• Business Intelligence Tools

Business Intelligence Tools

Moving to the cloud is just the start - having your financial data in the cloud sets you up on a platform that you can launch from, whether that’s delving deeper into your business with insights or automating processes to free up your time. In short, it opens up doors that weren’t so easily accessible before.

Business intelligence tools use your organisation’s real-time data in the cloud to offer these kinds of insights automatically. You can tailor them to your KPIs and goals, so they are meaningful, and not to mention timely for decision making.

Gone are the days of pulling information together manually, and providing old or inaccurate information that is too late and messy to make any impact. There is an abundance of business intelligence tools in the cloud business eco-space, but there are two in particular that stand out that BDO regularly recommend depending on your needs:

 

FUTRLI

 

Go to the next level with FUTRLI

FUTRLI is a cloud-based business intelligence tool that provides powerful reporting and forecasting functionality that can be tailored to your business needs. 

Working with your BDO adviser, you can set up a seamless link to your Xero data. You can also manually import data from other accounting packages. 

Reporting functionality includes:

  • KPI reports to monitor key metrics daily, weekly, monthly or annually
  • Snapshot targets, daily updates on how you are progressing against key budget lines
  • Completely customisable reports to measure any single account and calculation 
  • Ability to import non-financial data metrics to allow further analysis e.g. average spend per customer.

Forecasting functionality includes:

  • Create forecasts using prior actual data as a starting point at the click of a button
  • Adjust key revenue and expense lines manually to see the impact on your balance sheet and cashflow
  • Create multiple scenarios to get you thinking and understanding the ‘what if’ impacts on your business.

Email alerts make it easy to:

  • Keep your advisers informed of business progress/issues
  • Set key target levels on any account code or KPI
  • Know immediately when you have reached your next level of success.

Get in touch with your BDO adviser today to get your business on the powerful FUTRLI platform.  

 

Spotlight

 

Unlock your business data with Spotlight

Spotlight is a cloud-based reporting and forecasting tool with a visually attractive design, which can be customised to ensure the most important numbers are being focussed on for regular and up-to-date reporting on your business’ performance and position.

Your BDO adviser can set up these reports and forecasts to connect with your Xero data (or other accounting packages) and work with you to tailor them to not only make sense to you, but point you towards how to get you the results you want.

There are four different styles of Spotlight that you can use:

Dashboard

After simplicity? Snapshots? Quick insights? The Dashboard is your answer.

Select up to six key performance metrics that you want to see on a regular basis, presented on a one-pager and backed by real data from your Xero.

You can use a dashboard to easily see if you are on track with your goals, and have regular discussions with your adviser on the ongoing performance on the business.

Reporting

The multi-page report means you can dive into different areas of the business, as deep or as shallow as you want, as number-heavy or picturesque as you want.

At the click of a button, you can bring in your actual data, budget, and forecast and compare the results across these, and in different categories (sales, cost of goods sold, bank position etc.).

Shine a light on key revenue and expense drivers as they happen in order to understand how they impact the bottom line, rather than ‘waiting and seeing’ at the end of the year.

Take it further and compare how each department is performing. Or filter to provide each manager with their very own regular report on their part of the business. Both of these aspects are easily enabled with the use of tracking in Xero and the power of Spotlight reporting.

Forecasting

Cash is king and having a cashflow forecast in place is a vital practice to ensure you are keeping your business’ head well above water. Oftentimes however, undertaking a cashflow forecast can seem incredibly time consuming and too static for the fast paced business environment we are in.

This is why Spotlight Forecasting is a great tool – it takes the pain away by making forecasting much simpler. Use an existing budget or quickly develop one using your Xero (or other accounting system) actual information, and then Spotlight works its magic by automatically calculating your cashflow forecast. Our team of advisers can work through this process with you to ensure all is properly in place and makes sense for your business, without having to spend hours manually processing or calculating anything.

Spotlight will then produce great reports where you can track actual vs forecast on an ongoing basis, number vs number or visually using graphs and snapshots.

Multi

This is essentially Reporting for Franchises. See a multi-page report that summarises how the franchise is performing, along with graphs and data that combines and compares the performance of your franchisees. These reports are so easily compiled but provide such powerful information that will help you help your franchisees keep up to standard and beyond. You no longer have to wait for franchisees to send through information, deal with messy inconsistencies, or spend time consolidating – let Spotlight do it all for you.

 

BDO NZ offers Spotlight as a reporting and forecasting service, and also as a subscription for our clients to use the system themselves. Get in touch with your BDO adviser to discuss how Spotlight can help your business or organisation and ways we can make it work best for you.


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