Which financial solution fits your organization?

Edgar de Wit

Companies and finance teams have various solutions available for reporting, budgeting, and analysis. But which one is the best fit for your organization? In this blog, we compare the pros and cons of different systems: accounting software, spreadsheets, BI/CPM solutions, and XLReporting. At the end of this blog you will find a whitepaper which gives an even more profound comparison of some of the most popular reporting and forecasting software options on the market.

1. Accounting Software: Limited to standard reports

Accounting software is well suited for processing financial transactions and generating standard reports. However, these reports are often not customizable, and budgeting is usually limited to importing account balances. Additionally, it is typically not possible to model custom business processes, meaning companies are restricted to financial data.

Best for: basic financial reporting without customization.

2. Spreadsheets: Flexible but error-prone

Many companies rely on spreadsheets like Excel. These offer a high degree of flexibility, especially in the initial setup. However, this flexibility also comes with risks:

• Version control is difficult (who has the latest version?).
• Formulas and data are often overwritten, leading to errors.
• Data and logic become intertwined, making the system complex and error-prone.
• A lot of manual work and verification is required.

Best for: quick, simple analyses but less ideal for reliable and scalable reporting.

3. Medium BI/CPM: Attractive dashboards but limited flexibility

Business Intelligence (BI) and Corporate Performance Management (CPM) tools provide visually appealing dashboards and reports, but they are often standardized. This means companies must adhere to predefined account structures and processes. Additionally, these tools usually do not allow for custom business process modeling and are often limited to financial data.

Best for: companies looking for standardized dashboards without customization.

4. XLReporting: A flexible and configurable solution

XLReporting offers the best of both worlds, combining flexibility with structure without the limitations of other systems:

• Flexible, not just in the initial setup but at any stage.
• Fully configurable – no imposed processes or structures.
• Supports both financial and non-financial data.
• Low barriers in terms of cost and learning curve.

Best for: companies looking for flexibility and reliability in reporting and budgeting.

5. Large BI/CPM: Powerful but expensive and inflexible

Large BI/CPM solutions can do everything but require extensive consultant support for implementation and maintenance. They are typically only flexible during the initial setup, not in existing configurations. Any modification often comes with a significant price tag.

Best for: large enterprises with a high budget and a need for customization.

Which solution suits your business best?

In today's data-driven business world, having the right tools to understand and analyse data is crucial for success. Reporting and forecasting software can help businesses of all sizes gain valuable insights and make informed decisions. However, with so many different reporting and forecasting software options available, it can be challenging to determine which one is right for your business. In this white paper, we compare some of the most popular reporting and forecasting software options on the market. We explore the features and functionalities of each tool, including data visualization, customization, automation, collaboration, and forecasting capabilities. By the end of this white paper, you will have a better understanding of the key differences between these tools and which one might be the best fit for your business needs.

Do you need a flexible and configurable solution without the limitations of standard BI/CPM tools or spreadsheets? Try XLReporting and discover the benefits for yourself.

Request a free demo

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