How Much Time Does the Average Business Lose Generating Reports and What Tools Can Help?

When companies start out, many business owners make the mistake of choosing to generate business reports manually. While this may be useful in the early months of your business before you have the resources to purchase software, the inefficiency of it all inevitably costs your business money. If you are a business manager, it is likely that you do not realize the time it takes to manually collect information, analyze it, and present it on graphs or spreadsheets. It is a process that can take many hours, depending on the complexity of the report. When you consider that even starting-level accountants are making an average of $27/hr. as of 2013, that gives you a cost of $81-$216 for every business report. That can really add up! But now that you know, what can you do? Consider the following tools to help your business get on the road to increased profitability.

Scoro

One of the greatest advantages of Scoro is that it is entirely web-based. If you have a computer and Internet access at your business, then it is likely you will not need to purchase any additional hardware to use these tools. Employees can even use the Scoro software from their smart phone. It also updates instantly, meaning that every employee of your company with the proper credentials can view events, company profit reports, invoices, and more on a convenient dashboard screen. Scoro can also benefit your business because it allows you to schedule tasks for employees, which can make managing your business as it grows and competes even simpler.  

Clear Analytics

Businesses who work with Microsoft Excel may find that Clear Analytics is a comfortable fit for them. However, this tool adds important business features to the usual Excel functions, such as scheduling for reports, administrative capabilities, and more. Another advantage of Clear Analytics is that it is easy to track which administrator has made changes to data, enforcing compliance of accounting rules throughout the company. Finally, Clear Analytics is a very simple tool, meaning that it is easy for new users to learn.

Oracle BI Enterprise Edition (OBIEE)

If your business requires a more complex, powerful business intelligence tool, then OBIEE may be a good fit. Like Scoro, it offers interactive dashboards, full organizational collaboration, and report generating software. However, OBIEE is compatible with Hyperion analysis and reporting tools, BI Answers, BI Publisher, and more. This makes it more complex, but allows for a wider range of report types.

Board All-in-One Business Intelligence

The greatest advantage of Board AIO BI is that it marketed as a management solution. It is simple to use and can generate reports for everything from budgeting to scorecards. Another advantage of Board AIO BI is that it uses a single interface, meaning that you will not need to patch together BI tools to make your software work the way your business needs it to.

Microsoft Business Intelligence Tools

Microsoft Business Intelligence Tools work through the Cloud. This means that data is securely stored online, and then it can be integrated where you need it. This tool helps to generate reports through Microsoft Excel. This gives Microsoft Business Intelligence Tools a very low learning curve, which is ideal for companies that have limited access to IT specialists. Additionally, its online location allows it to update automatically, without the need for a specialist. The only downside to this is that it may be too simple for companies looking for a tool to generate complex reports and help manage their business.

Further Reading

http://www.horizonbiz.com.au/assets/Exo-Downloads/Whitepapers/5-reports-critical-to-business-success.pdf

http://www.softwareadvice.com/psa/scoro-profile/

Lautaro Martinez is a freelance writer and business student who contributes articles and advice on subjects affecting the business community and small business operators.