“Accounting” by 401(K) 2013 is licensed under CC BY-SA 2.0.
What is financial analytics?
Financial analytics is the process of creating a smart financial plan to verify a business strategy. Think of it as going to your doctor for your annual check up. Your doctor reviews your vitals and prescribes treatments to improve your health, similarly, it is crucial to provide your CFO with the necessary financial reports such as income statements, cash flow reports and balance sheets to thoroughly analyze the businesses overall health and propose actionables to improve operational efficiency.
Where to start?
Organize a team and begin to identify pain points that affect your business operationally. Begin to implement a data-driven culture within your business by utilizing automation or systems that report each department’s KPI goals or revenue against operational costs. Similar to a car engine that isn’t optimized, in the future you are likely to spend more time and money at the gas station, unless you fix the problem immediately. This will ultimately allow your CFO to create a framework based on metrics to identify redundancies, unnecessary costs and to increase future profitability across departments more efficiently.
Why is it beneficial?
Businesses are constantly evolving to remain competitive. Data is your crystal ball that delivers real-time information to provide forward-looking insights to where your business should be headed. The use of automation and software is highly critical to analyze large data-sets, while converting ugly spreadsheets into appealing visual models that are easily digestible and presentable to your team. Unlike the story of the tortoise and the hare, agility to achieve your short term and long term objectives with minimized risk is the advantage to stay ahead of your competitors.
Optimize your financial analytics with automated financial reports
Equip your CFO with the necessary tools to make their job more efficient. You provide the numbers and SumoSum will generate financial reports that you can simply download or print. The platform offers reports for income statements, cash flow reports and balance sheets which are required for an accurate assessment of your business. Also, utilize SumoSum’s real-time charts to monitor your businesses daily health with live metrics to supplement your financial reports for a more in-depth insight to your businesses finances. Take control of your business’s future at no charge to you, and no credit card required. Sign Up, FREE! »