DataRails is a financial analytics platform that makes it easier and faster for Excel spreadsheet acolytes to get better insights from their financial data. Growing businesses use the DataRails platform to gain the agility to make informed decisions faster. The platform has powerful functions that automate complex calculations, quickly uncover data-driven decisions and effortlessly share findings with colleagues.
DataRails’ financial analysis capabilities enable users to quickly identify trends, relationships, correlations and outliers in volumes of data. By connecting spreadsheets directly into the DataRails platform, users can easily detect patterns in current and historical datasets across multiple sources of information. This connection gives users accurate insights that are actionable to make smarter decisions based on facts & empower their business operations.
With features like their automated mapping tools which help make sense of complex geographic segmentations & comprehensive reporting for crystallizing conclusions & outputs allows businesses to spend less time manipulating data & more time focusing on growing their businesses. In addition, DataRail’s visualisations give a clear view of results by providing graphs & charts that are instantly recognisable so trends can be easily spotted. All this makes DataRails an invaluable tool for any Excel spreadsheet user seeking actionable insights from their financial data quickly and effectively.
DataRails raises $50M to boost financial analytics and other tools for Excel spreadsheet acolytes
DataRails is a company that provides cloud-based financial analytics and other innovative solutions for Excel spreadsheet acolytes. The company recently raised a $50M Series D round of funding.
The company is on a mission to revolutionize how financial teams use and manage spreadsheets, and their products push the boundaries of what Excel is capable of. In this article, let’s look at DataRails and its offerings to Excel enthusiasts.
What is DataRails?
DataRails is a cloud-based platform that provides powerful financial analytics and other tools to spreadsheet aficionados. Through an intuitive user interface, DataRails makes it easy to manipulate and analyze data from Microsoft Excel spreadsheets in real time, drastically reducing the time it takes to turn data into insights.
DataRails automates assembling relevant financial data in a single location, enabling users to quickly identify trends, compare forecasts against actuals, explore correlations between data sets, model scenarios for different scenarios, and more. The platform also offers comprehensive bank connectivity solutions for businesses with multiple accounts and different banking partners. From day-to-day account reconciliation and cash flow monitoring to monthly close cycles and year-end audits — all the heavy lifting is taken care of by DataRails in an easy-to-use format.
In addition to its financial analytics capabilities, DataRails provides other features to streamline spreadsheet processes such as access control management and auditing resources tracking. This user access feature allows organizations to create custom permissions policies based on roles or functions within the business. It also enables administrators to track which users access what types of records at any time. Similarly its auditing feature allows companies to record cumulative records of every modification made in their spreadsheets over a given period which can be used for regulatory compliance or internal governance purposes.
Finally, the platform comes equipped with automated alerts that notify team members or stakeholders when certain trigger events take place or thresholds are breached—allowing for proactive action rather than waiting for problems down the road.
Overall, DataRails’ purpose is simple: provide spreadsheet users with accurate and timely insights from their data that leads directly into better decision making—enabling companies achieve better results through insight driven decisions.
Features of DataRails
DataRails is a cloud-based platform that enables users to centralize and analyze their financial data in one place. Built for Excel spreadsheet acolytes, it provides an intuitive, interactive environment for accounting and finance teams to dig into the data they store in spreadsheets. With DataRails, users can easily combine spreadsheets that were previously maintained and updated separately in various parts of the organization, resulting in greater accuracy and visibility throughout their financial operations.
DataRails provides advanced analytics capabilities and superior project management capabilities with easy implementation. It has powerful features designed to improve user efficiency, accuracy and performance which include:
-Automated Data Collection: Automatically collects data from multiple sources such as lists, invoices, images, documents or history sheets into an organized report dashboard.
-Dynamic Dashboard: Easily build consistent visualizations of financial results across periods or sources and track detailed metrics through embedded control panels.
-Advanced Analytics: Create ratio and trend comparisons with calculations like variance analysis or dynamic metrics like customer lifetime value (CLV).
-Real Time Insights: Establish KPIs with customized charts on homepages views tailored to individual user interests.
-User Setup & Activity Tracking: Effortlessly set up user access permission levels while tracking all individual changes within their accounts.
-Project Management Suite: Manage tasks performance by breaking down team responsibilities & allocating workflows directly in the platform’s existing interface.
-Excel Support Extension & Database Connection: Streamline process using plugins for Microsoft Excel spreadsheets support & migration tools for transferring databases from legacy systems directly into the DataRails server without impacting existing system infrastructure.
Benefits of DataRails
DataRails is a financial analytics and other tools platform specifically designed for Excel spreadsheet users. It has recently raised $50M to expand its offerings and grow the business.
Using DataRails, Excel users can simplify their strategies, save time and money, and increase efficiency.
This article will explore the different benefits of DataRails.
Automation of financial analytics
DataRails specializes in providing advanced automation of financial analytics that is specifically designed for businesses who rely on Excel spreadsheets to organize their financial data. DataRails’ automation tools are designed to streamline existing processes, create dashboards and reports, and deliver valuable insights.
Through its suite of products, DataRails makes it easier for businesses to leverage their financial data and provides the necessary insights to make better decisions and evaluate key performance indicators. Some of the key features and benefits include:
- Automatic synchronization of your spreadsheets, eliminating the need for manual updating.
- Automated insights into consolidated financial statements, allowing you to quickly identify risks, opportunities, trends and changes in ratios.
- Automation of calculations required to measure key performance indicators such as sales profitability or customer profitability.
- Robust monitoring capabilities that reduce manual effort while ensuring accuracy of your financial information.
- Time savings through improved data handling procedures perfect for budgeting and forecasting activities.
- Scalable business intelligence models perfect for larger organizations with multi-dimensional analysis needs.
Streamlined data management
DataRails is the perfect tool for budget-minded financial analysts who need streamlined data management. This cloud-based platform provides automated insights tailored to your financial performance, making it easy to identify areas where you can improve efficiency and maximize your bottom line. DataRails allows you to assess data from various sources in real-time, freeing up time from manual processing and allowing you to use this time instead for strategic decision-making.
The intuitive design of DataRails is well suited for Excel spreadsheets users, providing an easy way to visualize how data flows through the organization with state of the art analytics solutions. The process of consolidating spreadsheets – which often requires a considerable amount of resources – can be automated with Real Time Reporting that provides a consolidated view immediately after any change in source sheets. Additionally, DataRails helps streamline tasks done regularly such as forecasting, budgeting and variance analysis and automate corporate consolidation process which enables users to view automatically updated information without having to manually shift data points or go back and forth between applications.
With its powerful capabilities like advanced analytics, integration with Microsoft Office applications and secure platform that minimizes errors while processing large volumes of data—DataRails greatly simplifies processes associated with collecting, merging and understanding financial information, allowing successful operators a unified view over their people’s performance across departments.
Improved accuracy and visibility
DataRails’ financial analytics and other tools enable Excel spreadsheet acolytes to get quick and reliable answers to their questions without having to invest extensive amounts of their time or effort. With DataRails, businesses that rely on spreadsheets can improve the accuracy of their financial planning and efficiency of the entire organization.
By taking advantage of DataRails’ features, users can easily review variances, access forecasts, and analyze data across multiple dimensions (e.g. geographic location, product lines). Even better: all changes can be monitored as a timeline via DataRails Activity Stream which allows users to keep up with what is happening in the spreadsheet from beginning up until present moment thus ensuring transparency.
DataRails provides improved visibility into documentation so that users no longer need to struggle when it comes time to explain a figure or take decisions based on uncertainty by relying on outdated information. Additionally, DataRails monitors formulas to ensure that formulas are up-to-date and correctly reflect financial activity so that organizations have access to correct data whenever they need it most. Existing formulas are regularly reviewed; when discrepancies arise they are addressed immediately eliminating the need for manual reconciliation while saving time and minimizing potential inaccuracies carried over from one month or period into another thanks to seamless integration with popular cloud applications such as Google Sheets or MS Office 365. Allowing users peace of mind knowing their information is always accurate thereby assisting in important decision-making.
DataRails’ Recent Funding
DataRails, a leading provider of financial analytics and automation solutions, recently raised $50 million in a series C funding round led by Viola Fintech. This brings the company’s total funding to $80 million.
The round also included investors such as Battery Ventures, Qumra Capital and ALSTOM Digital Mobility. The new funds will expand the company’s market reach, continue product development and invest in customer success.
DataRails’ $50M Series B
DataRails, an Israeli startup that developed a suite of financial analytics and other tools for Excel spreadsheet acolytes, announced today it has completed a $50 million Series B funding round. The new round was led by Viola Ventures, with participation from Giza Venture Capital, 01 Advisors, The Hive Group and Holtzbrinck Ventures.
The company aims to make businesses smarter through enterprise-grade tools for Excel users. Its platform provides reporting automation, formula optimization and custom data visualization. It also provides customers with secure access to real-time data in the cloud; automates processes; and reduces manual labor around spreadsheets.
The new funding will be used to accelerate product development and market growth. Already operational in 130 countries worldwide, this new injection of funds will help DataRails bolster its presence by investing resources in international sales channels and providing more support for clients using its products globally.
This latest financing brings DataRails’ total raised thus far to $64 million. Preceding this round were two successful seed rounds and a collaborative $14 million Series A co-led by Hetz Ventures Hong Kong, 83North and AmFam Holdings last year. Since then, the startup joined Microsoft Accelerator Tel Aviv program cohort 6 — a program that aims to help fast track early stage startups’ success — alongside 11 other innovative companies working on solutions ranging from autonomous driving technology to digital identity management solutions.
How DataRails plans to use the funds
DataRails plans to use the funds to develop additional products, accelerate international expansion and invest in sales and marketing. The Israeli financial tech startup hopes to double the size of its workforce and grow its customer base.
The company has set an ambitious goal: to become the go-to source for businesses seeking to streamline their financial operations. By leveraging AI, automation and other technology, DataRails helps small businesses eliminate human errors, enhance data accuracy and transform manual processes into automated ones.
DataRails plans on investing the funding into new products that would provide businesses with independent accounting services — enabling companies of any size track their entire balance sheet in real-time and make instant decisions based on that data. In addition, it will be expanding its payroll features as well as launching a series of machine learning tools that analyze Excel data for errors or unexpected changes in business activity.
The capital injection will also help DataRails focus firmly on international growth through targeted marketing campaigns. The funding round was led by Harmony Partners with participation from 83 North Ventures, Robert Bosch Venture Capital GmbH (RBVC), and existing investors ICV and NFX.
Conclusion
In conclusion, DataRails is an excellent choice for Excel spreadsheet analysts looking to take their analytics and accounting skills to the next level. With a wide selection of financial and performance management features, DataRails provides a powerful platform for businesses to gain deeper insights into their financial data.
This comprehensive suite of Excel-centric tools allows advanced users to automate processes, ensure accuracy in their spreadsheets, and optimize their analytic processes with ease. With a powerful toolset that includes real-time analytics, forecasting capabilities, advanced data visualizations, automated financial reconciliation tools, and many more web-based tools for managing spreadsheets efficiently; DataRails will transform your accounting practice.
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