Using Power BI tools to enhance accounting management efficiency

        In a data-driven business environment, effective management and parsing of large amounts of financial data is crucial for enterprises, providing insight analysis to help managers make daily operational decisions and lay out future plans. This article shares with you how Ya Tung Ready Mixed Concrete Corporation utilizes Power BI tools to build a complete EIS (Executive Information System) management system, significantly advancing towards the goal of data-driven decision-making.

        1、 Using Power BI tools to solve pain points in management accounting

                1. Data integration and automation

        Challenge: There are numerous sources of accounting data, and data integration is time-consuming and labor-intensive.

        Solution: Utilize the data connector of Power BI to automatically integrate financial analysis data from multiple data sources such as SAP systems, Excel spreadsheets, SQL databases, etc.

        2. Interactive reports and dashboards

        Challenge: Fixed format reports are difficult to meet personalized analysis needs.

        Solution: Use Power BI to create interactive reports and dashboards, making it convenient for managers to dig deeper into data and flexibly view analysis results from different dimensions according to their needs.

        3. Predictive analysis and trend insight

        Challenge: Difficulty in predicting financial trends and risks.

        Solution: Power BI provides predictive analysis tools that help identify financial data trends, predict future performance, and develop response strategies.

        2、 Practical application of Ya Tung Ready Mixed Concrete Corporation

        Ya Tung Ready Mixed Concrete Corporation is a professional ready-mixed concrete team created by Asia Cement Corporation, with 21 manufacturing factories in Taiwan. Financial analysis data comes from SAP accounting system, SQL databases of various factories and companies, various manual input Excel files, as well as external environmental data such as the Ministry of Economic Affairs statistical database, various construction indices, and public information observation stations. Currently, Power BI is being applied to the following areas--

        1. Automation and visualization of financial data integration

        Method: Use Power BI tools to connect SQL databases of various factories, automatically collect annual data, and use visual reports in BI tools to visualize data in standard reports such as income statements and balance sheets. Due to the ability to integrate cost data, relevant financial analysis can be more complete, and can be queried across years and months on a single screen, providing more convenient and comprehensive reporting operations.

        Benefit: Through the use of BI tools, the time for creating reports has been reduced from one working day to one hour, saving 85%.

        2. Profit analysis of each order and customer value management

        Method: Through the database linking function of BI, automatically link all sales and production related raw system data, and use BI's correlation setting and calculation function to predict the profit of each order from the time of receiving the order, the monthly production material situation of each factory, sales profit, analysis of customer sales profit over the years, accounts receivable tracking, and complete customer management.

        Benefit: The report production time has been reduced from 2 working days to 1.5 hours, saving 90%, and the data accuracy has also been improved to over 99%. In addition, business colleagues and management decision-makers can always understand the overall sales situation, profits, and accounts receivable of customers in the near future.

        3. Monthly performance management and tracking

        Method: Use the measurement tracking function of POWER BI to manage the annual KPIs of each unit on a monthly basis, and provide decision-makers with the execution status of KPI indicators.

        Benefit: Through visual means, the execution status of relevant KPI indicators can be more clearly defined, enabling adjustments to be made at any time and achieving overall goals.

        3、 Conclusion

        Traditional accounting work is seen as repetitive and inefficient bookkeeping, but with the advancement of technology, the application of Power BI tools has made accounting work more focused on data analysis, prediction, and strategic planning, thereby improving the operational efficiency and decision-making quality of the entire enterprise. The benefits achieved by Ya Tung Ready Mixed Concrete Corporation through Power BI include:

        1. Improve the speed and accuracy of data processing: Automated data collection and processing can avoid manual errors, accelerate data processing speed, and improve data accuracy.

        2. Enhance the timeliness and effectiveness of decision-making: Through real-time data analysis, help enterprises quickly respond to market changes and make more timely and effective decisions.

        3. Transforming roles and enhancing value: Accounting units become important departments that provide strategic insights and decision support.

        In summary, real-time financial data analysis and efficient data processing capabilities can not only improve the efficiency of accounting management, but also bring more comprehensive and in-depth business insights to the company, affecting decision-making quality and organizational flexibility, helping to promote business growth, enhance competition, and improve the company's profitability. They can be regarded as the core support of enterprises. Have you also taken the train of visualizing information?

        *Image source: freepik

        #