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Month-end is a stressful time within any business, especially for the Financial Manager. So much is at stake when it comes to your financial reports; the accuracy of your data and your credibility are inevitably intertwined. The question is how do you ensure that your data is more accurate so that you can confidently trust your reports come month-end?
At e-magination Infosolutions we have been able to set countless minds at ease by boosting time savings, accuracy and productivity for multiple companies simply by enabling Financial Managers to centralise their business formulas and calculations using PowerPivot technology.
It is still common practice to export data from multiple systems creating the potential for human error, and in order to connect these worksheets they often use VLOOKUP functions, which have their own set of challenges. VLOOKUP functions require the data to be organised in a specific way, and they tend to be slow and inefficient for large amounts of data. Over and above this, should you decide to modify the business definition of a formula in a worksheet, you will need to know exactly where else it exists and change it manually in every instance in order to produce accurate data.
Our solutions take the theory behind using VLOOKUP functions and combines it with the power of PowerPivot technology to produce accurate results that are automated and fast, even with large amounts of data. It allows you to centralise your complex business formulas and calculations so that you can work with data from multiple systems in one sheet, view, or graph. This way, if you decide to modify a calculation it will populate and reflect that change throughout the workbook wherever that formula is being used.
Easily compare complex data
Trying to compare sets of data that are very different or lack a unique identifier can be difficult, however with PowerPivot the data is already centralised enabling you to easily compare the data side by side. For example, if you wanted to implement a new system and compare the data (eg. one version of accounting software with another) you would be able to compare the data produced by both systems by building a centralised data model in PowerPivot and filtering only the exceptions (ie. where system A does not equal system B).
Financial Managers often work harder than they need to when it comes to compiling data for reports. Often they create multiple files from one system and via VLOOKUP prepare summaries from which they prepare reports. PowerPivot skips all those cumbersome steps as you can work straight from your raw data or link directly from your system, and it does it all for you.
While the concept of centralising data is not new, the mechanisms in which we do it in today’s world are much quicker and can save us invaluable time. With e-magination Infosolutions you can do it all with the click of a button.
Join our PowerPivot workshop:
Are you interested in learning how these technologies work? We are offering a half-day workshop on the basic principles of PowerQuery and will be taking a quick look at PowerPivot technology. Sign up below.
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