In this article, Prophix’s Ron Massicotte defines Performance Reporting, outlines how it can be adopted within any finance team and discusses why it is a critical component of future-proofing your organisation.
What is Performance Reporting
We’ve all faced discrepancies in our cashflow forecasts due to factors outside of the area of finance such as maintenance downtime on plant machinery or a spike of new hires in HR due to a new project. Prophix Performance Reporting delivers automated, scheduled or ad-hoc reports that combine financial, operational, human resource or even marketing data that allows an unprecedented depth of insight into a company’s current position.
Whilst traditional reporting remains essential in an organisation, as data is becoming increasingly accessible and detailed, the need for highly integrated reports is greater than ever. Unlike traditional reporting, performance reporting creates a detailed, data-driven narrative of a company’s current position and provides the ‘why’ behind these results. When applied correctly, performance reporting combines financial and non-financial data including production run rates, client satisfaction or employee turnover.
Speed and timeliness
Adopting automated Performance Reporting can dramatically cut the time spent on report generation by days or weeks leaving you with more time for analysis
Trust between Departments
Discover a new level of trust between departments now that performance reporting delivers transparency and justification amongst more sensitive figures such as budget allocation.
Prophix delivers flexibility second to none with a web client that allows you to build ad-hoc reports and access or share scheduled traditional reports from wherever you are at any time.
By integrating financial reports with other areas of the business, the rationale behind budget and cashflow predictions can be easily explained.