Real-Time Visibility

What is real-time visibility?

Real-time visibility into financial operations is the ability to see and analyze financial data as it happens. This is in contrast to traditional financial reporting, which typically relies on historical data that has been processed and reconciled at a later date.

Real-time visibility into financial operations is essential for accountants in today’s fast-paced business environment. By having access to real-time data, accountants can make more informed decisions, identify potential problems early on, and improve their overall efficiency.

Benefits of real-time visibility into financial operations for accountants.

There are a number of benefits to real-time visibility into financial operations for accountants, including:

• Improved decision-making: With real-time data, accountants can make more informed decisions about the business. For example, they can track sales trends to identify which products are selling well and which ones are struggling. They can also track inventory levels to ensure that they have enough stock on hand to meet demand.
• Early identification of potential problems: Real-time visibility can help accountants to identify potential problems early on. For example, they can track cash flow to identify any potential liquidity issues. They can also track expenses to identify any areas where costs are getting out of control.
• Improved efficiency: Real-time visibility can help accountants improve their efficiency by automating many of the manual tasks that they currently perform. For example, real-time data can be used to automate the process of reconciling accounts and generating financial reports.

How to achieve real-time visibility into financial operations.

There are a number of ways to achieve real-time visibility into financial operations. One common approach is to implement a cloud-based financial management system. Cloud-based financial management systems provide accountants with real-time access to their financial data from anywhere, at any time.

Another way to achieve real-time visibility into financial operations is to use data integration tools. Data integration tools can be used to connect different financial systems and applications together. This allows accountants to get a complete view of their financial data in real time.

Securing real-time visibility into financial operations.

Here are some things to consider when implementing visibility and control.

• Identify the key financial metrics that you need to track in real time: This will help you focus on the most important data.
• Set up alerts and notifications so that you are notified of any potential problems immediately: This will allow you to take corrective action early on.
• Use real-time data to create dashboards and reports that can be used to track your financial performance and identify trends: This information can be used to make more informed business decisions.
• Share real-time data with other members of the management team so that everyone is on the same page: This will help to improve collaboration and decision-making across the organization.

Challenges of implementing real-time visibility into financial operations.

There are a few challenges that accountants may face when implementing real-time visibility into financial operations. One challenge is the cost of implementing and maintaining the necessary technology. Another challenge is the need to change existing processes and procedures.

Here are some additional tips for accountants who are considering implementing real-time visibility into financial operations:

• Start small: Don’t try to implement real-time visibility for all of your financial data at once. Start by focusing on the most important metrics.
• Get buy-in from management: It is important to get buy-in from management before implementing real-time visibility. This will help to ensure that the project is successful.
• Work with a qualified partner: There are a number of qualified partners who can help you implement real-time visibility into financial operations.

How Airbase helps with real-time visibility.

Airbase captures all data for all employee purchasing in real time. This means that users can see all non-payroll spend as it happens.

For many companies, this information is associated with several different systems: bill payment software for AP, corporate card programs for card spend, and expense management software for reimbursements. In this case it’s not until the general ledger has been fully updated by all these systems that an organization can get a clear picture of its spending.

Real-time visibility means all stakeholders can see all spend before it happens at the approval stage.