What do successful businesses have in common? They have good products or services but those alone are not enough in this competitive business world. What separates a successful business from the pack is how well the boss manages the various parts of the business all the way from conceiving ideas to efficiently and cost-efficiently carrying those ideas to fruition with profitable new services or products. How well you budget, manage cash flow, and optimize all of your efforts will determine how successful you are. Working hard is just not enough. Working with business intelligence is essential in today’s business world. And, for help with intelligent business decisions, use QuickBooks for your bookkeeping and choose Microsoft Power BI for insightful reports.
The best bookkeeping and accounting software for medium and small businesses is the one that was developed with these businesses in mind. QuickBooks comes as a standalone program on an office computer or as an online version or “cloud” version that lets you pay and manage bills, carry out payroll functions, and take business payments. If you are not using QuickBooks, talk to us at Exigo Business Solutions to get started. We are QuickBooks ProAdvisors and will be pleased to assess your accounting and bookkeeping needs, help you develop a strategy for dealing effectively with your finances, help you put that strategy to work, and be there when you need us for accounting and business advice.
An essential part of a good bookkeeping system is accurate, readable, insightful, and actionable reports. Good solid bookkeeping is at the base of business intelligence. What happens next is the use of data integration and analysis to produce insightful and actionable information. The information was always there in your books, but good business intelligence (BI) brings it out where you can see it and use that information for critical and profitable business decisions.
And excellent business intelligence software that integrates well with QuickBooks is Microsoft Power BI.
Power BI from Microsoft is a service that generates business analytics. It helps you visualize your financial information in ways that make the data easier to understand and take action on. It also gives a small business owner or bookkeeper the tools to generate their own reports without depending on or paying for a large and expensive IT staff or outside services.
Microsoft Power BI also integrates seamlessly with QuickBooks. Their tag line is to “go from data to insights in minutes.” This is an accurate depiction of the power and usefulness of this tool.
When you take data from QuickBooks or other sources, you can use Microsoft Power BI to look at various scenarios, several ways to present the data, and collaborate with others in the office while you are doing this. This software tool lets you create, edit, and model visuals so that you can see what the data is telling you and present it concisely and compellingly to others.
The key features Microsoft Power BI offers are:
• You can connect to your data in QuickBooks and other sources and explore options for how to visualize the data and projected business solutions. All this can be done easily and quickly without leaving the platform.
• This tool lets you create dashboards to see financial information in real time and it creates impressive and useful reports. While working in this software you can collaborate with others, get their advice, and modify as needed.
• Microsoft Power BI helps you create actionable reports that you can use to make necessary business decisions for prompt execution.
The bottom line of any business intelligence tool is that it facilitates smart, efficient, productive, and profitable management of your business. In today’s fast-moving and competitive world of business, you need to budget effectively, intelligently handle cash flow, and end up with profitable business decisions. The best way to profitably direct the symphony orchestra that is your business is to use an effective business intelligence tool. A winning combination in this regard is to do your books with QuickBooks and use Microsoft Power BI for business intelligence solutions.