Our News

February 2016

Financial Budgeting & Reporting: beyond spreadsheets

According to 2014 Financial planning, budgeting, and forecasting benchmark survey by Aberdeen, a striking 91% of organizations still use spreadsheets for financial budgeting, forecasting, planning, reporting, and consolidating processes, following the trends identified in the 2013 survey.

Still, in order to ensure data access and enable accuracy and agility, “best-in-class” organizations pair robust technology with spreadsheets to make these processes as simple as possible through enabling access to data and collaboration.

So, instead of fixing malfunctioning links and annoying macros, here are the things some of the forward thinking organizations are experiencing today ever since they chose to invest in an enabling technology.

Seamless Data Integration
A reporting and budgeting can intelligently automate the flow of information from your ERP system (whatever type it may be) and the budgeting and reporting software including charts of accounts, budgets in your General Ledger, etc. This enables the finance team to be more efficient time-wise (no need to duplicate information).

Visualized View
Companies investing in new technology can now easily provide a formula-free and interactive financial dashboard reporting. By being allowed to do multidimensional reporting, it is now easy to do a versatile analysis, with a high degree of reliability and within a profitable speed.

Streamlined and better financial control
Investing in a robust budgeting and reporting solution provides intelligent automation, significantly shortening budget cycle times and improving accuracy levels.

Impact agility and relevance
Companies selecting a budgeting and reporting software are enabled to do quick adjustments since their budget plan is timely and relevant, reflecting changes in daily operations, sales, marketing, etc. Moreover, consolidation is automatic, there is a single repository of data, comparisons can be facilitated with ease, and updates are not dreaded (no need for formulas and hard coding o effect these updates).

Deeper and better Analysis
Shortening the budget cycle times and freeing the time in the hands of the finance personnel is essential for deeper analysis to be done, bringing about insights that can lead directly to improving strategy and timely decision-making of the company.

Hence, if you want to streamline and improve your financial process today, try out Performance Canvas, a powerful and integrated Reporting and analysis, forecasting, budgeting, and consolidating tool.