If you are submerged by a tsunami of spreadsheets, spend unreasonable time on budgeting, forecasting, and reporting, or frequently miss monthly management report deadlines, it is clear that your current systems are in urgent need of reform.
Microsoft Excel may have been the mainstay of your business’s budgeting and forecasting for years, but death by spreadsheet is a common problem that erodes workflow efficiency, increases costs, and wastes precious time.
In this article, we will explore how a business can save money and time with budgeting and forecasting software such as Corporate Planner.
Budgeting, forecasting, and reporting are crucial aspects of financial management in any organisation that helps it to plan ahead, achieve its goals, and manage resources. However, relying on spreadsheets often results in a massive drain on time and increases the risk of errors. Dedicated budgeting and forecasting software is designed to streamline key processes, freeing staff from time-consuming tasks to focus on insightful analysis and planning.
One of the biggest challenges in financial planning is managing different versions of key documents. A lack of coordination between departments within your business may result in financial plans being duplicated, which will inevitably lead to mistakes and confusion. However, business budgeting software can overcome this issue by facilitating seamless communication between teams and ensuring that all staff work from the same data source.
Hindsight, it is said, is a wonderful thing, but in a fast-moving economic landscape, being able to explore different future scenarios is essential. Agile businesses are able to respond more quickly to seize emerging opportunities or to mitigate threats, but to do so you need to have simulated potential scenarios and their likely impact on your organisation. Corporate Planner budgeting and forecasting software allows financial managers to quickly model and explore different scenarios, which improves strategic decision-making and your organisation’s response to unexpected situations.
Outdated methods of budgeting and forecasting usually consume excessive amounts of time and produce unproductive results, making the process laborious and unfulfilling. In fact, with an unsatisfactory spreadsheet approach, it is possible that managers may even undervalue the importance of accurate financial planning. Budgeting and forecasting software will eliminate unproductive practices by automating repetitive tasks and providing real-time insights that allow you to focus on growth and value for your organisation.
In the 2023 FP&A Trends Survey only 21% of organisations planned and forecasted their P&L, B/S and Cash Flow in an integrated and dynamic manner. This major shortcoming was largely down to reliance on Excel. Corporate Planner budgeting and forecasting software allows financial managers to overcome this barrier and plan and forecast with a fully integrated and dynamic P&L, B/S and Cash Flow model.
Whether you are dealing with workforce planning, project management, or financial planning, budgeting, and forecasting software, such as Corporate Planner, can adapt to your organisation's unique requirements. With a suite of fully customisable tools, our software delivers precise and efficient results that are tailored to your business’s needs, giving you the confidence and knowledge to make key strategic decisions that improve your organisation’s ability to navigate uncertainties and seize growth opportunities.
To find out more about the value of budgeting and financial software please contact us via our website or give us a call on 01242 903169 to speak to one of our experts.
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