Navision Software launches Excel-based financial reporting, analysis add-in

Navision Software announced today the immediate availability of the US version of Navision Financial Analyst, a desktop software application that significantly enhances spreadsheet productivity by transforming MicrosoftExcel into an ideal environment for financial reporting and analysis. Availability in other countries will follow during the spring 2000.

Navision Financial Analyst is the first in the company`s Navision Analytics suite of solutions that will be rolled out over the next few years. Navision Financial Analyst will help eliminate connectivity difficulties and provide access to Navision Financials general ledger through one tool - Microsoft Excel. This suite will help ensure that Navision Solution Centres are even better able to meet the growing analytical needs of middle-market users. Based on the Microsoft Data Warehousing Framework, the Navision Analytics suite is the result of in-depth market research conducted around the globe by Navision Software, the leading worldwide provider of middle-market enterprise business solutions.

"Financial Analyst fills a void we identified while conducting research with Navision Software users and prospects," said Ren'e Stockner, vice president of sales and marketing for Navision Software a/s. "A high percentage of middle-market companies are using Excel as an analytic application to generate financial and management reports. However, most are frustrated because Excel can`t handle large amounts of data, it is difficult to get data into Excel, and the information is not always reliable. Many managers have spreadsheet pain, but they love Excel and wish there was a better way."

Using that information, Navision Software set out to create an analytical solution that would leverage the wide acceptance of Excel. The result is Navision Financial Analyst. Functioning as an Excel add-in, Financial Analyst provides a familiar, comfortable spreadsheet interface. Users just need to know Excel to make immediate use of the templates found in Financial Analyst. Manipulation and analysis can be performed using standard Excel features, functions and techniques.

By creating a "smart link" between Excel and Navision Financials general ledger, Navision Financial Analyst transforms Excel into the ideal financial reporting environment. The "smart link" is a data mart that includes all the business logic and structures necessary to perform easy and consistent reporting and analysis in Excel. The result is total assurance that the data and reporting structure being used is up-to-date and accurate. With a few clicks of the mouse from a menu in Navision Financials general ledger, Financial Analyst pulls exactly the information users need into the data mart linked to Excel, allowing more time for analysis and better informed decisions.

Jim Mellott, manager of financial planning and analysis at Habitat for Humanity, said the non-profit organization has experienced significant productivity gains since implementing Navision Financial Analyst. According to Mellott, support from the Information System group has been almost eliminated and monthly creation of the financial reporting data mart has been reduced from 20 hours to 1.5 hours.

"Faster creation of the data mart is especially important when you discover you need to post a few more entries and recreate the data mart," Mellott said. "That used to mean we fell way behind in the month end closing process. Now we stay right on schedule." In addition to producing a variety of financial and management reports, Mellott said Navision Financial Analyst allows him to produce a report that was previously not possible.

"We have a complicated functional expense report that I don`t know how you would produce without using Excel. You need to put the data somewhere and manipulate it before you can produce the report. Excel is the best place to do that. Financial Analyst`s use of Excel is the strength of the product. I can e-mail reports and everyone knows how to use Excel so it`s easy for users to access and read their reports."

Navision Financial Analyst differs from a traditional Excel reporting environment because of the "smart link" technology used to connect the spreadsheet to Navision Financials general ledger. This offers a number of advantages beyond homegrown or "off-the-shelf" solutions, says Stockner.

These advantages include the following: . The ability to intelligently handle accounting data and concepts (debits and credits, period change, year-to-date balances); . The understanding of Navision Financials chart of accounts and drill-down capabilities; . The creation of financial data marts based on user criteria; . The synchronization of a Navision Financials general ledger with data and reports; . The ability to deliver data and reports to user desktops.

Navision Financial Analyst complements the financial reporting available as part of the Navision Financials general ledger. Financial Analyst is best suited for companies that use Excel extensively and have flexible, complex management reporting and analysis needs. It also provides an easy, cost-effective way to distribute data and reports to the desktop of users throughout the enterprise, many of whom need the information for management decision-making but do not have access to the Navision Financials general ledger.