We started a blog post two weeks ago, announcing the launch of SocrateBI solution.
We will continue today to talk here about one of the most important module in the SocrateBI suite: FRAM (the Financial Reporting Analysis Module).
Understanding your organization’s financial health is a fundamental aspect of responding to today’s increasingly stringent financial reporting requirements. To avoid risks, organizations must quickly identify trends in liabilities and assets, analyze and adjust planned and forecasted amounts, and act to provide regulatory statements as needed.
If you are working or managing a financial department, you need to answer to questions such as:
What are the values of assets and liabilities on a given date?
What is the value of assets, liabilities, and owners’ equity on a given date?
What is the breakdown of expenses by organization? Which business units are hitting their targets?
What are the revenue trends by organization or by revenue types?
What is the forecasted revenue? Has this forecast changed? Why have revenue forecasts changed?
What is the actual amount of profit margin by organization or region? What are the associated trends?
What is the breakdown of costs by vendors, and what are the associated trends?
What is the change in cash position from period to period?
Which bills are due this week and for what amounts?
Are there any customers with payment problems; if so, who needs to be notified?
The standard reports included in an ERP solution are usually not answering very easy on such questions. That’s why, sometimes, reporting to top management is difficult. But what happens if you really need the information faster? Can you afford to wait and delay the decisions? How much this delay will cost you?
With the Socrate BI Financial Reporting Analysis Module, an organization can run reports that replace those typically produced manually by finance or accounting departments, and answer all the above questions.
SocrateBI FRAM is designed to provide in-depth knowledge of corporate financial information. The module includes reports, scorecards (a specific collection of related reports), and dashboards (a collection of related reports customized for optimum display). In addition, some reports show summarized information to help you see trends, while others display very specific, detailed data about your finances and extract intelligence not otherwise evident.
Due to the possibility of analysing fast your profitability, SocrateBI provides not only improvement of internal processes, but also offers support for new development projects. Based on relevant information about Revenue, Expenses and Costs provided by FRAM module, the company`s management will be able to minimize its operating costs.
Also, in times of monetary instability, measuring the collection performance is very important, as delays in collections may cause bottlenecks (jams) with negative effects for the company's activity. To avoid that, the Cash Flow reports provided by SocrateBI’s FRAM module are crucial, focusing on tracking the inflows and outflows of cash for the company and offering information about what happened or will happen as regards of economical results/turnover and allowing to plan the future company`s activity.
The SocrateBI’s FRAM module includes also Profit and Loss Statements, Balance Sheets, Accounts payable and Accounts receivable, Planning and Forecasting reports and metrics, Dashboards and Scorecards, allowing the possibility to dynamically define the exceptions on Key Performance Indicators (KPIs) to monitor & catch financial anomalies, thereby reducing financial risk.
Our Financial Reporting Analysis Module provides more than 50 financial metrics and over 40 key reports to help organizations immediately begin reporting, analyzing, and monitoring financial information extracted from Socrate ERP or other ERP systems.
SocrateBI uses MicroStrategy 9.2.1a as development and production environment platform, allowing access to the latest features available in MicroStrategy platform: MicroStrategy Mobile, Transaction Services or Visual Insight.