You know the drill: fire up the spreadsheets, gather data from various systems, pester cost center owners for information, and then spend hours trying to consolidate information and create a budget that will pass muster. And then something changes and you need to start all over again.
If you’re like many businesses, the complexity and effort required to properly budget and plan for the future severely limits your ability to quickly deliver the insights management needs for strategic business decisions and course corrections. But there is a better way: a new generation of business planning, budgeting, and forecasting solutions can streamline your processes, enable greater accountability, and provide everyone in your business with the insight they need to meet business goals.
Manual budgeting processes eat up your staff’s time and increase your risk
Excel spreadsheets are appropriate for many business situations, but they’ve outlived their usefulness when it comes to budgeting, planning, and forecasting. From the manual effort required to import and consolidate data from multiple sources, to the lack of security and audit trail capabilities, to the potential for errors in data or formulas, spreadsheets can make your budgeting and planning process far more labor-intensive, riskier, and slower than it would be with an automated solution.
While many financial analysts and accountants swear by Excel, they’re missing out on all the benefits they could be getting from software built specifically for the budgeting and planning process.
Gain unprecedented insight into your business
Company executives and managers need a robust financial roadmap and real-time dashboards to help them navigate the company to achieve targeted profit and growth goals. Purpose-built budgeting, planning, and forecasting software gives your managers all that and more while reducing the burden on your financial staff.
A sophisticated, yet easy-to-use, budgeting, planning, and forecasting application lets you:
- Streamline and shorten the planning cycle: Dramatically reduce the time and effort it takes to budget and plan across the entire business.
- Reduce risk and save time: Significantly reduce or eliminate manual processes while enabling greater security and accuracy.
- Gain greater accountability: As budgeting and forecasting become more collaborative, accountability also improves as department heads take ownership of their data.
- Improve accuracy: Reduce the chance of errors due to manual data manipulation. Integrate actual results to more accurately model future scenarios.
The cloud lets you get started quickly
Is your IT department already overburdened? Or maybe you don’t have an IT department at all? Cloud-based applications (also known as software-as-a-service or SaaS) give you all the advantages of access to up-to-date, leading-edge software with none of the burdens of on-premises installation, maintenance, and backups. You get the software you need quickly and IT gets to focus on other strategic projects.
With cloud-based budget and planning software, you not only can get up and running very quickly, but you also lower your total cost of ownership by leaving the hardware, software, and network infrastructure purchase and maintenance to your cloud application provider.
Rely on a trusted partner to optimize budgeting and planning
Just as you might turn to an accounting or tax firm to provide expertise in areas where your staff may not be as experienced, many companies turn to a solution partner for expertise in selecting, deploying, and using financial management software. By relying on a third party with deep experience helping companies like yours harness the power of budgeting and planning software, you can avoid pitfalls and reduce risk while gaining all the benefits of automating your budgeting processes.
To learn more about how Brittenford can help, download the presentation from our FREE webcast entitled Take the Pain Out of Budgeting and Planning.
Click here to download.