There are many reasons CFOs are looking into better budgeting software that can help them plan, budget, and forecast for their business effectively. The longer you wait to upgrade your financial software, the more you risk. Costly-errors, time lost to fixing spreadsheet mistakes and an inability to see impactful business drivers for the new year is just the start.
Here are the top three reasons we’ve heard from strategic-thinking CFOs about why they looked at better financial software.
1. We needed a systematic way of analysing large, complex spreadsheets
Cross-departmental collaboration is a necessity in order to get a wider view of the business. However, managing multiple Excel spreadsheets makes accurate reporting incredibly difficult. With different teams reporting in different styles too, it can often be difficult for teams to understand how and why their budget is affected in a certain way.
By having a central system all teams can work on, you can collaborate effectively. The result is a financial picture of your business that includes key data from all departments.
2. We needed a more accurate way to plan and forecast the company budget
Multiple spreadsheets across departments create many problems. In fact, it’s a sure-fire way of creating financial errors. Sharing Excel files via email, you run the risk of duplicating data errors or one version of the spreadsheet being updated but not the others.Plus, if you are dealing with multi-currency, multi-location, multi-language that several people are responsible for updating, errors are even more likely. You need technology that is advanced enough to handle a more complex business model.
3. We needed to streamline the financial processes quickly
The more financial data you have to process, the slower Excel or older technology is to handle it. Add in the amount of back and forward time spent fixing errors and collaborating, and there is hardly enough time left for you to run effective what-if scenarios.If you want to plan smarter, report better and analyse faster, you need a system that can work for many departments and handle the sheer amount of data you need to run through it. You need a centralised system that all key figures in the business can access, so they can partake in the financial process as you need them to.
You need a financial planning, budgeting and forecasting solution. But before you get there, see if you are suffering from the Nine Circles of Excel Hell. This eBook will give you an even better idea of what you could be doing differently. Download the Nine Circles of Excel Hell eBook.