With Power BI, you get a flexible and affordable analytics tool to analyze data and share insights. The Power BI dashboards provide a 360-degree view of your business in real time and is available on smart devices. With one click, data behind the dashboard can be explored for quick answers.
Microsoft's Power BI and other Business Intelligent tools they offer have gained tremendous momentum in the last couple of years and have established themselves as one of the best in it's class. This will continue and so will partnerships with other software solutions in making seamless connections. Combine that with it's ability to scale to all business sizes, stability and longevity are 2 things you can count on with Microsoft. That is the reason we choose Microsoft as the Business Intelligence software of choice.
According to CIO Magazine, business intelligence is an umbrella term used to describe software applications that help analyze and make sense of an organization’s raw data. When done right, business intelligence can help speed and improve decision-making, discover areas of waste and potential cost reduction, identify new business and revenue opportunities, and more.
Surprisingly, BI is older than you might think. Hans Peter Luhn, a researcher at IBM, coined the term in 1958 after seeing the connections that BI made possible, and the opportunities to adjust course and fine-tune decisions to reach strategic goals. This was — and still is — the basic premise of BI.
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Basic Business Intelligence Terminology
Business intelligence (BI) is the collection, storing and analysis of data generated by an entity to inform decision makers.
Big Data Big data is a process used when traditional methods of data mining and data handling techniques are not enough to capture and create useful data.
Data Warehouse (DW) is a repository for data from multiple sources. These multiple sources may have data in various formats which need to be converted to the format accepted by the DW. This is part of the ETL process.
Data Mining ()
Extract, Transform and Load (ETL) Extraction of Data is the process of reading data from different sources, including database systems and applications. Transform is the process of converting the extracted data from its previous format into the format of the DW. Load is the process of writing the data into the DW.
Data Mart Data Warehouse is not just a simple place for a data dump. Data is compartmentalized in Data Marts within the DW. These compartments are generally dedicated to a specific business function.
Business intelligence Software that is designed to retrieve, analyze, transform and report data for business intelligence. This is "Power BI".
Month-end closing journal entries
- Allowance for bad debt (doubtful accounts): This should be performed after all invoices are issued and all accruals are posted.
- Accrued Revenue: For accrual method accounting, Accrue revenue according to revenue recognition rules. Any doubt to accruing revenue should not be accrued. This should always be a reversing entry.
- Accrued Royalties: Accrue the amount of any royalties owed to third parties who own the intellectual property. This should always be a reversing entry.
- Accrued supplier invoices: If supplier invoices are not processed in time for the closing date, accrue the expense. This should always be a reversing entry.
- Accrued Vacation: Accrue for amount of earned but unused vacation time. This should always be a reversing entry.
- Accrued salaries and wages: Accrue the earned but unpaid amounts and the applicable payroll taxes. This should always be a reversing entry
- Bonus Accrual: Bonus expense should be accrued during the earning period if it is probable the bonus will be paid at a later date.
- Commission expense. Accrue for the commission amount earned but not paid in the period. Consider also accruing the related amount of payroll taxes. This should always be a reversing entry
- Depreciation and amortization: If depreciation and amortization are being calculated with a spreadsheet, verify that the calculations do not run past the useful life of the asset, and that any salvage values are reasonable.
- Income tax liability: Adjust the income tax liability. This amount could increase or decrease, depending upon whether there was a gain or a loss, and whether there is a net operating loss carry-forward.
- Interest expense: Accrue for any interest expense for which a billing has not yet been received from the lender. This should always be a reversing entry
- Reserve for obsolete inventory: Estimate the amount of obsolete inventory likely to be in the warehouse and adjust the reserve to match the estimate. This can be run at any time of the month.
- Reserve for sales returns: If the historical amount of sales returns is immaterial, this entry can be avoided.
- Reserve for warranty claims: If the historical amount of warranties is immaterial, this entry can be avoided.
What we can do
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