Financial analysts need to prepare detailed accounting reports of different companies for different financial periods. It is almost impossible to do these things manually. That is why using Microsoft Excel makes more sense. They hit a formula, and it produces the desired reports quickly. But, is it always okay to use Excel to calculate different financial reports? Experts believe that Power BI is the closest competitor of Excel, and in some cases, it edges its competitor.
Understanding Power BI
Power BI is an application that helps to produce and also publish web-enabled reports for the clients. Once the user prepares and publishes a report, their clients can see them on their computers, laptops, mobiles, or any other device. But, how is it different from Excel Power Query? Here’s what everyone needs to know:
Power Query is also a data processing software application that helps to prepare various financial reports. They provide the following benefits:
• Connect several data sources, such as web pages, files, databases, APIS, etc.
• Combine different data and collate them together from different reports.
• Derive and use new columns of data.
• Remove, reduce, or format data.
• Reshape or edit data, including pivoting, grouping, un-pivoting, and transposing.
• Frame formulas for advanced manipulation of annual reports.
• Create and publish refreshable datasets.
Users can save their Power Query data either in Power BI or Excel. That is why users will find this function in both software applications. Power Query is a more flexible application that many financial analysts prefer. It helps them focus on real-life problems like where is the annual report, is the report up to the mark, what if there are missing values and things like that.
Difference between Power Query and Power BI
Both Power Query and Power BI can make interactive reports. But, there are a few differences between the two that users need to know:
• Power BI provides a more immersive interactive experience. Users can click on any option in the application and get an instant preview of what their report will look like. This application allows users to simplify complicated graphs and charts. They can export this data and use it in Excel for better visuals.
• This software application works better with large data sets. Power Query is more efficient in handling smaller data, while Power BI handles bigger data easily. So, if users have to make a lengthy report, they should use Power BI instead of Power Query. Moreover, it allows users to attach their business data set so that they can analyze volumes of data without checking any other application.
• Both Power Query and Power BI help to read and share reports quickly with the clients. However, Power BI allows users to share them in various formats so that even if the client doesn’t have Power BI, they can view the report without any obstruction.
The analyst is the best person to decide which software he/she likes the most. Both have their pros and cons, but it’s the comfort level of the user that matters the most.