extra time to manage your firm with the knowledge essential to making the best choices.
When compared to regular software and reporting systems, an advanced accounting software such as an ERP System is unquestionably the greatest and most cost-effective way to store the data needed for detailed reports, and it will certainly enhance your revenue.
At Flexxus, we can equip you with a powerful cloud-based financial reporting system that can run on any device and be accessed from anywhere at any time. Customized reports allow you to analyze and share key metrics with others. Get in touch to discuss how we can improve your reporting.