In its most basic form, financial analysis is the process of analyzing an organization’s financial position. Data is gathered from certain financial records and analyzed to see how a business is paying its debts if it has enough capital to invest and create new income streams, or even just how efficiently they’re operating. Here, you’ll get to learn about some of top financial analytics tools.
The right analytical tools can give you the insights you need to make sound decisions for your company. This guide will explore some of the best financial analytics tools available today.
We’ll discuss what each tool does, how it works, and why it might be a good fit for your business. Read on for the seven leading financial analytics tools that can help you analyze and assess your company’s health.
What is Financial Analysis?
The process of assessing companies, budgets, and financially-significant projects to determine if they are sustainable and beneficial to the company is known as financial analysis. When done within an organization’s walls, it’s often employed to provide insights for decision-making and allow top executives to examine historical information and trends. Investors employ financial analysis when looking for their best investment opportunities outside the company.
Financial data and figures from key financial statements like the income statement, balance sheet, and cash flow statement are used to conduct financial analysis. These factors are investigated to understand a company’s profitability, stability, solvency, and liquidity performance.
Types of Financial Analytical Tools
Financial analytics tools help investors and analysts understand financial statements and assess a company’s financial health. The most popular and best finance tools are horizontal and vertical analysis, ratio analysis, and cash flow analysis.
Horizontal analysis, also known as trend analysis, compares financial information for a specific time period. This allows you to see whether a company is improving, worsening, or staying the same financially over time. Vertical analysis, on the other hand, expresses each line item on a financial statement as a percentage of a base figure. This makes it easy to compare line items across different time periods or between companies.
Ratio analysis is another useful tool for assessing a company’s financial health. Ratios can measure profitability, liquidity, solvency, and efficiency. Cash flow analysis is another key tool for financial analysts. It tells you whether a company is generating enough cash to meet its financial obligations.
Each financial analytics software has its own benefits and drawbacks, so pick the one that fits your needs.
How to Choose the Best Tool?
It’s easier to plan ahead when you have a checklist of features and issues to consider while researching the tool that will cover all your bases. Choosing the appropriate instrument might take some time, but once you’ve completed the work, you’ll be satisfied that you did because you’ll get all of that time back as well as more.
- Get Feedback:
Involve your staff in the process of identifying the software you need. Because each department and employee is likely concerned with a different aspect of the business, it’s important to understand their problems and wants so that you might devise a technological answer for all of them.
- Compare Options:
Start by assessing the market and recording the details of each solution’s features and pricing. Then, you can compare them side-by-side to help you narrow down your options.
- Prioritise Needs:
Because each tool has its own features, it’s smart to understand which ones are absolutely necessary and most significant. Consider your company’s major goals and see which factors directly influence them to determine what’s essential. Also, keep in mind the degree of support that these companies provide. We have a team at dotnetreport who can help you every step of the way.
- Free Trials:
If you’re still undecided, taking advantage of free trials can be helpful. This is an opportunity to test out the software for yourself to see how well it works with your company’s system.
- Look for Reviews:
Once you’ve made a decision, do some digging and see what others have to say about their experience using the software. This is a great way to get an insider’s perspective on whether or not the financial analytics tools are worth your investment.
The most important thing is to take the time to find a solution that will work well for your business. With so many options on the market, you must find the one that’s best suited to your company’s specific needs.
dotnetreport is the answer to all your prayers; we provide detailed feedback and support, so you’re never left in the dark. Our software has all the features you could ever need, and our team is always here to help. Contact us today to learn more.
Best Financial Analytics Software
Charts and Dashboards
Business intelligence dashboards can be configured in any way that will be useful for users with different needs. Using these dashboards, your analytics team can make quick and informed decisions. Users can add, remove, and rearrange panels to create a dashboard that meets their needs. Along with reports, charts, and graphs, users can also run analytics, add filters, and create their dashboards.
A built-in Report Scheduler in dotnetreport can also schedule reports to be emailed.
Multi-Tenant Clients, Users & Roles
It is not limited to handling single-user applications. Whether your clients’ data is in the same database or some other one, Multi-Tenant Reporting provides all the .NET reporting functionality you need. Additionally, it has been designed to restrict users’ and roles’ access to viewing and editing reports. Integration with any existing framework is seamless. For SaaS developers who need ad-hoc reporting, this is a powerful solution.
You can use a dotnetreport to automatically create a relational data list based on values you select from a drop-down menu.
Reports with grouped data have an automatic drill-down option to view the whole list of lines of data.
Paging/Sorting on the Server
This DotNet Report Builder uses server-side paging and sorting with Ajax calls so your page loads quickly without overloading your server.
Use Nuget for Installation
You need to install the nuget package in your Application Project to get started. It adds the whole open-source front end for Ad hoc Report Builder Controllers and Views, and it runs on your system in just a few lines of code.
Data Connection Configuration
Don’t code your database schema; instead, configure it in the admin interface. The DotNet Report Builder requires database tables, columns, and relations to work. The Reporting Tool is compatible with a wide range of databases, including SQL Server, MySQL, and other relational databases.
Integrate DotNet Report into Your Web Application
You can embed Dotnet Report easily into your Enterprise application and customize the theme and style to match the look and feel of your application.
Open-Source Front End
Your DotNet Application will access the source code via the nuget package under the EULA. This will allow you to add new features and customize the layout as you see fit.
The shift from an information economy to an insight economy calls for the use of analytics. Without smart and agile reporting, you will fall behind.
The DotNet Report Builder offers the best comprehensive set of features such as an intuitive report designer with various reports, charts, and other visual elements. Data can be targeted at different levels using multiple filters. Automatic report generation is also possible at preset times.
Try the free demo to determine if dotnetreport matches your needs and qualifies as one of your top financial analytics tools. After completing the demo period, you can get a quote based on your requirements.
- KPI & Metrics
- Divisional Analysis
- Industry Analysis
- Performance Analytics
- Risk Assessment
Fathom software is designed to offer users in-depth analytics and insights into their business performance. The software integrates with MYOB, QuickBooks, Excel, and Xero to provide users with comprehensive dashboards and reports.
Fathom allows users to easily view trends, identify improvement opportunities, and track their progress over time. The software also offers a variety of creative and compelling report templates that make it easy to produce professional-looking reports.
Fathom is a strategic collaboration tool that employs artificial intelligence to analyze and evaluate the performance of other groups of associated firms. It utilizes financial statements and tables to significantly customize user data displays. Users may select from a variety of pre-designed visuals, graphs, and charts. This tool will always keep users prepared whether they update their management, clients, or shareholders.
- FactSet Portfolio & Risk Analytics Overview
- Portfolio Modeling
- Risk Analytics
The integrated multi-asset class portfolio analytics and official performance solutions from FactSet allow you to spend less time managing data and more time finding answers.
Portfolio analytics, performance, and attribution with next-generation technology provide a comprehensive combination of equity and fixed income analysis, data concordance management, workflow capabilities, and data distribution within and outside the organization.
- Bonds / Stocks
- Client Portal
- Data Import/Export
- For Investment Advisors
- Performance Metrics
Get in touch with the right investors at the right time so you can concentrate on your biggest strength – building your company. Through the combination of unique data sets, Irwin provides you with the most accurate and comprehensive shareholder monitoring solution available.
Keep track of all your investor relations activity in one place, access research, estimates, and transcripts, and identify high-quality investors.
- Planning features – advanced planning features for modern advisors
- RightIntel – built-in business intelligence
- Snapshot – personalized plan snapshot
- RightPay – client billing
Creating Right Plans for Real People is RightCapital’s mission. Financial advisors use RightCapital to grow their practices and help clients succeed financially. Financial planning is made easier with its intuitive features. In addition to interactive retirement scenarios and tax-efficient distributions, we provide insurance evaluation, student loan management, and estate planning services.
- Cash Flow Management
- Financial Analysis
- General Ledger
- Profit/Loss Statement
Qvinci’s business intelligence, financial consolidation, and reporting capabilities can be useful to multi-unit operations, nonprofits, franchisors, and banks. Real-time actionable data provided by the software can benefit individuals equally.
A number of accounting software programs are integrated with it, including Xero, Excel, MYOB, QuickBooks, and others. In addition to balance sheets, profit and loss reports, and cash flow reports, Qvinci can generate a variety of reports. By combining multiple reports, you can create a PDF file.
Software creators place a high priority on security. Due to this, administrators can grant employees and managers different levels of access based on their positions.
- Industry Analysis
- Performance Analytics
- Risk Assessment
- Cash flow Forecasting
- KPI & Metrics
With ReadyRatios SaaS, you can easily determine the financial health of your company using appropriate account statements. Businesses can access real-time analytics by simply entering financial reports generated using UG GAAP or IFRS.
By computing and describing more than 40 rates and coefficients, organizations can gain a better understanding of their financial situation.
A multiple-choice conditional text module in ReadyRatios preserves each report’s individuality even when based on the same data.
By using ReadyRatios as your one of the best financial analytics tools, you can convert large tables into compact charts without compromising the integrity or accuracy of the information.
Why You Should Choose dotnetreport?
- Organizations across various industries can use it to meet their reporting needs. The system provides a wide variety of charts, reports, and graphs that facilitate effortless business operations.
- A business’s ability to generate revenue depends on its ability to make smart decisions. With accurate and real-time business data at your fingertips, you can generate data-driven insights.
- With dotnetreport’s intelligent infrastructure, your business can collaborate, consolidate, visualize and manage data from a single place. Make profitable decisions with less financial risk.
- By integrating dotnetreport into their software applications, developers can save time and money by creating reports faster and more efficiently while also gaining independence and flexibility by developing their reports internally. It takes a lot of time and resources to develop reports from scratch. The installation of DotNet Report Builder only takes a few steps, so you can start using it right away.
- Upsell opportunities that increase revenue with dotnetreport. With embedded analytics, you will be able to add revenue streams and upsell your products. Incorporate dashboards and embedding reports into your application as a standard feature and reserve automated insights for upselling.
- Developing and deploying analytics capabilities will inevitably lead to setbacks, delays, and problems. Investing in analytics earlier will generate more revenue. With the right embedded analytics partner, you can get to market more quickly. With DotNet Report Builder, you can create reports and dashboards that follow best practices.
Excited to learn more? Reach out to us and let’s talk more about how Ad hoc Reporting can give a new dimension to your business!