Running a business is rather a daunting task that requires owners to carefully plan, organize and execute business strategies and at the same time take care of their finances in the most judicial way to excel and earn high profits. 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.
Why Should You Use the Latest Business Budgeting Software?
Modern budgeting and forecasting software can help your company’s top management to identify, analyze, measure and report financial data in the most meaningful manner that can further be used in making quick business decisions. Some of the basic budgeting software solution functions include preparing financial statements, budgets, forecasting sales, and more.
When it comes to a business’ planning, budgeting, and forecasting strategies, antiquated techniques can result in costly glitches and aggravating inaccuracies. That’s why most firms, in today’s fast-paced and dynamic times, are increasingly using highly integrated software for efficient and smooth functioning, especially when it comes to managing accounts and preparing budgets.
Common Excuses of Not Upgrading Budgeting Software
- Excuse No. 1: Not enough funds are allocated to the concerned department and/or the management is not ready to switch to new budgeting software for business solutions.
- Excuse No. 2: The implementation can take too long hampering the ongoing functionality of the organization
- Excuse No. 3: Though there might be a more efficient way of carrying out the tasks, the current solutions are doing a great job.
None of the excuses work when it comes to maintaining your place in the industry. The longer a company waits to change with the changing business environment, the more entrenched its business becomes – pushing it farther to the last position in the industrial race. Additionally, since it relates to financial planning, forecasting, and budgeting, outdated solutions can cause costly errors and ineffective processes, leaving the company’s financial team scrambling to fix the bugs and wasting time assembling data rather than analyzing and examining it, and providing meaningful insights to the top management.
Understanding the importance of using the latest and/or upgraded software, one question that still remains unanswered is – how would a company know when it’s time to upscale itself to better budgeting software? Here are three signs to look for:
Limited Cross-Departmental Collaboration Within the Business Organization
Companies today are expanding at a fast pace and so are their internal departments. With the growing size, it has become or has rather become difficult for all the departments to communicate with each other and take efficient decisions. In such a scenario, companies must switch to cloud-based FP&A technology which promotes cross-departmental collaboration. This means that the projects which were considered a responsibility of just one department (e.g., financial consolidation) can now be a team sport wherein all the departmental heads can participate. What’s the benefit? This will enable the organization to gain better financial insights from all departments.
Finance Team Members Cannot Accurately and Efficiently Plan, Create Budgets, and Forecast Across a Multitude of Dimensions
Does your business run on a multinational level in multiple locations and/or utilize multiple currencies and in multiple 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.
The Organization is Not Employing Visual Analytics to Help Top Management Understand the Most Essential and Impactful Business Drivers
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. This makes visual analytics essential to all businesses looking forward to taking the FP&A process beyond finance; into other organizational departments; and further encouraging the departmental managers to take part in the process. As mentioned in Sign #1, cross-departmental collaboration is imperative for companies looking to plan more efficiently and effectively.
If you still haven’t identified flaws in your business budgeting methods and are wondering why your organization is not performing up to the mark, it’s time to upgrade yourself as well as your financial and budgeting software. Kepion provides budgeting software for businesses that can improve your financial reporting and analysis.
The look and feel of Kepion’s business intelligence dashboards & scorecards software can also be designed to match perfectly with your company’s theme for a seamless user experience. You can 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.
Interested in learning how Kepion can help your firm improve your business budgeting? Schedule a demo with Kepion today.