As the world of finance continues to change and evolve, technology’s role in streamlining and enhancing processes is now more important than ever. Whether you’re an independent single school, or a large multi-academy trust, unlocking your true financial growth potential lies in how you manage and understand your data. Financial dashboards are a groundbreaking tool that has transformed the way we can manage and analyse financial data to aid decision-making and boost efficiency. In this article, we shine a spotlight on the far-reaching benefits of Sage Intacct Dashboards and explore the reasons why savvy finance managers are adopting the use of financial dashboards to tackle inefficiencies and stay ahead of the curve.
The Dashboard Revolution
Despite the technological advances in financial software, many finance managers have yet to harness the true power of dashboards or may not fully comprehend the benefits they bring. Sage Intacct for Education Dashboards act as a game-changer, providing a centralised location for data that significantly boosts efficiency. The dashboards present a single shared source of truth, delivering data through easy-to-understand graphs that facilitate quick data-driven decision-making.
Let’s dive into some of the key benefits of using Sage Intacct for Education dashboards within your school or trust:
1. Centralised Efficiency
The consolidated nature of Sage Intacct for Education (SIFE) Dashboards eliminates the need to switch between various apps or search for spreadsheets. This centralisation not only increases functionality but also auto-consolidates data in real time. An illustrative example of how centralisation boosts efficiency and improves decision making is the ability to display the remaining budget on the dashboard. This allows for informed decision-making in approving requisitions directly from your dashboard without blindly depleting the budget.
2. Role-Based Customisation
SIFE Dashboards offer role-based customisation, ensuring that each user sees only the data relevant to their responsibilities. For instance, a teacher can access a simplified dashboard for requisition tracking, while a CFO gets a more extensive dashboard displaying income and expenditure for each school they manage. This tailored approach addresses concerns about non-finance users navigating complex systems.
Let’s take a look at an example of a MAT’s Chief Financial Officer’s dashboard. Designed to give strategic overview of the entire trust, it contains the income and expenditure of each school, and the data can be drilled all the way down to a single invoice.
3. Quick and Easy Reporting
With financial dashboards, the days or chasing up department figures and copy and pasting data into spreadsheets are gone. Once data is integrated into the Sage Intacct for Education solution, generating reports becomes a breeze. The dashboards enable users to pull key reports in just two clicks, eliminating the need for cumbersome processes like logging into separate reporting centres. This streamlined reporting process also includes performance cards for real-time updates on crucial KPIs such as spend per pupil, spend per teacher etc. These can be particularly helpful for staff members that aren't from a finance background.
4. Enhanced Team Collaboration
The collaboration function within Sage Intacct Dashboards acts like a finance team chat, fostering seamless interaction among users. This feature not only creates an audit trail but also reduces the need for time-consuming phone calls and back and forth emails. Messages trigger email alerts or pop-ups for logged-in users, ensuring swift and effective communication within the system. A great example of this in use would be the ability for teachers to contact the finance team directly via Collaboration on their personal dashboard to check on the status of a requisition.
5. Activity-Based Dashboards for Efficiency
Sage Intacct for Education Dashboards offer the ability to build specialised dashboards for various activities such as month-end and year-end analyses. These dashboards can be favourited for quick access, eliminating the need for repetitive searches. For instance, during month-end, finance managers can access the month-end dashboard with all necessary data at their fingertips, then compile accurate and consistent reports within a few clicks. This saves time and boosts efficiency, but also makes stressful reporting and auditing periods smoother and more manageable for the entire team.
Embrace the new era of Financial Dashboards
In summary, finance managers should wholeheartedly embrace dashboards and recognise them as indispensable tools for efficient financial management. Sage Intacct for Education Dashboards empower users to perform all essential functions while providing a centralised and easily comprehensible location for data.
ION's expertise in delivering and configuring cloud-based finance software, coupled with Sage Intacct's powerful dashboards, equips finance teams with the tools needed to enhance day-to-day operations and drive growth. By importing data into bespoke purpose-built dashboards and providing training on use and customisation, ION ensures that finance managers can make the most of this transformative technology to saving countless hours and unlock their true growth potential.