Compiling and inputting financial data into MoreThanDigital Insights can pose a significant challenge, particularly because the relevant data is often dispersed across different departments or individuals within an organization. This help article is designed to guide you through the process of gathering, verifying, and entering your financial data, ensuring accuracy and reliability in your Insights analysis.
Understanding the Importance of Accurate Financial Data
Accurate financial data is the cornerstone of meaningful analysis on MoreThanDigital Insights. The integrity of your insights, comparisons, and benchmarking relies heavily on the quality of the numbers you input. Incorrect data can skew results, leading to misguided decisions. Hence, it's crucial to approach this task with diligence and precision.
Collaborating with Your Team
Engaging the Right People
Identify Key Contributors: Recognize who in your organization has access to the financial data you need. This might include department managers, the accounting team, and financial controllers.
Utilize the "Accountant / Controller" Role: MoreThanDigital Insights offers a specific role for individuals tasked with managing financial data. This role allows for editing and adding to KPI modules without granting access to maturity assessments, ensuring focused contributions to financial data accuracy.
Setting Up for Success
Check Reporting Currency: Before entering any data, verify that the company account's reporting currency is correctly set. This ensures that all financial data is consistent and comparable.
Understand the Base Values: Once the first KPI module is completed, review the summary of base values in the company overview. These figures underpin many of the platform's calculations and analyses.
Effective Data Entry Practices
Taking a Phased Approach
Partial Inputs: You can start by entering available data and return to complete the rest later. MoreThanDigital Insights saves your progress, so there's no risk of losing information.
Double-Checking: Encourage a culture of verification among those contributing to the financial data. This might mean cross-referencing figures with accounting records or financial statements to ensure accuracy.
Utilizing Question Explanations
Each data entry field on MoreThanDigital Insights comes with a question explanation. These are invaluable resources when you encounter uncertainty or need clarification. They often provide:
Detailed insights into what the question is asking.
Examples to guide your input.
Additional context to help you understand the relevance of the data being requested.
Organizing Team Contributions
Hold a Kickoff Meeting: Start with a meeting involving all key contributors to outline the data collection process, responsibilities, and timelines.
Assign Specific Tasks: Clearly define who is responsible for sourcing, entering, and verifying each piece of financial data.
Regular Check-Ins: Schedule regular meetings to track progress, address challenges, and ensure data quality.