• Management Reporting with Vena

With Management Reporting from Vena, your organization will gain specific insights that you can use to make profit-enhancing decisions.

By Rogier Louter, May 2021

Management Reporting with Vena

 

What is the added value of Management Reporting?

Management Reporting is a great added value to Financial Reporting. To demonstrate this, we will contrast the two types of reporting:

Financial Reporting

Financial Reporting includes the profit and loss account, balance sheet, accounts payable, accounts receivable and the cash flow statement. The periodic recording of this data is mandatory for all companies due to applicable laws and regulations. Use the reports resulting from Financial Reporting for external purposes. For example, banks, investors, and regulators use these reports to approve loans and credit lines and verify that your company is following GAAP (Generally Accepted Accounting Principles).

With Financial Reporting, you get an overall picture of your company’s financial situation at a given time. Financial Reporting is focused on the past and does not provide information on how the company could perform better next month or quarter.

Management Reporting

Management Reporting does focus on the future! With Management Reporting, you go much deeper and more specific into the financial status of a company. Create overviews of important financial data per segment (department, team or job) within a company. A management report can give you as FP&A specialist or Controller specific insight into what can contribute to the growth and profitability of the company. Based on these substantiated future predictions, operational and tactical decision-making is then possible.

Unlike Financial Reporting, Management Reporting is for internal use only and is not mandatory. This is also a reason why Management Reporting often disappears into the background. According to Vena this is a missed opportunity because it can provide enormously valuable insights.

What makes Management Reporting so difficult?

Many companies do not get the most out of their Management Reporting because they run into several challenges:

1. Manual reporting work

Often companies have to compile their large amounts of data manually. Because the reports are created periodically, this costs a lot of time and money.

2. Large, complex spreadsheets

Data is often collected in large, complex and confusing spreadsheets. It is therefore difficult to filter the required information in these files and avoid errors.

3. Translating data into business strategies

Companies often struggle to translate data into valuable insights. What do these numbers mean exactly? And what choices should you make based on them?

Why Management Reporting with Vena?

Fast and effective

With Vena software, you can, even without programming knowledge and experience, easily create management reports. Because of this simplicity, with Vena you save time on merging data, so you have more time for assessing data. Transform current data into new insights and opportunities so that you can make adjustments towards the desired future for your organization!

Budget bepaalt route

Visualized data in real-time

Get rid of those complicated spreadsheets: bring your management reports to life! View key business data at a glance with real-time reporting tools in Vena. Or use the built-in integration with Power BI. Simplify complex data sets and visualize your reports in the form of beautiful graphs, charts and dashboards.

Focus on the most important KPIs

Effective management reporting goes beyond monthly financial statements. With Vena, you can create customized reports and focus on specific KPIs. Want to know which employees are the most productive? Or what the profitability is by department? Vena allows you to quickly identify trends and make informed data-driven, financial business planning decisions!

Finext & Vena

Vena excels in Excel, combining the best parts of Excel with the power of a complete financially driven planning solution. Finext’s Vena team has certified Management Reporting experts to help grow your organization.

Distinguished partner

Finext has received the Distinguished Partner label from Vena in 2021. This makes Finext a dedicated and integrated part of the global network of Vena implementation partners. For more information on these labels, please visit the official Vena partner site.

Finext Vena Distinguished Partner

Vena Consultants

The Vena team at Finext consists of talented consultants with highly specialized knowledge of Vena software. Curious about our consultants?

Want to know more about Vena? We regularly organize workshops and trainings, webinars and knowledge sessions.

Vena
Enterprise Performance ManagementPlanning, Budgeting & Forecasting Vena