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Financial Reporting & Analysis for Your Business

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The Importance of Financial Reporting & Analysis for Your Business

Are you really confused to find a solution for analyzing your business?

Everybody wanted a successful business to run in a long term. You need well accomplished supporting system to do that. That is when the role of report analysis tool comes handy.

It screens and analysis each milestone in our business.

Reporting tools are very important for better decision making.

 

What is actually meant by reporting software?

The reporting tools helps in the decision-making process very much. The detailed amount of information gives the user more visibility upon the data.

The reporting software mainly make connections with data sources, gather the valid information’s in the form of graphs and charts. Then the user on analyzing these graphs and charts can find it as a useful information.

Reporting tool mainly exhibit the data in an attractive manner. So making it more attractive make the data more readable, viable and more presentable.

 

The Types of Reports

The main two types of reports are:

  1. Static reports
  2. Interactive reports

 

Static reports: The end user cannot alter the static reports.

Interactive reports: The interactive reports give you the detailed information by going bit into bit into the data.

These Reporting tools generate different types of reports and they are:

  • Reporting and visualization
  • Business intelligence reporting
  • Finance reporting
  • Self- service reporting
  • Enterprise reporting
  • Application performance reporting

The general myth regarding reporting tools and business intelligence software is that they are same, but it is actually not. There are some differences between them.

The Difference

Reporting tool or the software is basically a part of business intelligence suite, while business intelligence software has different kinds of tools.

The main difference is their ability to interconnect the data.

 

MLM REPORTING TOOL

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Auditing is the most crucial part of any business as it evaluates the effectiveness of internal controls of the company.

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The different types of reports available with an MLM software.

  1. Active reports
  2. Order report
  3. Purchase report
  4. Sales report
  5. Members rank over view system
  6. Payout History
  7. Rank Analysis and Calculation

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List Of Some other Reporting Tools For Businesses

 1. Zoho Analytics

zoho-analytics

It is one of a easy kind to use software. It provides the users to create active reports within minutes from any kind of data. reports.

Features:

  • 100+ connectors for popular business apps, cloud drives and databases.
  • Huge variety of visualization options in form of pivot tables, charts, summary views etc.
  • Unified business analytics
  • Augmented analytics using AI and ML-intelligent assistant that can understand the natural language.

 

 2. Microsoft Power BI

It is a collection or group of analytics.  It is a reporting tool that help you with process, model, etc and is easy to digest reports.

Features:

  • More than 120 free native data connectors.
  • Consist a library of pre-build visuals.
  • Custom visual creations.
  • Scheduled and ad-hoc reporting.

 

3. Xplenty

It is a cloud based data integration platform. It provides solutions for the marketing, sales, support etc. It helps us to build marketing and sales analytics solution.

Features:

  • Make us capable to integrate all marketing sources such as media data, analytics and CRM data.
  • Integrate the customer support data with data form other sources like social media, analytics etc.
  • Provide comprehensive insights

 

4. Whatagraph

It is a cross channel marketing performance reporting tool. It helps the marketers to track, measure, and analyze the marketing efforts in an easy way.

Features

  • More than 30+ integration
  • Drag and drop dashboards
  • Reports builder
  • Cross- channel reporting
  • Custom data import
  • Public API
  • Live chat support

Best features:

  • Custom or white label report branding
  • Report sending automation (daily, weekly, fortnightly and monthly)
  • Live data monitoring
  • Pre-build widgets and templates

 

 5. Fine Report

It is usually free for personal use, quote based for enterprises. It is 100%Java reporting software. In which it deal with report and dashboards and make sure complex needs and gain insights in their business operations. It provides three intuitive and innovative report design patterns for IT as well as departments to make them connect to various report applications.

Features:

  • Support broad data sources and data integration from various other sources.
  • Initiate a single click to transport reports in Excel, PNG and PDF and make possible automatic reports through emails.
  • In database supports the input data as well as the web form for data collection
  • Provide in huge of 2D and 3D HTML 5 charts and GTS maps with cool animations.
  • Support in enabling CCTV ,BIM in dashboards for IOT scenarios.
  • Flexible to integrate, customize and extent.

 

6. Juicebox

juicebox-reporting-tool

It is one of the easiest as well as one of the beautiful options to create engaging visuals, interactive data base and presentations. Juicebox have its own independent stand as compared to other tools mainly because of its exceptional performance. Its pricing is quite free for individuals and affordable for a team.

Features:

  • A unique storytelling data approach
  • Editing is easy to learn
  • Interactive data visualization
  • Simple styling options making it look like professional design
  • Responsive mobile layout viewing
  • User management with public as well as private publishing

The list goes on like this and it also includes reporting tools like : Orinbi, Hubspot marketing Analytics, Answer Rocket, SAP Crystal Reports, Izenda Reports, DBxtra, Datadog, BIRT, KNIME, etc

 

Why Business Reporting is actually important for Business success?

They are actually valuable and essential tools for any business field regardless of the size or industry. It makes the procedure of business doing simple based on the time to time update that comes in an Enterprise.

They track and analyses the performance thoroughly and the overall actions of the business. They making on proofreading it find out the areas needed improvement and opportunities for growth.

Reporting is mainly done by the process of compiling and reviewing the information within a special area of function like finance, sales, operations etc. or any area of the business where performance is monitored.

By doing it all the reporting tool is mainly focused on making corrections on the base or system rather than focusing on goal. It is goal- oriented in the sense which last for a long period of time.

It is mainly achieved because of it giving more importance to the process and each stage more attention is provided. In short Reporting tools ensures a successful enterprise run in long term basis.

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