There are a lot of helpful tips and best practices to share with Adaptive customers as we pick back up our Product Tip Tuesday series. But with our intuitive and self-serving financial reporting features being one of our most popular benefits, we decided to kickoff this year’s series with a quick explanation of how to create variance reports using our built-in reporting feature.
Reports are used to communicate vital facts and figures to stakeholders throughout the organization. Unfortunately, the traditional tools used to create reports lack adequate drill-down capabilities, are subject to formatting challenges, and require painstaking manual measures that leave crucial data vulnerable to error. And when a manager needs a report quickly, spending hours compiling the information is just not scalable.
Adaptive’s web-based report builder allows users to quickly and easily create management and ad-hoc reports. With easy-to-use drag-and-drop and drill-down capabilities , users can easily provide commentary on variance reports and create new reports on the fly. It’s a true self-service style that leads to quick answers to important questions. Here’s how to get those answers.
- From the report builder under “predefined dimensions”, expand:
Accounts > GL Accounts > Expenses > Operating Expenses and drag-and-drop to the row axis.
- Expand versions and drag-and-drop both the “actuals” and “budget 2016” versions to the column axis.
- Drag-and-drop a “difference” element next to “budget 2016”.
- Right-click the “Difference element” and rename it “Variance”.
- Expand Time > FY-2016 > Q1-FY2016, & drag-and-drop “Mar 2016” into the column axis.
- Drag “Mar 2016” into the “parameters” area.
- Right-click the “Time” parameter, select “properties”, and rename it “select month”.
- Check the “prompt before viewing” box.
- Click the green when it appears and run the report for “Mar 2016”.
- Save the file as a “shared report”.
*NOTE: The elements under Predefined Dimensions will vary and is specific to your model.