With all of the data created and stored by accounting firms, traditional monthly reporting is just not cutting it for a lot of firms. Firm managers want to be able to make decisions on the fly, based on the most recent data available. As a result, business intelligence dashboards are in increasing demand. Here’s what you need to know if you’re looking to implement a solution like this.
Look for these key features
- Real-time or near-real-time data. Business intelligence dashboards should run from data that is as fresh as possible. That way, you’re making your decisions based on up-to-the-minute information. The CCH Axcess Data Axcess Utility pulls data from the cloud into a local SQL instance once a day so you always have the latest information.
- Slice-and-dice control. One of the key differences between traditional reporting and business intelligence dashboards is the ability to drill down and slice-and-dice data as needed. Dashboards should be dynamic -able to change depending on your needs. Rather than viewing a static picture of your data, you should be able to control exactly what you’re looking at. Tools like Microsoft Power BI and Tableau make these controls simple.
- Data Visualizations. Even if you’re great with numbers, it can be hard to digest and analyze large data sets. That’s why your business intelligence dashboards should include data visualizations like charts and graphs that help you understand your data at a glance. The less time you spend making sense of your data, the more time you have to analyze and take action. Pre-built visualizations, like those included in CCH Axcess Data Insights, give you professional-looking graphics without requiring any special skills.
Achieve Peak Performance with Business Intelligence Dashboards
To find out more about how your firm can get started with business intelligence, download the ebook, Business Intelligence Tools for Peak Performing Firms.