How to Grow Your Business with Advanced Budgeting and Forecasting Software
This article will describe how organizations leverage planning software to increase efficiency. Strategy, accuracy and automation are essential features in Corporate Performance Management (CPM) software that can make a world of difference for organizations’ budgeting process. When it comes to planning—strategy, budgeting, forecasting—organizations can ensure strategic alignment, maximum visibility and streamlined processes with the right solutions. Additionally, organizati
How to Improve Budgeting, Planning and Forecasting
This article will provide insight into some of the key features you could expect from modern corporate performance management (CPM) solutions. Are you dreading your company’s budgeting process? Are you manually exporting data from your ERP system to Excel and compiling numerous spreadsheets or are you manually formatting reports and presentations? Well, if that is you, there is hope for you! It does not have to be that way. There are solutions to improve your budgeting and re
How Scaling Companies Handle Budgeting
This article will describe how companies with multiple business units process budgets and forecasts. Scaling organizations face a multitude of challenges. Organizations having to coordinate budgets and forecasts from different data sources between multiple business units experience even greater logistical obstacles. Reaching out for manually updated spreadsheets not only takes time but it also provides too many opportunities for miscommunication. What if your organization
The Benefits of Using a Data Warehouse
This article describes the value in organizing and visualizing data. Having a clear view of your company or organization’s performance enables strategic decisions. Having access to a clear view of your company’s performance to begin with, however, can be a major obstacle for many organizations. As the big-picture of a company’s performance combines different types of data, accurately gathering and uploading data into a single location can be arduous or sometimes, impossible
Maximize Your Workflow
This article will describe the value of using workflows for budgeting processes. Automating manual processes inherently sounds like a sensible idea, but what exactly would be the most beneficial to automate? What part of the process would make the most sense? When it comes to budgeting, particularly consolidation budgeting, automation and assignments stand out as essential features of any tool you use. Automating assignments essentially translates into a feature known as “
The Benefits of Forecasting
This article will describe the importance of forecasting and how it differs from budgeting. Why is forecasting a good practice for all organizations? Here are five reasons: A forecast is usually a much quicker process and involves fewer employees. Forecasts, in general, are entered at the general ledger account level, while detailed templates, such as personnel templates, are not used. A budget is a company’s intention for the coming year, while a forecast is the most up-to-
The Benefits of Budgeting with Budget Templates Part 2
This article focuses on part two of the importance of budget templates series. In part 1 of the series of The Benefits of Budgeting with Budget Templates, it is mentioned that budgeting is a topic that is not very popular in many companies, and the process may seem like a headache to many employees. Although a pain, it is necessary to communicate the importance of a budget to the entire company so the employees take ownership of it. In this article, we will continue the discu
The Benefits of Budgeting with Budget Templates Part 1
This article focuses on the importance of budgeting. Budgeting is a topic that is not very popular in many organizations, and it can be an extremely time-consuming project for many employees. This is why it is important to communicate the significance of a budget to all employees so they take pride and ownership of it. A tip is to not make complex templates as the goal is an estimate for the coming year. If employees can’t have small variances, then they will make decision
The Best Way to Improve Your Organization’s Internal Processes
This article focuses on the importance of process improvements and KPIs. How do you create a best-in-class process? And how do you implement it across the organization? These are some of the questions that may come to mind when thinking about process improvements. Our organization changed the monthly reporting as well as the monthly financial process, and the analysis process has become more effective. Prior to the changes, the financial statements were emailed out to the ex
Creating a Closed-Loop Planning, Reporting and Analysis Process
This article will concentrate on improving these tasks and processes and ensuring that the strategy is aligned with the reporting, planning, and analysis. Every company has many tasks and processes, but a key question to ask the team is whether there is a purpose for them and if it has an impact on the decisions being made in the organization. At the same time, can managers make the correct decisions with the information being provided, and are they capable of knowing when a
