Why your SAP Business One Finance Team should review Phocas!
Phocas for SAP Business One
We are delighted to reflect on our growing client journey with Phocas for SAP Business One, a solution that has grown in importance on the international stage but with its home here in Australia. Phocas develop analytical and visualisation tools for the growing business.
We all start our journey as a business with Excel and there it often stays! But as the business grows and complexity comes into play the management of the evolving business model becomes ever more fraught! We wonder if these scenarios ring any bells in your Finance department?
- Pulling all-nighters (regularly) to prepare the numbers for management
- Fiona in Finance is the only one who understands the model!
- Oops sorry...….that's a formula error!
- Oh no..... did I just send a spreadsheet with the salary info???
- Hang on..... that's not the version I've been managing to....!
- I have no time for analysis!
Below you will see the traditional budgeting model and with this the areas that are open to mistakes are clearly shown.
"Most notably the ACCA observe that 90% of spreadsheets contain errors whilst 90% of Power Users are convinced that their models are error free!
Phocas Financial Statements - the core for Planning and Budgeting for SAP Business One
Phocas Financial Statements sits as a presentation layer on top of SAP Business One data. Financial statements are created in the same tradition as the accounting team recognises, but the process is automated for each statement. The finance team can quickly build financial statements customized to users’ access, so branch managers can see information relevant to their branch, and management can see information across the whole business. The statements can also sit across one or many ERPs so leaders can view the individual company, branch, regional performance and even the consolidated performance when required.
By adding financial statements to Phocas business intelligence software brings active analysis, data drill down and dashboarding to the finance and management team with fully controlled user-permission.
SAP Business One Active analysis
Now that preparing the financial statements is faster and simpler, the finance team has time to carry out in-depth analysis of the numbers. By preparing financial statements within a data analytics environment, you can quickly compare statements from one traditional period or outside of these timeframes - say one week to the next.
You can also monitor Gross Profit, Operating Profit and Net Profit in the Income Statement or P& L. You can review the changes or the improvement in the profitability over the whole business or by branch and uncover what's affecting the drop or increase in profitability.
For many mid-market businesses running SAP Business One, there is the ongoing need to run leaner, markets are consolidating and more competitive. It’s the real margins and the real profitability that matters to business owners and shareholders. The data behind a decision provides the evidence for people to make a change – finance teams need the support of technology to meet expectations, drive efficiencies and add value.
SAP Business One Cloud with Phocas Cloud
If you would like to immediately review the solution of core SAP Business One with Phocas as a Cloud solution then why not schedule your personal review!
Alternatively if you would prefer to review a workshop featuring Phocas please click below!
