5 reasons why companies choose BrightAnalytics

First, we’d like to acknowledge the Liquid team. Just like us, they saw a problem in the market and they built a solution for consolidated reporting.

Ready to learn more about BrightAnalytics as an alternative to Liquid? Find out below!

5 reasons why companies choose BrightAnalytics for their management reporting

1. Move beyond Excel

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We all know that Excel is a great tool because of its flexibility when it comes to quick calculations. However, it is not built for management reporting. When the complexity of your organization increases or manual work becomes too much, you quickly run into the limits of Excel.

After all, it’s error-prone, version control becomes difficult (remember that file called “report_v7_Final_v2”), only one person can access the file at a given time, and you need a bunch of Excel wizards to maintain the file.

BrightAnalytics believes that the future of reporting and consolidation (and yes, even budgeting) can be done in a world without Excel. In the cloud-based BrightAnalytics platform, you can consult your figures and dashboards in the views that you want – any place, any time. You can slice and dice the data to any dimension you would like to focus on. You can drill down to the lowest level of detail and even access your digital invoices.

2. An intuitive and user-friendly interface

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The feedback we receive from our wide customer base is that our tool is easy to use, for users with both a financial and a non-financial background. With only half a day’s training you can start using the platform.

Making changes to the structure, mappings, dashboards, user access, etc. is easy. We put the keys in your hands, as opposed to the classic BI-tools where any changes have to be made by an internal or external specialist.

Don’t be fooled, a user-friendly product does not equate with simple. The BrightAnalytics tool has been developed over the years to automate complex issues in just a few clicks.

BrightAnalytics allows you to ‘slice and dice’ zoom in on booking details and scanned invoices. When IC eliminations are not at zero, we offer an intercompany matching tool, where you can identify missing entries within seconds. The days of spending hours looking for errors in your accounting package are a thing of the past with BrightAnalytics.

 

3. Follow up on overdue invoices

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Understanding the payment habits of both your customers and suppliers is crucial for maintaining healthy financial operations. With BrightAnalytics you can delve deep into this aspects through metrics such as Days Sales Outstanding (DSO) and Days Payable Outstanding (DPO).

 

4. Cash Forecasting

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Determine your future financial position and predict your cash position based on budgets in your business plan such as expected sales and costs.

BrightAnalytics centralizes all data that contributes to a correct cash forecast: historical figures, maturity balances, working capital ratios, budgets, planned investments, repayment tables, order books, sales funnels, …

The richer we make the data source, the more you can predict trends and support your business in its growth ambition. BrightAnalytics allows you to combine endless numbers from different data sources. Never before have you been able to approach how your company is doing in terms of cash so perfectly, now and in the near future.

5. 280 + integrations

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BrightAnalytics connects with more than 280 integrations, both accounting, ERP, and CRM systems. The source can be online, on-premise or even a spreadsheet. An unlimited number of integrations can also be combined within the platform! If your software package is not on that list, we pride ourselves on being able to create the connector within days – that is exactly what we do.

BrightAnalytics ensures that the data in the platform is always 100% compatible with the source system. This is done through a built-in health check, which ensures that there are no discrepancies between what is reported and what has been achieved. For example, if you create a new general ledger account in your software package, you will receive an email notification that it needs to be mapped to the correct P&L structure.

BrightAnalytics synchronizes the data between your source system and the platform every night, so you will always have the latest available data in front of you. In closing periods, you may even want to do this several times a day to check the final result based on the last bookings. Just hit “refresh”.

 

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More than 280 integrations

BrightAnalytics connects with more than 280 integrations, both accounting, ERP, and CRM systems. The source can be online, on-premise or even a spreadsheet. An unlimited number of integrations can also be combined within the platform!

Our team is here to provide you with a personalized and outstanding service.

“The budgeting and reporting process runs, among others, through the BrightAnalytics tool. “We have a fixed estimate overview and can follow up everything in it from quotation to invoicing.”
– Eline Coppens, Head of Accounting
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  • How does BrightAnalytics work?
    1. Connect: BrightAnalytics connects with accounting, ERP and CRM systems, and centralises all data in the BrightAnalytics platform.
    2. Report: The standard templates in BrightAnalytics are immediately ready for use, but can be fully tailored to suit one’s needs.
    3. Analyse: The management reports and dashboards offer a wealth of information and immediately provide clear insight into the figures of the entire organisation.
    4. Engage: The clear reports contribute to a better streamlined business strategy and execution, and ensure transparency within the company.

  • Does BrightAnalytics connect with my package?

    On the page https://www.brightanalytics.eu/integrations/ you can find a list of all our connectors.

  • What is financial reporting?

    Financial reports provide insight into the state of the company, in this case, more specifically, the financial status.

  • How do role-based permissions work in the Finance app?

    Role-based permissions allow you to control access to data based on user roles. For example, users from a specific entity can be restricted to view only their data, while group controllers can access data across all entities. Besides data limitations, certain views and drill-down possibilities can also be restricted.

  • Is it possible to consolidate in GAAP and IFRS?

    Yes, it is possible to have multiple apps where you can consolidate according to different accounting standards (like GAAP and IFRS). The same accounting data is used across these apps, but different reporting and consolidation structures can be applied. Additionally, manual consolidation bookings can be reused under certain circumstances.

  • Is it possible to consolidate multiple currencies within a single consolidation structure?

    Yes, by using sub-consolidation groups, you can first consolidate a group of foreign entities in their local currency. At the next level, you can then consolidate in the group currency (or another intermediate currency), with the currency translation done automatically and transparently.