If you’re looking to take your internal accounting processes to the next level, look no further than Microsoft Power Business Intelligence. More than anything else about your company, numbers tell the true story as to how sales are going and whether you’re on track to reaching your revenue goals. But it’s not always easy to make sense of the data, as its depth, breadth and detail can be the equivalent of learning how to speak a foreign language or put together a thousand-piece jigsaw puzzle.
However, by leveraging Microsoft Dynamics, you can access the data analytics tools found in Power BI that can give you a better lay of the profit and losses land.
Introduced originally in 2014, Microsoft Power BI is a software suite of tools that give business owners the power to make more informed decisions about how their company operates by systematizing, collecting and analyzing data that’s produced on a day-in, day-out basis. By inputting the numbers, you can produce impressive visuals that provide instantaneous feedback on purchase trends, inventory management, sales performance, accounts receivables and deliverables. Whether by pie charts, bar graphs or histograms, you name the visual medium, Microsoft Power BI can customize numbers in the manner that captures attention, helping your sales and accounting teams draw conclusions that guide their decisions.
Aptly named, Microsoft Power BI is a powerful analytics tool that you can download through Microsoft Dynamics and connect with other silos for data, whether they’re maintained through on-premises storage systems or cloud-based. From Excel to Salesforce, Google Analytics to Facebook Analytics, Power BI can streamline massive troves of data points to provide upfront insight into back-office tasks. You can also compile and congregate data so that it’s segmented and more relevant to specific accounting processes. Whether it’s weekend sales, purchasing volume, financials or inventory, Power BI provides intelligent filtering capabilities so it can be pulled and analyzed anywhere, any time.
The Power BI Desktop
Power BI Desktop essentially serves as the launchpad for analyzing and collecting data. Once you download it from the Microsoft Windows store, the interface features several point-and-click tasks at the top of the page that pertain to the work you seek to perform, such as “enter data,” “get data” and “edit queries.”
Aside from the litany of functionalities available, Power BI aggregates data so that it’s collected in one centralized location, even though its origins may be in separate silos. It can then be displayed in various visuals like the ones referenced above. Additionally, Microsoft BI software comes in a mobile-friendly format, making collaboration and sharing easier than ever. Collaboration is something that more businesses are doing to improve growth and performance, particularly as it pertains to accounting processes. According to a recent survey conducted by staffing and consulting services firm Robert Half, 82% of CFOs collaborate more with their company’s CIO today than they did as recently as three years ago. The main reasons for the increase stem from technology investments and business system changes.
“The adoption and implementation of new technologies like artificial intelligence and robotic process automation are no longer in their infancy,” explained Tim Hird, Robert Half executive vice president. “It’s a business imperative for CFOs and CIOs to closely work together to consider the operational and financial issues of technology solutions.”
Get the most out of Dynamics by pairing with Power BI
Microsoft Power BI is a powerful tool all on its own, but when paired with Microsoft Dynamics, it opens up a whole new universe of opportunities to glean additional insights into data by leveraging the numbers that may already exist within your Dynamics software. Thus, your accounting department can better diagnose statistics related to profit and losses, net debit or credit or sales figures calculated by item or service. Microsoft Power BI can also generate cash flow forecast tables that provide instant visibility into trends and predictions of future performance. According to figures collected by Business Insider, an estimated 82% of small businesses wind up closing their doors as a result of cash flow mismanagement. Microsoft Power BI can’t guarantee sales success, but can make it easier to track the entry and exit of money spent on an ongoing basis.
For more information on Microsoft Power BI fueling your accounting department’s work processes or optimizing Microsoft Dynamics so you can tap into the versatility that Power BI provides, contact TM Group today.