Businesses rely on accurate and up-to-date financial information in order to make sound decisions about the future of their company. This is especially true for small businesses, which may not have the staff or resources to maintain an in-house accounting department. In recent years, cloud-based business intelligence tools like Power BI Online have become a popular choice for companies looking for an affordable and easy way to get accurate insights into their finances. In this article, we will discuss some of the benefits of using Power BI Online for business financial management.
1. It’s cloud-based
Power BI Online is a cloud-based business intelligence tool, which means that it can be accessed from anywhere with an internet connection. This is ideal for businesses that have employees working remotely or who travel frequently.
Another benefit of the tool being cloud-based is that businesses don’t have to worry about maintaining hardware or software, as this tool is entirely web-based. This can free up some IT resources within a company and help to reduce costs.
2. It’s easy to use
Power BI Online is designed to be user-friendly and easy to navigate. Even users with little experience in business intelligence or data analysis will be able to quickly get to grips with the tool. The tool also offers a wide range of tutorials and support resources to help users get the most out of it.
This makes it easy to get your team up to speed with the new tool so you can start benefiting from it without delay. Time is money, after all, so the quicker that your business can start using this tool to gain new insights, the more money you can make or save.
3. It’s cost-effective
Power BI Online is a very cost-effective solution for businesses, especially when compared to traditional business intelligence tools. This tool offers a free version as well as a pro version for more functionality. There is also no need to purchase any extra hardware or software, as the tool can be accessed entirely through the internet.
4. It integrates with other Microsoft products
Another awesome benefit of Power BI Online is that it integrates seamlessly with other Microsoft products, such as Excel and SharePoint. This is extremely useful for businesses who already use these products as it means that they can easily share data and reports between Power BI Online and other Microsoft tools.
5. It has lots of great functionality
Power BI Online lets you do lots of different things, such as creating custom reports, visualisations and dashboards. It also offers real-time data analysis, which means that you can see how your business is performing at any given moment.
With this extra layer of insight, it will be easier for your business to identify areas where improvements can be made. The tool can also help you to track key performance indicators (KPIs) and spot trends over time.
Should your business need to invest in this tool?
Overall, Power BI Online is a great choice for businesses who are looking for an affordable and easy-to-use business intelligence solution. Power BI Online offers a wide range of features and benefits that can be extremely useful for small businesses in particular.
If you’re not sure whether this is going to be the right business intelligence tool for your company, think about what your specific needs are and whether Power BI Online can help you to meet them. You can also try out the free version to get a feel for how the tool works before deciding whether to upgrade to the pro version.