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                    [post_content] => In this Office365 article you will learn how to enhance how you play the Great Game of Business and get beyond traditional desktop tools like Excel for financial forecasting and score boards. Open Book Management is a powerful tool to grow profitable businesses that benefit all employees and stakeholders. At the core is financial literacy, which includes weekly financial forecasts that are reported in weekly huddles and presented on white boards, so everyone can follow the action and keep score to know if they are winning or losing the game of business.

We will teach you how to use financial data from accounting and merge it efficiently with weekly forecasts from the departments and teams in the game. Learn new tips and tools to automate the busy work using technology that is cost effective and you probably already own such as Office365, SharePoint and PowerBI and others to make amazing and insightful financial score boards.

What You Will Learn

Why Automate

We know sharing financial data is a big deal. Financial literacy can change your company. Ask yourself these questions:
  1. Is our financial forecasting efficient?
  2. Is our financial reporting secure?

Business benefits of automation may include:

  • Reduce the necessary level of effort = productivity, efficiency, speed
  • Reduce errors = credibility, trust, quality
  • Widely distributed information = adoption, empowerment
  • Visualization = insight, meaning, trends
  • Better results = profit and bigger bonuses
  • Cultural fit – mobile, tech-savvy users may prefer digital score boards

Common Financial Forecasting Workflows

In many organizations we see the financial reporting and forecasting working something like the follow. How does it work in your company?
  • Actual financial results are reported weekly, monthly, quarterly, and annually from the accounting team using the financial management system.
  • Export financial statements to Excel for:
    • Profit & Loss reports
    • Income Statements – cash flow
    • Balance Sheet statements for assets and liabilities
  • Staff and teams update and reforecast critical numbers in Excel
  • Teams review and approve the forecasts
  • Huddle – teams post the forecast and actuals on a White Board physical Score Board in a team room
  • Everyone follows the action in the weekly and monthly huddle
  • Optional – some teams project the Excel forecast onto a projector screen for the huddle
Financial Score Boards GGOB   GGOB Huddle Score Board (See this example of a live Huddle and Score Board on white boards in a team room)

Who Benefits from Automation?

There are a number of people and departments groups that can be big beneficiaries of automation tools, that go beyond the business benefits listed in the introduction. We find the following groups have a lot to gain:
  • Financial Department – if automation can help with the work associated with weekly financial reporting and distributing that information across the company, that would help lighten the load often placed on the finance team
  • Forecasters – each of the employees responsible for forecasting a critical number and streamline the time they spend analyzing and updating their forecast if the data and reporting was automated at some lever. Also, the teams and managers that help collaborate to review the forecast can streamline the steps using software automation in many cases.
  • Everyone – all employees across the company can using digital score boards to follow the action and carry the information around with them on their devices, or project them on screens around the facility so the data is available everyone, any time, from any location, not just those in the break room where the white boards are

Tip #1 – Office365 Excel Online

Our number one recommendation for automation is to move from Excel on the desktop or laptop, and shift to using Office365 version of Excel that works on a web browser or mobile device. Here are some things that are possible with Office365 Excel online:
  • Co-Author in Excel – you can have many simultaneous users working in the same spreadsheet document. This allows for parallel workflows not sequential routing of documents and versions.
  • Entire team or company can be reading off one spreadsheet
  • Works in a Browser/App/Device
  • Anywhere access
  • Collaboration with teams and reviewers can post notes, write comments, or share information
  • Example – finance can send out the updated actual data with the old forecast. Everyone in the company can review it and update their numbers in one spreadsheet
  • Tutorial – watch this short 0:48 Second Tutorial on how it works >>

Do You Own Office365?

Here is how you check:
  1. Go to http://office.com
  2. Login with your company user name and password you use at work
  3. If you can login, you have office365! If you cannot, you can ask your IT department to purchase it for you. It costs about the same as the old desktop office license
  4. Do you see Excel or SharePoint on the list of Apps like shown here? If so ,you'll want Excel and SharePoint for the rest of this User Guide
Office365 Apps Catalog  

Tip 2 – Office365 SharePoint

SharePoint is a powerful tool that you probably already own if you have Office365. It comes free with the Enterprise license. Here are some great ways you can use it to help manage and optimize and automate the business processes that deal with financial data and financial cost management.
  • SharePoint is a website with document libraries and data views
  • Perfect for company financial processes
  • Financial actual data could be published to SharePoint List
  • Forecasts could be updated on a SharePoint List
  • SharePoint even synchs with Excel
Take a look at some examples below. Project Score Board – if your company bundles work into projects, keeping project costs under control is key to financial success. On this score board you can see how the team tracks:
  • Project Budgets
  • Forecast Hours
  • Actual Hours
  • Master Schedule Dates by Phase
  • Actual Dates (because on schedule often means on budget)
  • All the ingredients required for Job Cost data
SharePoint Project Cost Score Card Here is an example of Project Tracking SharePoint data list the company uses to track all high level project costs. See the Project Numbers, Job Cost Codes and other information needed to tie Projects to Financials.   SharePoint Time Tracking Forms and Reports Here is an example of tracking specific time for tasks for employees and contractors. SharePoint can have forms and lists on the same page, making it simple to track and manage time reporting and actual hours spent vs. forecast hours.     SharePoint List for Account Recievables and Payables In this example we track all the invoices for accounts payable to sub-contractors and accounts receivable for us to bill our clients for our work. This AR/AP SharePoint page helps manage the workflow of authorizing work, getting business sign off, and collaborating with accounting on what invoices to send out and what invoice to pay. This streamlines the AR/AP process across the company. We track the hours, and costs billed to each project.  

Tip 3 – BI Score Boards

  • BI = Business Intelligence – and it is a type of software automation tool that helps people understanding the Score Board information and what it means
  • Helps with Financial Literacy and rolling out open book management
  • Analytics help you to analyze the data, ask it “what if” questions, or to spot trends and outlier costs
  • Solve problems using data by researching the detail behind the numbers
  • Works on mobile devices, is usually dynamically updated and is secure so only the right people see the right data
  • Drill down, roll up, slice and dice data in new ways not possible before, at the click of a button or filter
  • BI tools are built on Excel, SharePoint and other systems of record
  • Microsoft Power BI or Tableau are the 2 most commonly used BI tools
Here are some examples of how you can use BI Tools to create new Score Boards for the huddles in the Great Game. SharePoint Financial Roll Up Dashboard In this example the executive view combines all the financial metrics a leader wants to see from the Profit and Loss statement, Balance Sheet and Income Statement. You can also roll up a number of projects, entities, or in this case, real estate asset entities. This is very powerful because it pulls from multiple General Ledgers to roll them all up together across a portfolio of investments.   PowerBI Financial Balance YTD Dashboard In this example you can see all the accounts and categories for the financial statements compared to Year to Date so people can quickly verify where they are in their budget. Summaries are by Month of the Year.   PowerBI Monthly Financial Balances YTD Dashboard In this example we see a roll up of all costs for all financial statements, and compared against the forecast. It reports on the Variance from plan and alerts you immediately to any issues across the full suite of financial metrics, all on one screen.   PowerBI Profit and Loss Graphic Dashboards In this example you can see graphics and dynamic data that you can interact with across all the graphics for:
  1. Income by month and income metrics
  2. Expenses by category for the time period
  3. Net Operating Income vs. the forecast, by month
  4. Net Income vs the forecast by month
Here you see clear visual trends that tell a story and communicate if you are “winning” at a glance. These graphics can steer you immediate to the important trends, success, and problem areas in your business.   PowerBI Balance and Income Forecast Dashboard In this example the Score Board shows more financial metrics and trends for:
  1. Cashflow statements by month
  2. Cash balances – cash is king! Follow the trends carefully
  3. Assets and Liabilities by month
  4. Balance Sheet by month so you know where you stand at all times
Imaging the possibilities if all employees had this information at all times on their laptops, tablets and mobile devices. That would be financial literacy at its highest level.

Tip 4 – Systems Integration

  • Use software to process data and share it across the job functions that need it
  • Eliminate manual data collection and analysis
  • Let the computers do the busy work and the people play the game
  • Get systems to “talk to one another” to eliminate redundancy
  • Tip – only 1 System of Record per piece of data
  • Tip – Data should only be entered once in a company or it should be automatically captured and output from existing processes and tools
Leading Indicators can be pulled for mini games to improve financial performance. Here are some recommending leading indicators from Great Game coaches:
  • CRM – marketing funnel data – integrate with your CRM and marketing platforms to track, report and manage information such as:
    • Impressions
    • Clicks
    • conversions
    • touch points
    • trade shows
    • leads
  • Sales – sales data can tell you a lot about the future. If you aren’t selling the future is bleak. If the sales funnel is healthy and growing, you may be on a financial upswing in revenue. Track some of these metrics:
    • sales qualified leads
    • appointments
    • proposals
    • RFQs
    • bids
  • Project Management + Financials = job cost control. Integrate project management and project job costs is critical
  • 1 Way Synch – Push data out of system automatically to another system so you can share the data across the enterprise, but you don’t have to pay more for more licenses of the software. This saves money in the long run.
  • 2 Way Synch – Push and pull data in and out of systems automatically. This is when systems “talk to each other”. They are smart enough to send data out, let other review and approve it, and push the data back, with no manual work needed. This is very efficient and cost effective, and gets costs down to pennies per transaction.
THE END If you want to learn more about financial score board automation: Email: contactus@hingepoint.com www.hingepoint.com for more information

About HingePoint

HingePoint offers cloud and mobile applications for construction and real estate that are easy to adopt and employees love. Specializing in the systems that run the construction and real estate business including SharePointSalesforceProcoreMS Dynamics, and Autodesk. Scale and grow profitably with Financial and Project Management Dashboards, document management, and workflow automation for field to office collaboration. HingePoint 8105 Rasor Blvd. Suite 241 Plano, TX 75024 (214) 301-0000 www.hingepoint.com   [post_title] => 4 Tips for Financial Forecasting Score Boards with Office365 SharePoint and PowerBI [post_excerpt] => [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => financial-forecasting-score-boards-office365-sharepoint-powerbi [to_ping] => [pinged] => [post_modified] => 2018-10-22 00:19:34 [post_modified_gmt] => 2018-10-22 05:19:34 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.hingepoint.com/?p=14496 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [1] => WP_Post Object ( [ID] => 14279 [post_author] => 3 [post_date] => 2018-04-05 12:24:38 [post_date_gmt] => 2018-04-05 17:24:38 [post_content] => The daily huddle is the heartbeat of the Great Game of Business. It's part of most any game; a quick, efficient team meeting where you adjust your game plan and then get back in the game and play. But are all huddles the same? No! We find you can customize your huddle technique based on the:
  1. Type of business – a law firm huddle may differ from a machine shop huddle
  2. Type of work – a software team huddle may differ from the financial team's huddle
  3. Culture – some are fun, loud, calm, quick, loose, tight - it just depends on what motivates, works, and fits your team
  4. Environment – the way you huddle in a library may differ from how you do it on a loud machine shop floor or with a virtual team on a webcast.
Hybrid Huddles – at HingePoint we created our own huddle that's 3 parts rolled into one:
  1. Great Game of Business
  2. Lean – from 2 Second Lean book and Lean expert Paul Akers
  3. Agile – the software scrum methods
For your reference, here's our HingePoint Huddle Agenda. You're welcome to borrow from ours! We conduct our huddle via webcast, the same time every day from 8:30 am – 9:00 am.

Agenda:

8:00 - 3S - Sweep, Sort, Clean - work area, bathroom 8:25 - Leader starts call/Chime 8:30 - Good Morning HingePoint! 8:31 - Announce Tomorrows Leader 8:32 - Sales Numbers/Activities 8:34 - Huddle - Team 30 Second Daily Priority (each person says what they did yesterday, what they plan to do today, and any roadblocks they are facing) 8:39 - Mistakes Discussion – How to Improve - 2 Second improvements 8:55 - Values - Performance, Positive, Partners 8:56 - Learn to See Lean – 8 Sources of Waste: Over Production, Over Processing, Excess Inventory, Defects, Transportation, Wasted Motion, Waiting Time, Not Using Employee Genius. 8:59 - Back to Work

Here's What Use From:

Great Game of Business (GGOB)... we borrowed the getting together, reviewing the numbers people prepared, issues, mistakes, and how to fix it. Our daily huddles do role up to a Weekly 1.5 hour “huddle” with everyone, and we review the weeks' scorecards and discuss any numbers that are off forecast. Lean... we borrowed the 30-minute warm-up where you sweep, sort, and clean your work area to get organized and ready to maximize your productivity. Sales numbers are also from Lean because sales drive activity across the company. The mistakes discussion is a tenant of Lean: to stay humble, honest, admit when you make mistakes, and being empowered to fix it and make the company better. This helps everyone grow and lead in their area. Agile... we borrowed the short format. In Agile, scrums are supposed to be only 15 minutes! They don’t like meetings in Agile. It's a self-organizing team approach where everyone works together, and everyone works on the same “sprint” or bundle of code they are developing (typically in 2 or 4-week sprints). The daily huddle keeps things on track. Also from Agile, we borrowed:
  1. What did you complete yesterday? Accountability for what you said you’d do yesterday.
  2. What do you plan to complete today? Commit in public to your share of the team load.
  3. What roadblocks are preventing your progress? These are meant for the Scrum Master to take back to management and help clear the roadblock, so progress can continue.
Agile is really a “do as you say” approach, and at the end of a sprint, the teams all evaluate each other’s performance and can even kick out a weak member! Ouch. We don’t have that issue at HingePoint, but we do weed out players that can’t hit their weekly scorecard goals associated with their forecast and job description. The huddle is a great and efficient way to keep the team aligned daily. Hold the huddle consistently, never changing it, and you might find it is something you look forward to in the morning. It's like catching up on all the action like reading the sports page!

Event

HingePoint is excited to sponsor the world's largest conference on open-book management, which brings together Great Game practitioners and "tire kickers" from around the world to share best practices and lessons from the field related to engaging employees at all levels of the company in all aspects of the business. The 26th Annual Gathering of Games will take place September 5-7 2018 in Dallas, TX and we hope to see you there! If you are planning on attending, we'd love to hear from you ahead of time! Contact us so we can set up a time to chat! --

About HingePoint

HingePoint offers cloud and mobile applications for construction and real estate that are easy to adopt and employees love. Specializing in the systems that run the construction and real estate business including SharePointSalesforceProcoreMS Dynamics, and Autodesk. Scale and grow profitably with Financial and Project Management Dashboards, document management, and workflow automation for field to office collaboration. HingePoint 8105 Rasor Blvd. Suite 241 Plano, TX 75024 (214) 301-0000 www.hingepoint.com [post_title] => HingePoint Daily Huddle Example a Hybrid of GGOB, Agile & Lean All Rolled into One [post_excerpt] => [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => hingepoint-ggob-huddle-hybrid-of-agile-lean [to_ping] => [pinged] => [post_modified] => 2018-10-22 00:31:21 [post_modified_gmt] => 2018-10-22 05:31:21 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.hingepoint.com/?p=14279 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [2] => WP_Post Object ( [ID] => 13250 [post_author] => 3 [post_date] => 2017-12-11 03:54:13 [post_date_gmt] => 2017-12-11 09:54:13 [post_content] => Last week, the HingePoint team traveled south to San Antonio, TX to learn about The Great Game of Business and was awarded 1st place, winning the coveted Mini Game Challenge! The Great Game of Business is designed to show how an open-book management system is used to build rapid financial results and company culture. The full-day workshop kicked off with a keynote by Michael Kiolbassa, president of Kiolbassa Smoked Meats. Kiolbassa implemented The Great Game process in 2014 to save the family business that was struggling to make a profit. In fact, at one point in August and September of 2013, they “lost more money in two months than we made in most years we had been in business”.  Now, just three years after adopting The Great Game Process, Michael's company is thriving and on track to hit a target of $100 million in revenue by 2019! The keynote was followed by an on-site visit to the Kiolbassa factory, where we sat in on a live "Huddle" to see Great Game practices first-hand, and a Q&A with employee practitioners. The last part of the workshop was the interactive session, where the teams competed in the coveted "Mini Game challenge" and put the days’ worth of professional development and learning into action. Teams were challenged with building a short-term activity designed to correct a weakness or pursue an opportunity in the company. The requirement was to have an end goal with a time-frame, scoreboard, and reward for winning. HingePoint’s game was named “A Steak in the Outcome” with the reward being a steak dinner for the team at Ruth’s Chris if the criteria are met. The competition was very tight, making a difficult decision for the judges. After a lengthy deliberation, the results were announced, awarding HingePoint the victor!

“Knowing there are only a handful of businesses that get the opportunity to participate in this event every year makes you feel honored to be in attendance and learn with so many other intelligent professionals. The fact that HingePoint captured 1st place in the [Mini Game] challenge was a truly unforgettable experience.”

-HingePoint Marketing Consultant, Jacob Steele

By the end of the day, the HingePoint team left with the knowledge of how to get started with open-book management and unique skills to continue pushing HingePoint forward in the years to come!

About Us:

HingePoint provides Procore, SharePoint and Salesforce consulting for Commercial Real Estate and Construction companies. HingePoint also helps the AEC industry with development & integration of AutoDesk and Procore products with enterprise systems. We are a trusted partner with over 25 years’ experience of systems development and integration work in the AEC industry. Our clients range from top hotel brands and restaurant chains to AEC firms and real estate developers and Facilities Management. We provide BIM consulting with ROI. Results Guaranteed…Literally Guaranteed.

[post_title] => HingePoint Takes Home First Place at The Great Game of Business 2017 Workshop [post_excerpt] => [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => hingepoint-takes-home-first-place-at-the-great-game-of-business-2017-workshop [to_ping] => [pinged] => [post_modified] => 2018-02-20 23:52:15 [post_modified_gmt] => 2018-02-21 05:52:15 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.hingepoint.com/blog/press-releases/hingepoint-llc-announces-new-team-members-copy/ [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) ) [post_count] => 3 [current_post] => -1 [in_the_loop] => [post] => WP_Post Object ( [ID] => 14496 [post_author] => 3 [post_date] => 2018-08-24 15:03:10 [post_date_gmt] => 2018-08-24 20:03:10 [post_content] => In this Office365 article you will learn how to enhance how you play the Great Game of Business and get beyond traditional desktop tools like Excel for financial forecasting and score boards. Open Book Management is a powerful tool to grow profitable businesses that benefit all employees and stakeholders. At the core is financial literacy, which includes weekly financial forecasts that are reported in weekly huddles and presented on white boards, so everyone can follow the action and keep score to know if they are winning or losing the game of business. We will teach you how to use financial data from accounting and merge it efficiently with weekly forecasts from the departments and teams in the game. Learn new tips and tools to automate the busy work using technology that is cost effective and you probably already own such as Office365, SharePoint and PowerBI and others to make amazing and insightful financial score boards.

What You Will Learn

Why Automate

We know sharing financial data is a big deal. Financial literacy can change your company. Ask yourself these questions:
  1. Is our financial forecasting efficient?
  2. Is our financial reporting secure?

Business benefits of automation may include:

  • Reduce the necessary level of effort = productivity, efficiency, speed
  • Reduce errors = credibility, trust, quality
  • Widely distributed information = adoption, empowerment
  • Visualization = insight, meaning, trends
  • Better results = profit and bigger bonuses
  • Cultural fit – mobile, tech-savvy users may prefer digital score boards

Common Financial Forecasting Workflows

In many organizations we see the financial reporting and forecasting working something like the follow. How does it work in your company?
  • Actual financial results are reported weekly, monthly, quarterly, and annually from the accounting team using the financial management system.
  • Export financial statements to Excel for:
    • Profit & Loss reports
    • Income Statements – cash flow
    • Balance Sheet statements for assets and liabilities
  • Staff and teams update and reforecast critical numbers in Excel
  • Teams review and approve the forecasts
  • Huddle – teams post the forecast and actuals on a White Board physical Score Board in a team room
  • Everyone follows the action in the weekly and monthly huddle
  • Optional – some teams project the Excel forecast onto a projector screen for the huddle
Financial Score Boards GGOB   GGOB Huddle Score Board (See this example of a live Huddle and Score Board on white boards in a team room)

Who Benefits from Automation?

There are a number of people and departments groups that can be big beneficiaries of automation tools, that go beyond the business benefits listed in the introduction. We find the following groups have a lot to gain:
  • Financial Department – if automation can help with the work associated with weekly financial reporting and distributing that information across the company, that would help lighten the load often placed on the finance team
  • Forecasters – each of the employees responsible for forecasting a critical number and streamline the time they spend analyzing and updating their forecast if the data and reporting was automated at some lever. Also, the teams and managers that help collaborate to review the forecast can streamline the steps using software automation in many cases.
  • Everyone – all employees across the company can using digital score boards to follow the action and carry the information around with them on their devices, or project them on screens around the facility so the data is available everyone, any time, from any location, not just those in the break room where the white boards are

Tip #1 – Office365 Excel Online

Our number one recommendation for automation is to move from Excel on the desktop or laptop, and shift to using Office365 version of Excel that works on a web browser or mobile device. Here are some things that are possible with Office365 Excel online:
  • Co-Author in Excel – you can have many simultaneous users working in the same spreadsheet document. This allows for parallel workflows not sequential routing of documents and versions.
  • Entire team or company can be reading off one spreadsheet
  • Works in a Browser/App/Device
  • Anywhere access
  • Collaboration with teams and reviewers can post notes, write comments, or share information
  • Example – finance can send out the updated actual data with the old forecast. Everyone in the company can review it and update their numbers in one spreadsheet
  • Tutorial – watch this short 0:48 Second Tutorial on how it works >>

Do You Own Office365?

Here is how you check:
  1. Go to http://office.com
  2. Login with your company user name and password you use at work
  3. If you can login, you have office365! If you cannot, you can ask your IT department to purchase it for you. It costs about the same as the old desktop office license
  4. Do you see Excel or SharePoint on the list of Apps like shown here? If so ,you'll want Excel and SharePoint for the rest of this User Guide
Office365 Apps Catalog  

Tip 2 – Office365 SharePoint

SharePoint is a powerful tool that you probably already own if you have Office365. It comes free with the Enterprise license. Here are some great ways you can use it to help manage and optimize and automate the business processes that deal with financial data and financial cost management.
  • SharePoint is a website with document libraries and data views
  • Perfect for company financial processes
  • Financial actual data could be published to SharePoint List
  • Forecasts could be updated on a SharePoint List
  • SharePoint even synchs with Excel
Take a look at some examples below. Project Score Board – if your company bundles work into projects, keeping project costs under control is key to financial success. On this score board you can see how the team tracks:
  • Project Budgets
  • Forecast Hours
  • Actual Hours
  • Master Schedule Dates by Phase
  • Actual Dates (because on schedule often means on budget)
  • All the ingredients required for Job Cost data
SharePoint Project Cost Score Card Here is an example of Project Tracking SharePoint data list the company uses to track all high level project costs. See the Project Numbers, Job Cost Codes and other information needed to tie Projects to Financials.   SharePoint Time Tracking Forms and Reports Here is an example of tracking specific time for tasks for employees and contractors. SharePoint can have forms and lists on the same page, making it simple to track and manage time reporting and actual hours spent vs. forecast hours.     SharePoint List for Account Recievables and Payables In this example we track all the invoices for accounts payable to sub-contractors and accounts receivable for us to bill our clients for our work. This AR/AP SharePoint page helps manage the workflow of authorizing work, getting business sign off, and collaborating with accounting on what invoices to send out and what invoice to pay. This streamlines the AR/AP process across the company. We track the hours, and costs billed to each project.  

Tip 3 – BI Score Boards

  • BI = Business Intelligence – and it is a type of software automation tool that helps people understanding the Score Board information and what it means
  • Helps with Financial Literacy and rolling out open book management
  • Analytics help you to analyze the data, ask it “what if” questions, or to spot trends and outlier costs
  • Solve problems using data by researching the detail behind the numbers
  • Works on mobile devices, is usually dynamically updated and is secure so only the right people see the right data
  • Drill down, roll up, slice and dice data in new ways not possible before, at the click of a button or filter
  • BI tools are built on Excel, SharePoint and other systems of record
  • Microsoft Power BI or Tableau are the 2 most commonly used BI tools
Here are some examples of how you can use BI Tools to create new Score Boards for the huddles in the Great Game. SharePoint Financial Roll Up Dashboard In this example the executive view combines all the financial metrics a leader wants to see from the Profit and Loss statement, Balance Sheet and Income Statement. You can also roll up a number of projects, entities, or in this case, real estate asset entities. This is very powerful because it pulls from multiple General Ledgers to roll them all up together across a portfolio of investments.   PowerBI Financial Balance YTD Dashboard In this example you can see all the accounts and categories for the financial statements compared to Year to Date so people can quickly verify where they are in their budget. Summaries are by Month of the Year.   PowerBI Monthly Financial Balances YTD Dashboard In this example we see a roll up of all costs for all financial statements, and compared against the forecast. It reports on the Variance from plan and alerts you immediately to any issues across the full suite of financial metrics, all on one screen.   PowerBI Profit and Loss Graphic Dashboards In this example you can see graphics and dynamic data that you can interact with across all the graphics for:
  1. Income by month and income metrics
  2. Expenses by category for the time period
  3. Net Operating Income vs. the forecast, by month
  4. Net Income vs the forecast by month
Here you see clear visual trends that tell a story and communicate if you are “winning” at a glance. These graphics can steer you immediate to the important trends, success, and problem areas in your business.   PowerBI Balance and Income Forecast Dashboard In this example the Score Board shows more financial metrics and trends for:
  1. Cashflow statements by month
  2. Cash balances – cash is king! Follow the trends carefully
  3. Assets and Liabilities by month
  4. Balance Sheet by month so you know where you stand at all times
Imaging the possibilities if all employees had this information at all times on their laptops, tablets and mobile devices. That would be financial literacy at its highest level.

Tip 4 – Systems Integration

  • Use software to process data and share it across the job functions that need it
  • Eliminate manual data collection and analysis
  • Let the computers do the busy work and the people play the game
  • Get systems to “talk to one another” to eliminate redundancy
  • Tip – only 1 System of Record per piece of data
  • Tip – Data should only be entered once in a company or it should be automatically captured and output from existing processes and tools
Leading Indicators can be pulled for mini games to improve financial performance. Here are some recommending leading indicators from Great Game coaches:
  • CRM – marketing funnel data – integrate with your CRM and marketing platforms to track, report and manage information such as:
    • Impressions
    • Clicks
    • conversions
    • touch points
    • trade shows
    • leads
  • Sales – sales data can tell you a lot about the future. If you aren’t selling the future is bleak. If the sales funnel is healthy and growing, you may be on a financial upswing in revenue. Track some of these metrics:
    • sales qualified leads
    • appointments
    • proposals
    • RFQs
    • bids
  • Project Management + Financials = job cost control. Integrate project management and project job costs is critical
  • 1 Way Synch – Push data out of system automatically to another system so you can share the data across the enterprise, but you don’t have to pay more for more licenses of the software. This saves money in the long run.
  • 2 Way Synch – Push and pull data in and out of systems automatically. This is when systems “talk to each other”. They are smart enough to send data out, let other review and approve it, and push the data back, with no manual work needed. This is very efficient and cost effective, and gets costs down to pennies per transaction.
THE END If you want to learn more about financial score board automation: Email: contactus@hingepoint.com www.hingepoint.com for more information

About HingePoint

HingePoint offers cloud and mobile applications for construction and real estate that are easy to adopt and employees love. Specializing in the systems that run the construction and real estate business including SharePointSalesforceProcoreMS Dynamics, and Autodesk. Scale and grow profitably with Financial and Project Management Dashboards, document management, and workflow automation for field to office collaboration. HingePoint 8105 Rasor Blvd. Suite 241 Plano, TX 75024 (214) 301-0000 www.hingepoint.com   [post_title] => 4 Tips for Financial Forecasting Score Boards with Office365 SharePoint and PowerBI [post_excerpt] => [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => financial-forecasting-score-boards-office365-sharepoint-powerbi [to_ping] => [pinged] => [post_modified] => 2018-10-22 00:19:34 [post_modified_gmt] => 2018-10-22 05:19:34 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.hingepoint.com/?p=14496 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [comment_count] => 0 [current_comment] => -1 [found_posts] => 3 [max_num_pages] => 1 [max_num_comment_pages] => 0 [is_single] => [is_preview] => [is_page] => [is_archive] => 1 [is_date] => [is_year] => [is_month] => [is_day] => [is_time] => [is_author] => [is_category] => 1 [is_tag] => [is_tax] => [is_search] => [is_feed] => [is_comment_feed] => [is_trackback] => [is_home] => [is_404] => [is_embed] => [is_paged] => [is_admin] => [is_attachment] => [is_singular] => [is_robots] => [is_posts_page] => [is_post_type_archive] => [query_vars_hash:WP_Query:private] => 13ff772e71e77ddf3825202884ef8934 [query_vars_changed:WP_Query:private] => [thumbnails_cached] => [stopwords:WP_Query:private] => [compat_fields:WP_Query:private] => Array ( [0] => query_vars_hash [1] => query_vars_changed ) [compat_methods:WP_Query:private] => Array ( [0] => init_query_flags [1] => parse_tax_query ) )