SoftLedger has launched a new business intelligence dashboard that presents real-time data in graphical form.
The provider of a real-time cloud accounting software platform said in a Wednesday (Dec. 21) press release that the dashboard will help chief financial officers (CFOs) use timely and accurate financial data to make strategic business decisions.
“Our new Business Intelligence Dashboard provides clarity and insight into the financial performance in a useful format, on a timely basis,” SoftLedger Co-founder and CEO Ben Taylor said in the release. “That provides for making informed and strategic business decisions.”
The dashboard uses inbuilt filters in the software to transform financial data into bar graphs, line graphs, pie charts and other graphic representations. This enables company stakeholders to access the desired data in a fast and convenient way, according to the release.
Users can access the data generated by the software in their choice of formats and configurations, based on their specific requirements, the release said.
The software is designed to connect easily to other systems, be fast to implement and easy to learn, and offer stakeholders immediate access to the same financial data, per the release.
“It’s important to develop best practices for how locations, cost centers, products and any other relevant dimensions will be handled as the organization grows,” Taylor said in the release. “With our platform, financial reporting is driven directly from the financial system of record. It empowers the organization to make the right decisions, in real time.”
Data can be used to make smarter business decisions across all varieties of operations — the trick is collecting it, parsing it and making sure the right sets of eyes are analyzing it, Patrick Neale, senior vice president and senior product manager at Bank of America, told PYMNTS in an interview posted in July.
With all the information that is at hand, Neale said, making smarter business decisions can be tied to focusing on what he termed “a very finite subset of what you’re trying to accomplish — and to get some visibility into your business, and the things you may want to improve.”
A Chase survey found that small businesses often turn to financial institutions (FIs) for advice and strategy recommendations, with 69% of the owners of such businesses saying that it is very important that an FI offer “customer insights and business intelligence services.”
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