Jet Reports AI Assistant – Boost Financial Reporting

Global Data 365
September 20, 2024

Financial reporting is a critical component of every business, providing insights into financial health and guiding decision-making. However, the process can quickly become overwhelming, requiring businesses to sift through vast amounts of data, compile reports, and analyze complex financial trends. Many organizations find this both time-consuming and challenging, often struggling to efficiently gather and interpret the information needed for accurate, timely reporting. Find out how Jet Reports AI assistant helps you to step-up financial reporting for your organization.

What is Jet Reports?

Business Intelligence such as; Jet Reports is a comprehensive business reporting tool that integrates directly with your ERP system, enabling fast, accurate financial and business reporting. By using familiar platforms like Excel and Power BI, Jet Reports makes it easy to pull in real-time data from your ERP and create reports that provide deeper insights into your business’s financial health.

Jet Reports AI Assistant

With the introduction of the Jet Reports AI Assistant, financial reporting is no longer a manual, time-consuming process. The AI assistant takes Jet Reports’ powerful reporting capabilities to the next level, making it easier than ever to access, analyze, and act on your financial data. Instead of hunting for the right numbers or spending hours interpreting data, you can simply ask the AI assistant, and it will instantly provide the information you need.

Learn More about the capabilities of AI Assistant: Watch the Webinar.

In this blog post, we’ll explore how Jet Reports, enhanced with cutting-edge AI capabilities, can revolutionize your financial reporting, providing game-changing insights and streamlining the process for better decision-making. Let’s dive into the keyways it can help your business.

Key Takeaways for Jet Reports AI Assistant:

1. Gamechanger for Financial Reporting

The Jet Reports AI Assistant eliminates the hassle of searching for financial data. With a simple query, it delivers relevant information in seconds, allowing you to focus on analysis rather than data gathering.

2. Turn Data into Actionable Insights

It doesn’t just present data—it interprets it. By identifying hidden trends, fluctuations, and outliers, it transforms your financial data into actionable insights that empower strategic decision-making.

3. Proactive Risk Management

AI assistant continuously analyzes your financial reports, helping you spot potential risks and irregularities early on. This proactive approach allows you to implement risk mitigation strategies, safeguarding your business’s financial health.

4. Enhance Microsoft Dynamics ERP with AI

Jet Reports AI Assistant works seamlessly with Microsoft Dynamics ERP and Microsoft Co-Pilot, amplifying your financial reporting capabilities. The integration streamlines productivity, enhances reporting accuracy, and provides in-depth financial analysis to ensure informed decision-making.

5. Boost Productivity and Accuracy

By automating time-consuming tasks like report generation and data analysis, Jet Reports AI Assistant increases your team’s productivity. This accuracy also reduces errors, ensuring that your financial reports are reliable and up to date.

In Conclusion

The Jet Reports AI Assistant is more than just a tool; it’s a gamechanger for businesses looking to streamline their financial reporting process. From actionable insights to

proactive risk management, this AI-powered solution helps you make data-driven decisions with confidence.

Ready to transform your financial reporting? Learn more about how Jet Reports AI Assistant can revolutionize your approach and unlock smarter, more efficient financial reporting for your business.

Get 30 days free license for Jet Reports

Share this blog on:

Search Blog

About Us

Global Data 365 is composed of highly skilled professionals who specialize in streamlining the data and automate the reporting process through the utilization of various business intelligence tools.

Related Resources

Power BI vs. Jet Reports: 11 Key Differences

August 13, 2024

Financial Reporting vs Management Reporting

April 10, 2021

How to install Jet Reports for Dynamics 365 Business Central?

February 3, 2021

Still using Jet Basics?

Get Free Upgrade
to Jet Reports

Subscribe to Our Newsletter

Jet Reports AI Assistant – Boost Financial Reporting Read More »

How can IT be removed from Financial Reporting?

Global Data 365
February 26, 2023

Financial reporting plays a crucial role in providing real-time insights, especially in crisis scenarios. If you are asked to present up-to-the-minute information on cash flow, chances are you will create a worst-case scenario based on some new assumptions, such as a 20% decrease in sales and a 15-day delay in collections. Even though you’ve generated hundreds of cash flow reports, you’ve never been asked for this exact version before. It requires some additional details, such as a sales pipeline review and improvements to the aging study. Almost anyone who has ever worked in finance or accounting has encountered a situation like this at some stage. With the coronavirus outbreak, business leaders couldn’t bear to have inefficiencies slowing their access to the information as they tried to evaluate the situation and react quickly.

Eradicate the Chokepoints

To produce or change system reports, the finance and accounting department has mainly focused on IT experts or costly outside consultants. Many accounting and ERP frameworks provide report design tools that are inflexible and require a steep learning curve. This raises a variety of difficulties. For starters, it establishes a reliance on a third-party department. Cross-team dependencies are common in most organizations, but when one department’s goals vary from those of others, conflict or chokepoints occur, preventing work from being accomplished quickly and efficiently.

When a particular department is overburdened with conflicting interests, problems may occur. Many IT divisions were preoccupied with tasks related to the enablement of remote staff as the coronavirus crisis unfolded, for example. This occurred at precisely the moment when C-level executives required the most urgent access to financial data and analysis. Businesses can try to remove these forms of dependencies as much as possible as a long-term strategy, so those cross-functional collaboration strategies will concentrate on areas where teamwork and diverse viewpoints add real value.

Enhance Flexibility

The second issue with conventional reporting tools is that they often lack the versatility that finance and accounting users need. Because of its immense strength and versatility, most F&O users tend to work in Excel. Excel is an excellent tool for manipulating, analyzing, and visualizing data. Almost every finance expert knows how to make good use of it. The finance and accounting department will kill two birds with one stone by allowing real-time data from various software systems to be accessed directly inside Excel.

For starters, they may reduce their reliance on technology. Second, they will enable finance and accounting professionals to create reports and conduct analyses using a single, strong, and familiar tool. Many businesses have found interest in implementing web-based dashboards so that leaders around the enterprise can have real-time access to a shared collection of business metrics. A few of these web-based dashboard platforms follow a common user-empowerment philosophy, allowing the finance department to set the agenda and implement a strategy for carrying out corporate dashboards without relying on the IT department in the long run.

Eliminate Errors

When finance takes over the reporting role, it will be able to address another issue that most F&O teams are familiar with. Traditionally, manually copying and pasting data from ERP, CRM, and other internal systems into Excel was needed for reporting and analysis. It is a time-consuming procedure that is prone to introducing errors into the reporting process. As data source formats alter (for example, when a new row is added to a General Ledger report), data may be pasted incorrectly into a pre-defined Excel template. Expert spreadsheet users will also incorporate error-checking algorithms or workarounds to avoid incorrect results in this case, but such methods are far from foolproof.

Another major disadvantage of the copy/paste process is that it is time-consuming. It generates reports that are based on out-of-date data. Data extracted from a source system, such as ERP, no longer provides an accurate and up-to-date picture of what’s happening in the industry. Data must be updated, and then copy/paste procedure must be repeated to review reports. Building a reporting strategy focused on real-time data access is a safer option.

An Alternative Approach

Consider this alternative strategy, in which data is made accessible in real-time by connecting to multiple source networks within the enterprise. Because when the finance department can create reports directly in a familiar method like Excel instead of having to copy and paste data from other systems, it can concentrate on what it does best: compiling and evaluating data to make better business decisions.

The need to refresh content won’t arise since this system enables real-time access to information. Direct links to source systems such as ERP or CRM may be used to automatically refresh data. With less effort, less cross-team dependency, and a lower risk of mistakes, everybody gets a real-time view of what’s going on in the company.

All these advantages are open to companies using several off-the-shelf ERP, CRM, and other software systems due to Global Data 365‘s powerful reporting tools. Reports can be created, updated, and distributed securely within the organization. Users only have access to information they can see due to built-in data protection. The year 2021 will see a renewed emphasis on software automation tools. Automation of reporting and related tasks is a reasonable first step for companies looking to improve efficiencies by doing more with less, and remote workers aim to collaborate easily and efficiently with other team members.

Get 30 days free license for Jet Reports

Share this blog on:

Search Blog

About Us

Global Data 365 is composed of highly skilled professionals who specialize in streamlining the data and automate the reporting process through the utilization of various business intelligence tools.

Related Resources

Budgeting Problems That Companies Face in Fiscal Planning

April 21, 2022

How to Increase Transparency in your Finance Processes

April 10, 2021

Financial Reporting vs Management Reporting

April 10, 2021

Still using Jet Basics?

Get Free Upgrade to Jet Reports

Subscribe to Our Newsletter

How can IT be removed from Financial Reporting? Read More »

Cash Flow Analysis with Microsoft BI

Global Data 365
July 21, 2022

With the advancement in technology, it is more important than ever to understand how cash flow analysis will affect your company and how technology, such as business intelligence (BI), can help you keep track of your cash.

What is Cash Flow Analysis?

Financial reporting requires the use of cash flow analysis. You can tell where cash is produced and invested by looking at your company’s cash inflows and outflows over time so you can prepare accordingly. Controlling your cash will help your company not only stay afloat through difficult times but also open gates to new opportunities.

Have you had a profit or a loss? Cash flow is important at any point of a company’s development cycle, whether you’re a new start-up or an existing company. Anything you do requires money, from managing assets to hiring a new employee. To achieve security and consistency, you must have the right tools and structures in place at the right time to help you manage and predict your cash flow.

Different Approaches to Cash Flow Analysis

At the end of each quarter, most accounting teams are responsible for conducting a cash flow analysis to determine that all the company’s expenses are taken into account.

Free Cash Flow (FCF) is among the most valuable financial performance indicators. Experts look at FCF or operating cash flow minus capital expenditures to determine how much money a business has left over to broaden or return to shareholders. You have an issue if your expenditure exceeds your income.

A cash flow statement is a crucial tool for managing cash flow, and it contains data from operations, investing, and financing. A cash flow statement is traditionally created to use Excel-based manual data analysis. It can be difficult to combine data from your cash flow analysis, expected and real operating expenses, capital expenditures, accounts receivable/payable balances, and general ledger data. Excel costs time and money. Identifying the ramifications, many businesses have simplified manual accounting processes and adopted business management and intelligence technologies to better analyze and predict cash flow.

Cash Flow Analysis with BI

Companies have embraced business intelligence technology to change the way they handle their cash flow now that the platform is more available and affordable. Companies use business intelligence and analytics software to automate cash flow analysis and provide the tools they need to analyze data optimize cash flow analysis, and more.

Review the Jet Sample: Cash Flow Statement.

The best feature of business intelligence software is that it is designed to provide more precise financial statistics and, as a result, eliminate the guesswork from the cash flow analysis process. BI solutions provide managers with reports that are timely, reliable, and simple to use.

Here are a few examples of how BI is assisting companies all over the world in better managing their cash inflows and outflows.

- Intelligent Predictions

Financial predictions enable you to prepare for the allocation of resources and budgeting by providing a clear way to make strategic business decisions. Cash predictions can be generated automatically using BI software. Financial managers can remain updated with this ability, including advanced warnings of cash shortages or surpluses. This enables a business to respond rapidly to growth potential or to cut back when necessary.

- Data Management

Assembling data from various sources is the most time-consuming aspect of cash flow analysis by spreadsheet. You will get the figures you require in real-time using BI software that combines with your ERP and CRM solution. The cash flow analysis will provide more useful insights and up-to-date reports, allowing you to make fast, data-driven decisions.

- Manage Projects

Large projects may have a significant impact on cash flow. For cash flow development and proper development, financial managers need greater control of what goes in and what comes out, so the ability to analyse a project’s length, expenses, resources needed, and payment terms is critical.

- Plan Inventory

There are some costs involved with the inventory. It not only binds up cash in goods but getting too much inventory can also be harmful to your cash flow. You will make a decent source of supply and be more careful with inventory spending with BI tools. In the long run, BI will save you a lot of time and money by sales forecasting and intelligent reporting.

- Risk Management

Should you put money into a new venture? Should you temporarily reduce your spending? Risk management software such as BI software is a reliable tool. If you have a cash flow problem, if your prediction indicates that you may not have enough cash, a BI solution will enable you to perform a fast prediction and liquidity analysis to assist you in making the best decision possible.

BI Solution

BI tools help data-driven analysis and decision-making, which is just what you need to keep a tight grip on your cash flow. Although there are many BI solutions available today, particularly for Microsoft Dynamics users, there is no such thing as a “one-size-fits-all” solution.

We are here to assist you if you want to improve your financial statements and cash flow review. Contact us today!

Talk to our BI Experts!

Share this blog on:

Search Blog

About Us

Global Data 365 is composed of highly skilled professionals who specialize in streamlining the data and automate the reporting process through the utilization of various business intelligence tools.

Related Resources

Where BI fits into your Data Strategy?

January 26, 2023

Optimize Processes with Data Visualization

August 24, 2022

Everything You Need to Know About BI Dashboard

March 26, 2021

Interact Live with Dashboards

Increase efficiency and deliver success now with Microsoft Power BI. Enjoy a 20% discount on all Power BI services.

Subscribe to Our Newsletter

Cash Flow Analysis with Microsoft BI Read More »

Financial Reporting vs Management Reporting

Global Data 365
April 10, 2021

Reporting is essential to the growth of any business. The reports provide information and insight for the business leader when making strategic choices that impact not only all the departments but also the company, particularly when it comes to financial and management reporting and analysis. An organization benefits from reporting, as it helps them to evaluate progress regarding their business objectives in an enterprise, and to make strategic decisions to lead the business towards future success.

Many company owners are familiar with the standard financial reports they can expect monthly, but many are not familiar with the types of management reports available that could help boost efficiency and profitability for their companies. There are different kinds of management reports available.

While there are different kinds of strategies in both financial and management reporting, organizations often search for someone who can work in both. That is why it is crucial to know the differences between financial reporting vs. management reporting.

What is Financial Reporting?

Financial Reporting is directed towards compliance and is used for external purposes. Financial reporting is the method of shaping business strategies by supplying company stakeholders with financial reports. Financial Reporting can also be created to inform internal decisions. However, documents normally appear somewhat different from the data and contain different details. After that, the financial reports are sent to third parties. Financial Reports includes the usual weekly, monthly and annual reports that businesses get each month, including:

– Profit and Loss Statement
– Balance Sheet
– Accounts Payable
– Accounts Receivable
– Cash Flows Statement

Depending on the time span, these reports will cover multiple time periods. The intent of the report, as well as the third parties requests. For instance, annual financial reports to shareholders will include a three-month time. These reports are crucial for any organization. These reports are used by banks, investors, and regulators to accept loans, lines of credit, and other decisions. In many situations, financial reports are needed to ensure adherence to certain laws or regulations.

At a given point, these reports represent your company’s financial position. They explain the general impression of the success of your company but fail to provide deeper insight into the details of your business operations. They look backwards and don’t even inform you about the performance of the business in the next month or next year. Modern systems for financial restructuring may be altering this dynamic is due to the accumulation of data in real-time, as well as automated processes of reporting now allow the creation of financial reports that contains details of the current financial reports for your organization.

What is Management Reporting?

With management reporting, companies can have a deeper insight into the financial health of their organization. Management reports provide more insight than financial reporting into the company’s financial situation, performance, and overview of all departments. Management reporting and analysis provide greater insights, which include the ability to segment and analyse information in a broad range of ways. Some of the ways include:

Profit and Loss by Divisions
Realization Rate
Utilization Rate

Management Reporting is focused on parts of the business instead of an overall view of the organization. By segmentation, you can get into the specifics and examine the drivers of the business. For instance, an example would be the evaluation of how the Marketing Department operates over a given amount of time, or how much benefit a sales employee has had over a certain month. Though, you might want to make sure that you are receiving the correct reports that your organization requires to drive strategic decision-making.

Key Comparison: Financial Reporting vs Management Reporting

To enhance the performance and profitability of your business, different types of reporting techniques are available. Even though both contain different techniques, companies require someone who can handle both.

Compared to financial reporting, management accounting is not compulsory and is used for internal purposes mainly. Rather than relying on general accounting data used to reflect a company’s financial situation, management reporting uses main performance indicators, including metrics to evaluate a business’ return on investment (ROI).

Depending on what kind of financial reporting you use to inform your business plan, management reports are always a key commodity and are almost inevitably going to surpass financial reports when it comes to receiving greater insights. Whereas financial reports are simpler, management reports are more open-ended. The financial reports are critical for avoiding cash flow challenges and making more figures. To make informed strategic decisions, you will need management reports side by side. It is necessary to ensure the right processes and systems for the execution of apt financial and management reports.

Importance of Financial and Management Reporting

Some businesses only require financial reports every month for various reasons. Because management reports cost them extra money, they tend not to use them. If your business fails to implement management reporting, you could be losing out on details that will help your business expand or keep you from introducing expensive services that do not offer an ROI. Any business requires financial reporting for compliance, to ensure that the figures add up, and to minimize cash flow. To make informed strategic decisions backed by reliable results, your company will also require management reporting.

The insights gathered from management reporting and analysis are essential to make informed decisions that might be beneficial and profitable for your business. Management reporting also focuses on future data points that help plan for long-term future projects. Any organization will be interested in getting more insight into the whole company’s activities, which tends to improve success, profit, and productivity.

Best Practices of Doing Financial and Management Reporting

There is a dire need for creating great reports that provide data to the primary stakeholders. Reports are meant to be easily readable and comprehendible by others, so it does not harm in putting more time into ensuring all these reports make a lasting impression on the target audience.

Listed below are some of the best practices of creating impactful financial reporting vs management reporting:

– Eye Appealing Reports: Important stakeholders are always busy. Dry, lengthy reports could end up losing their attention or confusing them when they need to search for the data they require. A well-constructed report will make it easier for the leaders to skim through the required information.

– Automated Processes: It is essential to use automation to create reports, as it can save time. The less time is taken to produce a report, the quicker it can reach the business leaders. With the real-time aggregation of data pulled from the entire organization, you will have a report that will contain the latest data.

– Implement Graphics and other Visuals: For a report to catch the reader’s attention, it should include graphics and other visual elements that make it easier to read the report.

– Point-and-Click Design: You can either recruit a graphic designer to create the visuals on the report or use a point-and-click design to navigate easily through the report and deliver it at the right time.

– Multiple Reports: By automating processes, you can make multiple reports that address the operations of the entire department separately. This gives the business leaders an overview of all operations.

In Conclusion

A company’s performance and financial stability rely on both financial reporting vs management reporting. Yet, there are a wide variety of possible results when it comes to producing reports that fulfil their goals and deliver the required data on time to the main stakeholders.

So, whether you are generating reports for external or internal use, the reports must be created in an easy-to-read format that holds the reader’s attention. Here at Global Data 365, we go beyond basic accounting data and offer BI solutions to companies. We help businesses improve performance and profitability by providing insight into the data gathered in real-time through our reporting and analytics solutions.

Get 30 days free license for Jet Reports.

Share this blog on:

Search Blog

About Us

Global Data 365 is composed of highly skilled professionals who specialize in streamlining the data and automate the reporting process through the utilization of various business intelligence tools.

Related Resources

Finance Dashboard Power BI

June 13, 2024

Management Reporter vs Jet Reports

April 13, 2024

How to Increase Transparency in your Finance Processes

April 10, 2021

Still using Jet Basics?

Get Free Upgrade to Jet Reports

Subscribe to Our Newsletter

Financial Reporting vs Management Reporting Read More »

Jet Basics vs Jet Reports – Should You Upgrade?

Global Data 365
March 26, 2021

Jet Basics is a free introductory and extensional reporting tool, part of insightsoftware’s Jet software product line, available with Microsoft Dynamics which works with Dynamics NAV and Dynamics GP to create basic financial reports and business queries inside of Microsoft Excel.

While it serves as an excellent starting point, Jet Basics is not a comprehensive solution for complex reporting and analytical needs. Understanding its limitations is crucial for determining when to upgrade to Jet’s premium offerings.

Understanding Jet Basics

Jet Basics is an exploratory tool intended to familiarize users with Dynamics NAV or GP while working within Excel. It delivers accurate and consistent data, helping businesses streamline basic processes and maintain a competitive edge. However, attempting to use Jet Basics beyond its scope can be counterproductive. Some limitations of Jet Basics include:

Inability to handle multiple companies or data sources.
Lack of support for multiple currencies.
No self-service reporting or advanced analytics capabilities.
Limited options for process automation.

If you find yourself frustrated with these limitations, it’s time to explore why Jet Basics might not meet your needs and consider upgrading.

However it is important to note that one should not take Jet Basics for what it is not, i.e. a fully operational reporting or analytic tool which a company needs for thorough reporting and analyses. It is an exploratory tool meant to acquaint one with Dynamics NAV or GP while working in Excel, which if used correctly and not overestimated, provides accurate and consistent data to stay on top of competition and streamline processes.

What is counterproductive to that goal of creating accurate reports is using Jet Basics for what is does not accommodate, for example, multiple companies, sources of data and currencies, self-service reporting and analysis, and streamlining processes.

If you’re struggling with using Jet Basics for your reporting needs, first you should find out the most common explanations behind those difficulties, and then we at Global Data 365 will provide you a better-suited solution.

Why Jet Basics Is Not Meeting Your Needs?

It should be kept in mind that as Jet Basics is a ‘freemium’ product, it is not built as a complete solution to a company or organization’s reporting and analytical reporting needs. While there is an inexhaustible number of users who can use Jet Basics as an introductory product, users forget that there is a limit to its capabilities, and to work around that often look for quick fixes such as making it work with corrupt, unstable and oft-times ancient software, and thus invest more time than is needed on this product which is not meant to do what the user is trying to make it do.

For example, users commonly export a table of data into Excel using Jet Basics, and then format the data using VLOOKUP, HLOOKUP and the more basic, primitive to be exact, functions such as ‘Find and Replace’ and ‘Copy and Paste’. Not only is this more time-consuming, but also results in data inaccuracies and errors which can negatively affect their reporting, and thus decisions based on those reports.

After Global Data 365 researched into why this was an issue, users admitted to using workarounds in Jet Basics and admitted they weren’t obtaining any accurate results and just wasting more time. So now we are going to offer a simpler solution to your reporting problems, which are our premium products.

When You Should Switch from Jet Basics to Jet Reports?

Instead of spending important resources (not fiscal) such as time on freemium products, users should be able to tell when to switch to Jet’s premium products, and have a stronger foundation for your reporting processes from the get-go rather than wasting multiple resources (yes, including fiscal).

We are going to give you three scenarios where a user should consider switching to Jet Reports or Jet Analytics:

- Flexible Formatting and Automation

When they need flexible formatting and automated processing, Jet Reports is the solution to their problem. With this product, users can automate and schedule real-time reports without any issues. In addition to that, there’s the option of building, formatting and updating reports with user-friendly tools.

- Self-Service Reporting and Analytics

When they need detailed self-service reporting and analytics and data governance, Jet Analytics is the solution to their problem. With this product, any beginner who does not possess technical expertise can build reports and dashboards in Excel and Power BI, and gain important understanding into data with pre-built cubes, a data warehouse and an extensive framework of dashboard and report structures. And lastly, they can manage, organize, share, compile and customize data a lot faster with the data warehouse automation tool.

- Multiple Companies or Multiple Data Sources

When users have multiple companies, or are working with multiple sources of data, they can upgrade to Jet Analytics from Jet Basics. Using Jet Analytics, they can easily integrate data from multiple sources and achieve complete data management and collaboration for reliable reporting and budgeting reports, and access data from the databases of multiple companies.

- Saving Time and Resources

Spending excessive time on manual tasks with Jet Basics can drain valuable resources. Upgrading to Jet Reports or Jet Analytics automates many of these processes, allowing your team to focus on strategic initiatives rather than repetitive tasks.

- Enhancing Collaboration Across Teams

For teams that require seamless sharing and collaboration, Jet’s premium tools allow users to easily share reports and dashboards. This ensures that all stakeholders have access to accurate, up-to-date information, improving efficiency and alignment.

Check out the detailed comparison between both of the products: Jet Basics vs. Jet Reports.

Key Differences: Jet Basics vs. Jet Reports

To help you make an informed decision, here is a detailed comparison of Jet Basics and Jet Reports:

Feature	Jet Basics	Jet Reports
Cost	Free	Premium Subscription
Real-Time Data Access	Limited to basic queries	Comprehensive and real-time
Automation	Manual processing required	Automated scheduling and distribution
Data Sources	Single source	Multiple sources and databases
Ease of Use	Beginner-friendly	Advanced but intuitive tools
Advanced Analytics	Not supported	Full analytics capabilities

Benefits of Upgrading

Upgrading to Jet Reports or Jet Analytics unlocks the full potential of your reporting capabilities. Benefits include:

Enhanced Accuracy: Automated processes reduce human error, ensuring reliable data.
Time Efficiency: Spend less time on manual workarounds and more on strategic decision-making.
Scalability: Handle complex reporting needs as your business grows.
Integration: Leverage data from multiple sources, creating unified and actionable insights.
Better Collaboration: Share reports seamlessly across teams using intuitive tools.

In Conclusion

Reporting doesn’t have to be a time-consuming task, provided you know when to upgrade from Jet Basics. Jet Reports offers the user to unlock full potential of the reporting tool, help create flexible reports and automate the distribution with Jet scheduler. While, Jet Analytics offers the user to combine data from multiple data sources, improve performance and use Power BI.

Get 30 days free upgrade to Jet Reports.

Share this blog on:

Search Blog

About Us

Global Data 365 is composed of highly skilled professionals who specialize in streamlining the data and automate the reporting process through the utilization of various business intelligence tools.

Related Resources

Jet Reports Training

June 27, 2024

Automated Forecasting with Jet Reports

April 3, 2021

How to install Jet Reports for Dynamics 365 Business Central?

February 3, 2021

Still using Jet Basics?

Get Free Upgrade
to Jet Reports

Subscribe to Our Newsletter

Jet Basics vs Jet Reports – Should You Upgrade? Read More »

Increase Revenue with Financial Reporting Tools

Global Data 365
March 26, 2021

Profitable companies recognize that technology can be a strong competitive game-changer. Technology is widely thought of as a crucial enabler of performance. It is, but software technology also provides new revenue streams. Financial Reporting tools and technologies are an underrated key to unlocking value as businesses aim to maximize sales, expand their customer base, and retain customer loyalty.

Listed below are the five main strategies for increasing profit using your ERP system and comprehensive financial reporting tools.

- Drive Sales Team

There is a gap between different silos within a company in far too many cases. For example, between sales and finance or between sales and supply chain management. When information isn’t passed back and forth effectively, revenue opportunities are often lost. Think about what happens when a user attempts to order an item that is no longer available. Sales should, in principle, have good visibility into planned delivery dates and be able to position orders on an available-to-promise (ATP) level without compromising customer satisfaction. This fits well if the ATP numbers are reliably correct, but if they aren’t, it can lead to missed delivery dates, cancelled orders, and disappointed customers.

If a business is mindful of the problem, sales can be notified, and consumers can be directed to alternative products. Direct replacement object feature is available in many modern ERP systems. MD365 Finance & Supply Chain Management (Microsoft Dynamics 365 Finance & Supply Chain Management) is a Microsoft Dynamics 365 Finance; it is referred to as an alternate item (F&SCM), but the effect is the same. However, without good insight into ATP accuracy and missed delivery dates, management can be unaware that a problem exists.

What percentage of delivery dates are missed due to incorrect ATP numbers, and what is the root cause? Off-the-shelf ERP reports are unlikely to provide you with enough detail to determine if this is happening, why it is taking place, and whether it needs to be addressed. Both the sales and finance divisions have good insight into the program’s success by closely tracking it with custom reports.

- Customer Demands Compliance

Customers usually also create vendor specifications to simplify the management of incoming inventory. Electronic Data Interchange (EDI) is the default for obtaining the sales order and delivering advanced shipping notices (ASNs) to customers used by big-box retailers. Larger consumers also enforce barcoding conditions. Although those are well-known examples, large companies are increasingly requiring suppliers to adhere to other requirements as well. Walmart declared its plan to reduce CO2 emissions in 2017. Project Gigaton, as the program is called, aims to reduce the company’s carbon footprint across the supply chain. In other words, Walmart will demand that its suppliers keep track of the carbon footprint of the goods they sell to the company.

Only a few ERP vendors have built processes into their software to monitor this type of data. It is starting to happen in the biggest, most costly programs, but for most organisations, the problem can be solved with a blend of custom user-defined fields and versatile financial reporting tools. Whatever potential requirements can entail, reporting tools may help companies remain in compliance.

- Understanding Customer Demands

From the day of the outbreak of the COVID-19 pandemic, most firms ramped up their efforts to boost customer loyalty, with a particular emphasis on their biggest and most profitable customers. Smart companies searched for ways to diversify sales and preserve consumer loyalty as a wave of shutdowns and rapid swings in demand swept the economy. Understanding who the most valued clients are is the first step in attending to them.

Basic ERP reports aren’t designed to include that degree of complexity and depth. The data is available, but it may be distributed around your organization. When many software systems are involved, it’s difficult to get a comprehensive picture of the situation. Nonetheless, having that exposure is important for customer-focused companies. It’s possible thanks to reliable reporting tools. In addition, having easy access to consumer data opens up new possibilities.

The situation has drastically changed in the global marketplace. Although determining the effectiveness of media ads and direct mail remains difficult, digital marketing has revolutionized the business world with possibilities for targeting customers with highly targeted messages and assessing the effectiveness of such promotions quickly.

To provide a basis for digital marketing automation, a new generation of CRM software has emerged. Despite this, many businesses also regard ERP and CRM as separate roles. As a response, there are untapped opportunities to recognize buying habits and common desires among subsets of consumers and create revenue-generating marketing strategies to meet their needs. The correct reporting tools can act as a catalyst for data to be aligned through multiple silos within an enterprise.

- E-commerce Integration

With the arrival of COVID-19, online shopping has exploded. Many forward-thinking businesses were already trying to strengthen their e-Commerce capabilities before the pandemic. The coronavirus, on the other hand, was a call to action for anyone with a small online presence. Many ERP vendors have taken the finest integration approach to e-Commerce, allowing consumers to choose from among a variety of online sale platforms.

This allows sellers more versatility and, in certain cases, provides new business possibilities (via Amazon or eBay, for example), but that also makes it more difficult to get a clear picture of product revenue across platforms. When businesses use the automated reporting tools offered by each e-commerce platform provider, they get a much-distorted vision of their online business. Business executives will obtain consistent visibility into all their sales operations, through all sales channels, including e-commerce, by putting data together under one platform and then validating it so that it offers an apples-to-apples comparison.

- Data Visualization

Efficient reporting tools ensure that important performance metrics are accessible across the entire enterprise. It is more important than ever for business leaders to have a real-time understanding of what is going on. Management needs to know whether the supply chain isn’t running smoothly, whether backorders are piling up, or whether consumer quotes aren’t converting into purchase orders.

Simple ERP and CRM report also provide routine preliminary data, but they fall short when it comes to calculating the distinctive numbers and features that are specific to each sector. The ability to run ad hoc queries, ask questions specific to your company, and receive answers that represent reliable, up-to-date data from your ERP, CRM, and other systems is critical to running a successful business in today’s fast-paced world.

- Automate Processes

Reporting takes up a lot of time for most organisations because it requires time-consuming manual procedures such as copying and pasting data from exported CSV files or device reports or manually inserting data into Excel spreadsheets. These types of processes often create errors, resulting in a lack of trust in the data being recorded. Business leaders often share dissatisfaction with their software systems’ inability to provide clear information on time. If an organisation has straightforward, reliable, and timely information based on real-time data, everybody in the organization will function on the same collection of facts. As a result, the management team will be able to spend less time discussing numbers and more time-solving issues and improving business outcomes.

In Conclusion

Global Data 365 connects to over 140 different ERP systems to provide financial reporting tools. For nearly three years, we have been assisting business leaders in obtaining the data they need effectively, reliably, and efficiently to improve financial knowledge and increase sales. Contact us today for a live demo if your company wants to boost sales in the coming year

Get 30 days free upgrade to Jet Reports.

Share this blog on:

Search Blog

About Us

Global Data 365 is composed of highly skilled professionals who specialize in streamlining the data and automate the reporting process through the utilization of various business intelligence tools.

Related Resources

Interact Live with Dashboards

Increase efficiency and deliver success now with Microsoft Power BI. Enjoy a 20% discount on all Power BI services.

Subscribe to Our Newsletter

Increase Revenue with Financial Reporting Tools Read More »