During the Covid-19 pandemic, companies across the globe are being asked to produce detailed financial information in order to apply for a variety of government support.
For SMEs, producing this high level of management and financial information at very short notice is likely to be difficult. Often, the data exists but is hidden away in the recesses of an accounting system and a variety of spreadsheets.
Even if the accounts package can deliver all the information needed to back up the application, in all probability this will be spread over multiple reports, running into several pages per report. Often it's a mammoth task to analyse and interpret the base data in order to be able to prepare reports in the format needed – and that's assuming that the business has the capacity and expertise to handle this exercise.
A UK IT company has developed business reporting software that accesses key business data, every day and in real time where needed. It does this automatically, pulling in the data from ERP (Enterprise Resource Planning) systems as well as other data sources including spreadsheets holding sales targets; budgets; etc.
The system combines all of this data to populate a wide range of management information reports, tailored by their data analysts to fit a client's exact needs, including reporting on financials such as aged debtors and creditors. This can enable users to attain a real time understanding of their immediate cash resource position and to help manage this, for example by changing supplier and debtor terms.
The system can be installed remotely by their team of data analysts, typically in less than one day and at a fixed cost.
Working hand in hand with a client's financial advisors, the UK company sets up the templates to deliver the exact format of reports needed to group and filter data directly, with no IT skills necessary.
The system can also help provide the key information needed for Covid-19 support applications but can also ensure more confident decisions required daily to protect a company during the pandemic.
The UK company are seeking partners to act as agents or resellers for the product, which includes training the agents to install the software to meet individual company needs. Such agents might include independent data analysts with clients in target markets, or resellers or ERP where the partner has an existing customer base of businesses needing Business Intelligence software. They might also have technical teams who understand the structure of business and ERP data for their clients and can install the software with training, via commercial agency agreement.