Xero and Zoho Reports: Empower your Small Business with key BI Decision Making Information
So what is Business Intelligence (BI) and why do you need it in your business?
Wikipedia defines Business Intelligence as, “A business management term which refers to applications and technologies… used to gather, provide access to, and analyze data and information about…company operations. Business intelligence systems… help companies have a more comprehensive knowledge of the factors affecting their business, such as metrics on sales, production, [and] internal operations…[BI systems] can help companies… make better business decisions. (Source: Wikipedia, 2007)
Why is Business Intelligence is so important?
Most companies track and record thousands of transactions daily. Not just customer purchases – which might include information such as the customer, the products/items sold, the store from which the purchase was made, and the date and time of the purchase – but also transactions such as warehouse activity, inventory purchases, employee hours and time off, and daily operating costs.
In fact, most companies are virtually swimming in data and oftentimes not really sure how to utiilze it to make smart, actionable business decisions. If only there was a way to collect this data in one place and make sense of it all with a simple report or set of reports. Companies who can successfully extract pertinent data from their mounds of information are gaining unique perspectives of their business, enabling them to become leaner and more competitive. This process of collecting, organizing, and analyzing business data and turning it into useful and actionable information is commonly referred to as Business Intelligence. With business intelligence, companies have greater insight into their organization, yielding new opportunities, corrections to existing procedures or processes, competitive advantages, and more, including the ability to:
• Identify top-selling products or services by region, store, or sales person
• Identify trends, both good and bad, early on
• Generate ad-hoc financial reports
• Track competitors in their area
• Compare information about customers, products, prices, and costs over time
Zoho Reports is a small business intelligent app that helps to process key financial and non-financial data for decision making purposes. By integrating with Xero, it easily analyzes the financial data from your Xero account. It lets you slice and dice your Xero data the way you like, and create reports and dashboards to derive exactly the information you want. It helps you analyze your invoices, create P&L reports, track your overall accounting performance, and do much more.
Zoho Reports Advanced Analytics Add-on for Xero
Zoho Reports advanced analytics add-on for Xero enables you to slice and dice your financial data and derive great insights. You can analyze and create reports such as financial overview, bill trend, pending invoices and do much more with Zoho Reports. You can also combine the data from Xero with the data from other sources/services and do cross functional analytics.
Once you gain an understanding of what Zoho Reports can do for your business and how it can relate and support your business processes, you can then create meaningful, actionable reports and dashboards to assist your staff in focusing on achieveing the company’s goals and objectives.
Here’s an example below of Xero Advanced Analytics in action.
Want to create and utilize insightful business reports and dashboards to make informed decisions? Contact us to find out more or discuss your requirements.
Sign Up for Free: https://www.zoho.com/reports/