3 Common Challenges of Static Reports

A snapshot might be great for sharing on social media; however static reports that provide a snapshot of your data are out of date before you can even share them with colleagues.

Static reports are also time-consuming to compile. But forward-thinking firms that were ahead of the business intelligence trend had few choices to create something better than a spreadsheet—until now. For example, here are some ways new real-time reporting and dynamic dashboards are helping managers monitor firm health and overcome some common challenges.

CHALLENGE: Mitigating Risk with out-of-date and incomplete information

You can’t tell if there’s trouble ahead if you’re always looking at the past. Static reports aren’t good at spotting trends. That’s not just because a static report is out of date almost as soon as it’s run. It’s also just one data source, so you can’t rely on it to help identify and explain variances.

SOLUTION: Today’s future-focused firms can leverage internal and external data made useful through dynamic dashboards. As a result, firms can operate more intelligently with real-time, easy-to-use data like that provided by CCH Axcess™ Data Axcess Solutions. That includes KPIs that are updated daily to help identify patterns and stay ahead of problems.

CHALLENGE: Gaining insight with a limited view of the big picture

Static reports are inflexible no matter how many Microsoft Excel tricks you know. In fact, they’re often lacking the information firms need to make critical business decisions, optimize operations, analyze profits, and identify problem clients.

SOLUTION: With real-time reports, firms are able to get to actionable business intelligence that informs improvements over areas such as sales, marketing strategies, and profitability. They can then slice and dice, filter, and sort that data, and access all that information on customizable dashboards to develop actionable insights in real time.

CHALLENGE: Taking action while wrestling with data

Creating useful reports can be time-consuming, requiring manual compilation, manipulation, and reformatting of data from multiple sources.

SOLUTION: Seamlessly integrated software that plays nice with your firms’ existing tax, accounting and audit software can crunch your data and deliver it in easy-to-read visualizations that leaders can use to make strategic decisions and take action.

Meanwhile, the dashboards also can be used to improve internal processes for greater efficiency and to evaluate staff workloads and performance. As well as to track projects that went off track or over budget.

Learn more about the advantages of real-time reporting solutions by downloading our ebook Business Intelligence Tools for Peak Performing Firms.

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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