IQAccountant helps companies that use ERP systems with their data transformation journey. What does data transformation mean? There are silos of transactional data locked away in each ERP application module like Accounts Receivable, Accounts Payable, Expenses, etc., and external third-party systems that have actionable data points, but the transactional data is partitioned away from each other and prevented from creating value for the organization. IQAccountant provides the RE.AC.TR. (REsource ACtivity TRacker) platform to unlock the data silos and integrate the data for actionable analytics and reporting. REACTR was built to deliver on-demand intelligent data analytics and automatic reporting for key resources like Cash and Profits but also custom financial metrics like extended warranty product price risk, too.
Cash is a great example of what REACTR can do because it is a difficult financial metric to track due to the numerous data silos (internally and externally) in a Financials ERP system. Generally, most customers have built opaque and off-system processes to report Cashflow after the period ends when the data has become stale and has lost its actionable value. REACTR changed the rules on Cashflow reporting and has made it a powerful and actionable data metric by using Microsoft Cloud Power BI Service and by tracking the activity on-demand. REACTR accomplishes this through the following key features:
REACTR platform is developed on the Microsoft cloud-based platform.
Third-party data integration into the REACTR platform.
Accounting Data Models
* Simplified and flexible data layer from the transactional ERP system.
* ERP Transactions are linked for visibility and accuracy.
Automated financial and compliance reporting for time savings.
Online Analytics for intelligent on-demand actionable data analysis.
For the extended warranty business, Dan Kozlowski of DRK Resources Tech LLC (drkresourcestech.com) and I reviewed the need for better analytical reporting. REACTR can help the extended warranty analytics and reporting. One of the important properties of REACTR is that it is agnostic to the transactional ERP system. Our Accounting Data Models are based on how you the customer would like to track and report extended warranties. So how could REACTR track extended warranty activity? Dan’s input was key because of his many years in the extended warranty space, and we came up with a few high-level design decisions that would fit well for the extended warranty business. Since REACTR is flexible not every customer will configure it the same way, but there are a few design points each customer will consider:
One of the features of the REACTR platform is configurable for each customer situation based on the customer’s requirements. Since REACTR relies on metadata to aggregate and organizes extended warrant activity, every customer can define their own analytics and reporting design by using metadata that is appropriate to every level of classification and tracking.
Extended warranties have a time lag because a warranty is not active until after the first year or more. Since the REACTR will track data by an extended warranty and not by the underlying transaction properties, it would aggregate activity over many years and provide it for analysis in the period the extended warranty was booked or realized by the business for product price risk between revenue and claim expenses. This is a feature of our accounting data model that again proves the flexibility of the REACTR platform.
Extended warranty data can come from third-party systems which would require seamless integration. Our platform can integrate third-party data and transform it into a data model that fits the organization using the latest ELT technology.
Of course, more detailed discussions will occur depending on the desired insights that the business would like to track and report. For topical discussion, this provides a very good picture of what the REACTR platform can do for extended warranty analytics. For more information please visit https://www.iqaccountant.com/ or email me at hello@IQAccountant.com.
