Profitbase product overview
Profitbase offers business performance management tools that optimize financial and operational planning, execute work processes, and analyze business data. Their software allows users to collect and prepare the data needed to create business plans. These plans can be related to accounts, staffing, investments, projects, and cash flow. Profitbase’s consolidation feature helps you implement a closing process that generates reports to identify and fix errors and differences in transactions between multiple companies. The solution is also built with modules designed to streamline coordination in closing processes and the management of subsidiary ownership in acquisitions.
The platform gives you access to key information and data about your business. With its business intelligence functionalities and features, you can gain insights into your data and make better decisions. Profitbase allows you to discover patterns and correlations in business data and predict possible events in the future. You can also simulate and analyze different events and scenarios to find out how they can affect the financial performance of your business.
Pros of Profitbase
With Profitbase, you don’t need to rely on traditional methods of conducting business planning that are time-consuming and error-prone. The platform delivers easy-to-use, advanced, and adaptive tools that allow you to collect, prepare, and set up all the data you need for generating financial and operational plans.
Cons of Profitbase
ProfitBase may have a learning curve for some users.
Breakdown of core features
Profitbase helps improve how key financial and accounting processes in your organization are being executed. Its consolidation solution can be used to implement a streamlined and accurate closing process. This solution comes with built-in reports that automatically show errors and differences in trades and transactions between companies.
Using a drill-down functionality, look at the account and transaction level, match transactions between companies or parties, and discover the root causes of inter-company errors and differences. This way, you’ll be able to fix the errors and differences immediately before the closing process starts.
Profitbase also provides you with a comprehensive tool that simplifies the execution of processes related to the management of your organization’s loan and lease portfolios. The tool enables you to handle the entire lifecycle of loans or leases so you can save time, cost, and human resources while having the opportunity to reduce risk.
The business performance management platform uses advanced reporting tools and modeling techniques to collect, process, and present data. It gathers business data from ERP systems, social media platforms, and public sources of information, giving you access to all key information and figures you need.
Profitbase allows you to simulate and analyze different possible outcomes and scenarios and understand their financial impact. You can configure settings for elements or group elements such as products, costs, and purchase goods to come up with best and worst-case financial situations.
The financial simulation functionality also lets you create and analyze business scenarios by taking into account external events. These include increase in the prices of incoming and outgoing goods, changes in the market, revenue, or production, acquisition of new investments, and establishment of new stores or production facilities.
(Last updated on 05/07/2020 by Abby Dykes)