Ways to organise financial data extraction from Accounting software (Xero, Myob, D365, etc.) to Power BI
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Hi Brights, just a few tips for Accountants who are seeking ways to organise financial data extraction from Accounting software (Xero, Myob, D365, etc.) to Power BI for better financial data analysis.
𝐒𝐓𝐀𝐆𝐄 1 - Preparing data for extraction
1️⃣ Identify Key Data Sources: Where do you need the data to come from (e.g., QuickBooks, Xero, D365, etc.)? What kind of data do you want to extract from these solutions for your future reports?
2️⃣ Select Integration Methods: Power BI has a great pool of existing connectors. Ensure that the system you're extracting data from is in the list of those connectors. If not, evaluate whether the software provides integration methods such as APIs or third-party tools designed for data extraction and transformation.
𝐒𝐓𝐀𝐆𝐄 2 - Organising effective data extraction
1️⃣ Data Cleaning and Transformation: Focus on cleaning and transforming data to ensure consistency and accuracy. This will involve standardising formats, resolving discrepancies, and handling missing or duplicate entries to create a clean dataset for analysis.
2️⃣ Data Mapping and Model Creation: Map accounting data fields to relevant categories in your Power BI report. Ensure that the relationships you create facilitate easy navigation and valid data structure.
3️⃣ Scheduled Data Refresh: Power BI provides an opportunity to automate data refreshes based on time-trigger. Ensure you utilise this feature and establish a schedule for data refreshes so that Power BI reports reflect real-time or updated financial information.
𝐒𝐓𝐀𝐆𝐄 3 - Reports, security and fine-tuning
1️⃣ Security and Access Control: Ensure sensitive financial information is accessible only to authorised staff. Fortunately, Power BI provides functionality for access control.
2️⃣ Performance Optimisation: Optimise queries, minimise data loads, and employ data compression techniques to enhance Power BI's responsiveness and speed.
3️⃣ Continuous Monitoring and Maintenance: Set up error notifications and conduct routine maintenance to address any emerging data quality or integration issues.
Let me know if you have any questions or require any assistance.