"We're helping the finance teams become more strategic partners within the organization, helping them with tools, getting the data, being able to build models more quickly, and being able to share. Essentially, prioritising strategic thinking at the seat,” said John Miller, VP of Product Management at insightsoftware.
In this episode of the Don't Panic It's Just Data podcast, Christina Stathopoulos talks with Miller and Michael Wiley, Sr. Product Manager of Spreadsheet Server. They discuss the challenges and solutions in financial reporting, focusing on real-time reporting from ERP systems to Excel.
The discussion covers the current state of financial reporting, the obstacles finance departments encounter, and how tools like Spreadsheet Server can help. Such tools allow finance teams to become strategic partners in their organizations. The conversation also shares real-world applications and case studies, showing how these solutions affect efficiency and decision-making.
The speakers share imperative insights on how enterprises can remake their finance teams from traditional "bean counters" to proactive strategic partners within their organizations. This is driven by the power of real-time data and efficient reporting.
From ERP to Excel
Considering how advancements, especially with AI in the picture, the business world is tunning at an exorbitant high pace. Due to this, access to real-time financial data is no longer a luxury but a necessity.
Despite that, many finance teams and IT decision makers face significant delays. These delays restrict timely and competent decision-making. Essentially, it all comes down to the way employees use ERP systems to deliver decision-makers reports in a usable format.
They depend on Excel because it is familiar and flexible. However, obtaining live, useful data from an ERP system into spreadsheets often requires tedious manual processes, exports, and reformatting. Unfortunately, it creates a significant blockage, wasting valuable time and delaying important insights.
"ERPs do a fantastic job with organizing data, classifying it, structuring it, but then the reality is you want to then grab that data, pull it out and put it in a meaningful format so that you, your board, your leadership or your owner can digest that data,” expressed Wiley.
He added that it’s challenging to take data out of a system and put it in those unique formats. “That's where Excel is great. And that's where we typically find our users."
When Finance Data Goes Real-Time
See how direct ERP-to-Excel access is reshaping finance’s operating model, from static closes to continuous data-driven decision support.
Spreadsheet Server Aids Real-Time Reporting
Imagine an Excel-based reporting solution that connects you to your ERP, providing dynamic reports that refresh with the click of a button. That's Spreadsheet Server. It cuts down the time spent on manual data extraction, reformatting, and reconciliation. This allows your finance team to move from simple number tracking to becoming strategic partners.
“Spreadsheet Server is your bridge,” says Wiley. “It connects you from your ERP to Excel in a dynamic fashion. It's a dynamic report. You can leverage, drill down and dive into details without having to reinvent the wheel all the time, export, put it in a pivot table, reformat, cleanse your data, remove all those duplicates, all those tedious steps get removed in that process."
For more information on insightsoftware, click here.
Takeaways
- The current state of financial reporting often lags behind real-time needs.
- Finance teams are looking to become strategic partners within organizations.
- Spreadsheet Server connects ERP data to Excel dynamically.
- Automation can significantly reduce the time spent on repetitive tasks.
- Real-world examples illustrate the efficiency gained with Spreadsheet Server.
- insightsoftware offers a range of solutions beyond just Spreadsheet Server.
- Evaluating time spent on tasks can reveal opportunities for improvement.
- Understanding user needs is crucial for selecting the right technology.
- The complexity of data reporting requires multi-source integration.
- Optimising processes can lead to better decision-making and efficiency.
Embedding Planning in Power BI
Inside the architecture shift to embed planning engines in BI platforms for unified models, stronger governance, and real-time collaboration.
Chapters
- 00:00 Introduction to the Podcast and Guests
- 02:59 Current State of Financial Reporting
- 06:29 Challenges in Real-Time Reporting
- 10:26 Spreadsheet Server: Bridging the Gap
- 13:39 Real-World Examples of Spreadsheet Server
- 20:16 insightsoftware's Broader Solutions
- 22:37 Key Takeaways for Decision Makers
insightsoftware is a global provider of comprehensive solutions for the Office of the CFO. We believe an actionable business strategy begins and ends with accessible financial data. With solutions across financial planning and analysis (FP&A), accounting, and operations, we transform how teams operate, empowering leaders to make timely and informed decisions. With data at the heart of everything we do, insightsoftware enables automated processes, delivers trusted insights, boosts predictability, and increases productivity. Learn more at insightsoftware.com.
Power ON: For enterprise organizations using Power BI, Power ON transforms it into a robust planning, forecasting, and collaboration tool with real-time data write-back, a familiar Excel-like interface, and enhanced data control and flexibility, empowering teams to plan and model efficiently within their existing BI environment.
Power ON Budget Planner: For mid-market organizations using Power BI, Power ON Budget Planner unifies budgeting and planning processes within the platform, enhancing data governance and collaboration. This streamlines workflows and boosts accuracy, providing a comprehensive solution for efficient financial management in a familiar environment.
Fiplana: For mid-sized organizations using Qlik, Fiplana optimizes financial planning and analysis by integrating real-time data and enhancing collaboration, reducing spreadsheet dependency. This streamlines workflows and enhances decision-making, offering a scalable solution for efficient and accurate financial management within the familiar Qlik environment.
Spreadsheet Server: For organizations seeking to automate financial reporting, Spreadsheet Server is an intuitive Microsoft Excel add-in that connects to over 140 data sources, providing users with direct access to live data in Excel for self-service reporting and analytics. With the full power of Excel, Spreadsheet Server allows you to leverage your existing skills to mix GL and non-GL data, drill down to subledger detail, and automate report distribution.
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