Everyone is always looking for ways to better their companies, from the CEO to the CFO. Do you want to know a little-known fact about them?
Are you having difficulty keeping up with the demands of delivering more in a shorter period? Time to take a breather.
Cloud-based budgeting, planning, and forecasting technology have improved many aspects of a company’s performance. Businesses that rely only on spreadsheet tools like Excel for their financial predictions have a significant advantage over those that use business intelligence software. There are five distinct ways in which making the switch could save your business money.
Switching to cloud-based budget and forecast technology has five main advantages:
The most cutting-edge technology
Business performance management software is constantly updated for you. Updates are available for free or at a moderate cost several times a year. Some of them are pre-programmed to occur automatically.
Performance Canvas also comes with multi-layered security settings, with excel and server-level security. Role-based security is also available to safeguard specific sheets against innocent or malicious changes by those who shouldn’t have access to them. Any changes or updates may be traced by the solution’s cause of instability and log of who made the most recent change, ensuring accountability.
Costs are lower at the start
A number of logistical issues arise when using an on-premise budgeting and forecasting technology. There must be a staff that can handle updates and maintenance, or just one person who can ensure that the primary copy is always accessible.
Cloud-based budgeting and forecasting solutions, on the other hand, allow your organization to save money by gradually decommissioning legacy systems and by outsourcing certain functions that aren’t essential to the business’s operations.
Instead of paying for the program, most cloud-based forecasting and budgeting firms charge usage fees.
There is no need for an IT department
Operating costs can be reduced because there is no need for onsite infrastructure. There will also be considerable savings in terms of equipment because the necessary equipment to be funded can be significantly reduced. Moreover, the burden on the IT department will be decreased.
As a result, cloud services save your company both time and money.
A Range of Solutions to Choose From
Budgeting and forecasting with Excel are time-consuming, and updating them is even more so. A formula-off variable can ruin a whole procedure.
Since cloud-based budgeting and forecasting solutions are drillable, less time is needed to certify correct and consistent figures. You can respond swiftly because you trust your budgets, plans, and projections.
There are many other benefits of a cloud-based budgeting and forecasting solution. If you’re serious about improving your budget process or want a budget aligned with your corporate strategies, then shifting to cloud-based budgeting and forecasting is the first step.
Think of cloud-based budgeting programs like renting a car rather than purchasing one. As your business’s demands evolve, you can switch to a new service that better meets your needs.
There’s more time to get things done
Cloud-based forecasting and budgeting software is less time-consuming to set up. You’ll be able to spend more of your time enhancing production and responding to clients if you employ personnel planning tactics.
Is there anything else you’d like to do before this? It’s high time to make the switch to cloud-based budgeting and forecasting. Improved agility and faster access to new technology will make your business competitive.
The integrated cloud-based financial software by Performance Canvas allows you to automate repetitive financial procedures, eliminate traditional manual entry, and ensure that your financial records comply with regulations.
Performance Canvas Financials is a cloud-based forecasting software that can streamline KPIs for finance departments while improving your organization’s financial forecasting, planning, and analysis.
Learn more about Performance Canvas and the available packages to choose from by visiting our website or requesting a free demo today.
