Effective business budgeting management is a trait all successful companies aspire for, no matter how big or small. Even the best sales results are meaningless if a company can’t manage its cash flow balance correctly.
Although many organizations manage their budgets using programs like Microsoft Excel and Google Sheets, manually managing them isn’t the most dependable or precise method. Since 88% of spreadsheets are thought to include inaccuracies, finance professionals who rely on them run a substantially higher chance of making mistakes. These issues grow increasingly more destructive to the business as transaction frequency and value rise, with one mistake sometimes costing businesses millions.
This is why more companies are turning to business budgeting software like Performance Canvas Financials. Most business budgeting tools today offer a wide range of options. They are available with tailored plans, ranging from basic features for small organizations that won’t break the budget to comprehensive spend control programs aimed at medium- to large-sized businesses.
This article will explore the top five benefits of using business budgeting tools today and how to find the ideal one for your organization’s finance department.
It Helps Standardize Financial Work
Business budgeting tools streamline the Chart of Accounts and do a superb job of gathering data information from multiple sources. A budgeting tool will typically require the business to use accounts for the same purpose and consistently map its COA. It also offers various options for data submission from multiple sources to ensure smooth information transfer between systems, leading to financial data becoming more organized and easier to maintain.
Offers Real-time Data Access
Even if historical data is essential, real-time data access dramatically aids in making better business judgments. It might not be easy to make business decisions without access to real-time data, but luckily, a business budgeting tool like Performance Canvas can make this easy and convenient.
With the level of access Performance Canvas Financials can give, you can be confident that your decisions are supported by the most precise and current information available. Having ready access to real-time data can help business leaders make crucial business decisions in less time.
Provides Accountable Transactions
Your company should use financial management software that provides an audit trail for each transaction. The workflow and all prior approvals should also be provided in addition to the primary transaction. This is a time-saver when it comes to several requirements and ensuring that you’re following them.
The financial management software you employ is essential to the smooth operation of your business. You need access to the most recent data to know how your company is doing at any given time.
When choosing financial management software, consider the characteristics above. Another vital consideration is the capability to customize reporting and workflow automation to your company’s unique needs. In today´s economic climate, having many tools for specific purposes can be cumbersome and costly. Having one capable tool to handle both the budgeting and reporting side of things is more sustainable and cost-efficient.
Performance Canvas is a great starting point for companies looking for a budgeting and reporting tool in a single, easy-to-use platform that meets all the above criteria. In addition to Performance Canvas´ability to standardize your financial work, give you access to real-time data, and your ability to improve transparency and accountability across the organization, below are a few more things you should know about.
Use Ledger Consolidation
If you own a large company, you require software to manage your finances across numerous branches, locations, or franchisees. Consolidating ledgers across many organizations shouldn’t be challenging, even if you’re working with different currencies. Look for a solution that eliminates these challenges and enables you to produce reports quickly based on any data set.
Get Better Collaboration Through the Cloud
One of the essential features of your financial management software is this. With cloud-based platforms, departmental collaboration can be made more accessible, information can be accessed from almost anywhere, and changes can be deployed fast and efficiently – even while traveling. Furthermore, it ensures that everyone has access to the same information simultaneously, minimizing errors or duplicated efforts.
PCF offers a complete and cutting-edge reporting, analysis, budgeting, and dashboarding solution. It gives businesses the ability and simplicity to apply functional FP&A capabilities. Finance teams can make use of PCF’s end-to-end financial management system to streamline their reporting and analysis, budgeting and forecasting, and consolidation. PCF includes:
- Powerful drill-to-journal capabilities.
- A no-code dashboard setup.
- Excellent report formatting options.
- A sane budgeting process.
- An all-around user-friendly interface, among other things.
Find out if Performance Canvas is the best budget management tool for your company. Contact us to schedule a free demo when you can.
