With today’s technological advancements, ERP systems and accounting software have given operational users and business managers access to a broader range of informational data. Although traditional monthly financial statements still play a major role in strategic decisions, daily operational decisions are becoming increasingly important in today’s hasty and ever-changing economy.
Consequently, more and more businesses require real-time information to speed-up their decision-making process, quickly react to market changes and create competitive advantage.
To address this market need, new cloud-based financial systems such as Sage Financials have introduced a new accounting concept called "dimensional accounting" to deliver unlimited real-time information. Simply explained, dimensional accounting allows for the tagging of any transaction with dimensional values that you define. Once created, dimensions are made available throughout the system for a multitude of purposes such as detailed reporting, product description, client information, data categorization, etc...
Read on to learn more about the value of dimensional accounting
