October 1, 2023

Improving Your Financial Reporting with Power BI

power bi report builder

power bi report builder

Power BI report builder: Microsoft Power BI is an exclusive technology-driven business intelligence tool that enables you to analyse and visualize raw data and transform them into meaningful and actionable insights to optimize your decision-making and make the business efficient, productive, and profit-oriented.

This has been the reason that Gartner claimed Microsoft as the Leader in the “2019 Gartner Magic Quadrant for Analytics and Business Intelligence Platform”.

As a result, the Custom Power BI Solutions are broadly being accepted in the global marketplace due to their relentless capability to make your business grow, flourish and sustain in the respective domain.

“One of the biggest advantages of Power BI is [that] it’s a tool that fits in all spheres of expertise, from a business user to BI experts and data scientists as you can do basics to advanced solutions”. 

Yash Nannoolal: Engineer, Nedbank

How Does Power BI Leverages Financial Reporting?

A Power BI dashboard for finance and operation enables you to track down the financial KPIs, parameters, and metrics and leverages the operation in the following ways:

  • Incorporate improved cost, expenses, and cash management policies and strategies.
  • Track down the business expenditure and revenue generated by the sales team.
  • Offers a day-to-day review of cash flow and financial mobility in business.
  • Identify and track the payable account and receivables to mark the payment dues and payment owned.
  • Improves the operational behaviour to draft and accomplish your company’s financial goals and objectives.

How Power BI Consulting Empowers Cost management strategies?

In order to fully harness the potential of Power BI for financial reporting, it’s essential to know how to access data from Power BI datasets via an API by step-by-step instructions. By utilizing the API, you can seamlessly integrate the platform with various data sources and applications, allowing for more accurate and efficient financial analysis. This, in turn, enables better decision-making and helps organizations achieve their financial objectives.

The Power BI cost management dashboard is beneficial for inventory management that includes handling the cost variances of the inventory stocks or daily cash flows. As a decision-maker of the financial house, you can rely on Custom Power Bi Solutions for inventory stocks, a product with work in progress, turnover ratio, and inventory cost.

So, the basic functionalities of the cost management dashboard are:

Cost Administration

  • Overview tab
  • Inventory accounts tab
  • Manufacturing accounts tab

Cost Analysis

  • Inventory accounts analysis tab
  • Manufacturing accounts analysis tab
  • Standard cost variance analysis tab

Power BI Dashboard for Financial Operation

For financial operation Power, BI dashboard brings for you many vital business elements like:

Account receivables and payables: Power BI dashboard offers efficient visualization for receivables and payables accounts. In addition, it likewise offers a detailed list of pending receivables along with a holistic overview of sale data from before the current year.

Sales revenue: Commonly, this shows the created business income from every specialty unit alongside the income chart for a chosen number of back-to-back years.

Business expense: Power BI dashboard offers a visualization of business expenses too. It carries a detailed list of expenses for all business vendors from past to current years. Apart from that, you got a different bifurcation of budgeted expenses for every business unit. power bi report builder

Major Benefits of Power BI Dashboard for Financial Operation

A Power BI dashboard holds special benefits for financial data in graphical and tabular form. Financial analysts and advisors can easily interpret the dashboard, and further, it can be shared with the authorized employees, investors, and stakeholders.

“Microsoft Power Platform provides us with a whole new concept for what we can offer our users. We used to only give a single BI solution for users to visualize data, but now our users have so many more capabilities”. 

Tiaan Taljaard: Cognitive Services & AI Product Owner, Standard Bank

So, let’s analyse the basic benefits that the Power BI dashboard brings for the Financial Operation team.

Data Visualization: Power BI dashboard brings on data visualization, a tried and tested method for evaluating the financial KPIs, parameters, and metrics. With elegant visual representation, financial advisors can evaluate the complex database and fetch better decisions for the company’s benefit.

Visibility and Productivity: Most financial advisors spend a lot of time and expenses analysing data from various touchpoints. A Power BI dashboard solves this complex issue. It extracts the data from various sources and integrates with the components for greater visibility and insights. This precisely enables you to save time, energy, and IT resources.

Identify Problem Areas with Solution: A financial dashboard of Power BI works on a wide range of critical business touchpoints like profit, loss, and sales for the various business unit. With this data visualization technique, financial experts can recognize the problem area and get a deeper insight into the solution to the problem. Companies and organizations can now devise efficient measures with more clarity and visibility. power bi report builder

Updates Financial Database: As a financial advisor, it’s very imperative to select and set automated updates for your dashboard. The updates could be daily, weekly, monthly, quarterly, half-yearly, and annually. With sharp accessibility to the updated database, you got to make an informed and improved decision for the financial benefit of your company.

Cost-Effectiveness: With the correct analysis of data and gaining actionable insights from an excellent dashboard, you could rely on an effective output that will increase the return on investment and help you flourish the business. Today a wide range of business sectors, including manufacturing, retail, healthcare, pharmaceutical, education, or other public sectors, are counting on Power BI Consulting services for enhanced productivity, accelerated profit, and broad customer base.

Power BI: A One-Stop Solution for Financial Service

The biggest technology leaders across the globe have accepted that Power BI is indeed a one-stop solution for maximum business sectors in any marketplace. We are running in a digital era where every business is transforming from manual methods to technology-driven operations. So, there must be a technical initiative to streamline the financial sector, too, and Power BI dashboards are perhaps the only available solution to the problem.

“The reason for the productivity [gateway] is so we don’t stifle any business growth so that everyone can explore the value of the new tools that are available, and we can monitor the data sources they use on this gateway so that once we want to move them over to an enterprise source, we can”. 

Werner Louw: Head of BI and Data Discovery, Standard Bank

So, it’s time to buckle up and embrace the technology boon to rise and succeed in business.