Business Budgeting Software: Three Obvious Ways to Tell if Your Firm Needs to Upgrade
By Emily Jordan - Updated April 23, 2019
In today’s business climate there is no room for companies who are unwilling to invest in modern technology. The longer you postpone upgrading your business budgeting software, the more fortified your firm will become in antiquated mechanisms that aren’t propelling your business forward.
Especially when it comes to your firm’s planning, budgeting, and forecasting strategies, antiquated techniques can result in costly glitches and aggravating inaccuracies. Anything you can do to reduce time spent gathering and organizing data, and increase time analyzing it, should be utilized.
If you are still unsure whether or not it is time to upgrade your business budgeting software — here are three telltale signs:
1. Cross-departmental collaboration isn’t happening within your firm.
The goal for today’s fastest-growing, most innovative businesses is to have a holistic financial picture of their business which includes key data from all departments. The way these firms achieve this is by utilizing cloud-based FP&A technology for their business budgeting software, as it promotes cross-departmental collaboration. This results in projects that have long been seen as finance-only responsibilities (e.g. financial consolidation) now being considered as collaborative activities.
2. The finance department is struggling to efficiently and accurately plan, budget, and forecast.
There is a good chance your firm’s finance department is dealing with multiple currencies, numerous locations, and various languages. Whether or not you are managing one or all of the above, your finance department may be struggling to efficiently and accurately plan, budget, and forecast with the varied items. For this reason, cloud-based business budgeting software is crucial for more complex business models. It is no longer acceptable for innovative, fast-growing organizations to pass spreadsheets via email to numerous locations around the world — especially if they include multiple currencies and various languages. This lack of business budgeting software is a sure-fire way of accumulating financial errors.
3. Your firm is not employing visual analytics.
Think of this for a moment — the majority of your firm is made up of non-financial employees. People whose day to day responsibilities have nothing to do with your firm’s planning, budgeting, and forecasting strategies. Therefore, one of the main reasons for upgrading your business budgeting software is to help leaders across the business better understand the most impactful business drivers. Visual analytics is the finest way to do this as it helps to strengthen the will of all managers and associates to partake in the finance process. Just as in sign #1, cross-departmental collaboration is imperative for companies looking to plan more efficiently and effectively.
The look-and-feel of Kepion’s data visualization & dashboard software can also be designed to match perfectly with your company’s theme for a seamless user experience. You are able to use drag-and-drop features to create your own data visualization and dashboards and even share with others within your organization. It allows you to visualize both historic and forecast data in real-time from various sources, and interact with intuitive charts and graphs for detailed analysis.
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