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Microsoft BI has transformed the way companies produce their financial reports. Financial reporting today has become more attractive and is no longer the boring process of years ago. Being familiar with how Microsoft BI works is essential to maximizing one’s capabilities as a business owner.
This article takes a closer look at how Microsoft BI works. We’ll see what it is and how you can use it to make your company’s financial reports more interactive. As a financial expert or business owner, you will be able to use Microsoft BI by the end of this article.
First of all, it will be useful to know what Microsoft Power BI means if you are a complete novice. These are systems and services designed to help businesses visualize their data. Microsoft Power BI makes data more interactive for users and helps deliver data warehouse services.
Microsoft Power BI helps businesses do many things more efficiently. You can use it for data preparation and custom visualization. Additionally, it can help you discover, store, report, share, and organize your company’s financial data and reports for increased productivity.
Various Uses of Microsoft Power BI in Financial Reporting
It is also essential to become familiar with the different uses of Power BI in the finance sector. We mentioned that it can ensure that your data is compelling and users can learn from it without any hassle.
Here are other uses of Microsoft Power BI.
- Data consolidation
Big Data is becoming more and more popular in the business world today. However, consolidating large and very large data sets is a daunting task for business owners to accomplish. This is especially true with other media that have limitations on the volume, complexity, or nature of the data they process.
Microsoft Power BI has no such limitations, which makes it appealing to data managers. You can use it to handle different types of data and get the results you want. This makes it an ideal choice for small and large businesses dealing with different types of data.
- Power View
As said before, Microsoft Power BI is a great data visualization tool. It is also good for data presentations when it comes to financial reports. the Power View allows you to create interactive tables, data maps and graphs that make the presentation of data transparent.
You can use this feature to ensure that your financial reports are clear and efficient. It’s easy for a remote team to understand data when it’s presented well. This feature allows such a team to easily draw conclusions from the data and make informed business decisions.
- Accurate projections
Business owners must always predict what the future holds. Financial reports and data can help you make projections. This will then have an impact on your decisions, especially if you need to refine your strategy.
Power BI has the tools you need to make accurate projections. Your ability to learn from the data will depend on how it is presented. This is why data visualization is essential in financial reporting.
Word Cloud can help your team get a better view of business data. This Power BI functionality will help amplify the visual aspect of data using infographics. This achieves the desired view.
In addition, the “simulation parameters” function available in this tool can be useful. You can use it to create interactive projections and make it easier to compare various data sets. You can draw projections for all assumptions using this tool.
- Foster collaboration
Microsoft Power BI, as said before, has become more accessible than ever. This means that each member of the mostly virtual team can access it from anywhere. It is also more shareable, with good security, allowing teams to use it without any cyber threats.
These features have made it one of the best collaboration tools. You can be sure that your operations will run smoothly, especially between the commercial and financial teams. Thus, many companies adopting Power BI are looking at its collaborative aspect and its potential benefits.
- Quick view function
Businesses rely on data for a variety of reasons. One is to derive useful information that allows key decisions to be made. As a business owner, Power BI’s quick view feature might be of interest to you. It allows rapid analysis of the data which facilitates the elaboration of this information.
This feature of Power BI can help ensure that you have the facts needed to draw conclusions. In short, it prevents a company from relying on guesswork. You can use this feature to analyze data for a quarter, a year, etc. This will make your work easier and help increase accuracy.
Financial reports using Microsoft Power BI
So how do you go about financial reporting using Microsoft Power BI? Well, getting started with this program isn’t as daunting as it was before it was re-released a few years ago. That’s why the number of users is increasing every day, and you might already be a user.
This article has provided an overview of how this program works. Just start learning about it by using sample data to practice. Here are the steps to follow:
- Configure your sample data in Power BI. This will help you understand how the tool works and what results you can expect using real data.
- Configure your queries once you have your data in the program. Check in the menu at the top of your screen, click edit queries and follow the steps to set them up.
- Build the model. Be sure to follow this step carefully, as it will affect your results. It is about establishing relationships between dates and financial data.
These steps will help you get started with financial reporting. If done well, the results will be easy-to-understand reports and better insights.
There is no doubt that Microsoft Power BI is an excellent tool for financial reporting. The robust analytics-based services and systems that come with it can help you improve your business. It will help you do this by making your company’s financial reports more interactive and easier to use.
We’ve provided all the useful information you need to get started. All you have to do is access the platform and start preparing your financial reports. Microsoft Power BI is growing in popularity and becoming more accessible across different platforms, so it’s now easy to get started.
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