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Financial Intelligence

In: Business and Management

Submitted By niveditaramana
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8 IDEAS FOR ACCOUNTING BI SUCCESS

Business Intelligence (BI)is a phrase that can mean many things. This white paper is focused on the topic of Business Intelligence for the accounting department. Your accounting department’s BI solution should serve your needs effectively. BI for accounting should be considered successful when the authorized accounting department staff have all the necessary software tools required to see the information in all necessary formats to answer all questions asked in the allocated time. Accounting departments need to have a window into the hundreds of tables of data that are stored in databases controlled by the accounting software. They also need to be able to manipulate that data for both compliance and ad-hoc purposes. Lastly, they need the ability to do this without taxing IT resources. If your organization is involved in, or considering a BI implementation, you know there are a lot of options out there. Many solutions are even providing specialized platforms for supporting line-ofbusiness applications. The promises of these BI options are shortened implementation cycles and reduced costs. Many vendors have gone a long way towards making data warehousing and BI tools more available and affordable for the mid-market. However, the mid-market accountant’s true needs are often underserved, resulting in large additional investments. These additional costs are due to the fact that you also need to spend time building on top of the platform that the vendor provided. The good news is that in the end your BI solution can be anything you want provided you have the right amount of time and cash flow to feed its ongoing development. Stop and think; is your company’s BI solution able to meet the information-generation needs of your accounting group, efficiently? Is it possible for your finance team to be more effective, given the right tools?...

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