Many organizations have been using on-premise budgeting and planning applications. However, many now find this approach time-consuming, rigid, and costly, especially for small and mid-sized organizations. The need for a more scalable solution has fueled a demand for organizations to modernize their budgeting and planning process by adopting a cloud-based software that offers greater process efficiency and saves time.
55% of businesses today continue to struggle with their legacy budgeting software. Many of these businesses are still reliant on spreadsheets that are prone to a high percentage of errors. This low-data quality and manual work, coupled with the lack of security and limited reporting capabilities, are existing problems that cloud-based budgeting software can amend.
Whether you’re looking to adopt a new budgeting software on-premise or on the cloud, you can ensure a more successful implementation by making sure your new budgeting software can give you the freedom to worry less about errors and how to fix them. A cloud-based budgeting solution can give you back your time to think about what truly matters — scaling and innovating for better business outcomes.
Here’s why a cloud-based budgeting software may be just what you need.
Offers Seamless Integration & Fast Implementation
A cloud-based budgeting software allows you to seamlessly integrate your existing accounting systems or import your existing financial account structures and balances. You get simplified reporting and the ability to leverage all the valuable data within your two systems.
With Performance Canvas Financials, you only need 5 minutes to install and setup everything you need. You get a cloud-based budgeting solution that is robust with features but also simplified and easy to use. You can connect seamlessly to any data source in the cloud or your on-premise software using its built-in connectors so you can access the files you need and work from wherever you are.
Moving to a cloud-based application provides easy integration so you can continue to do business as usual with the least disruption to your team.
Reliable Reporting, Customizable Dashboards & KPIs
CFOs and financial analysts need historical data and prior budget performance reports to inform their decisions. Throughout the budgeting process, these reports are crucial and will require easy sharing with management and other key stakeholders.
Cloud-based budgeting solutions like Performance Canvas Financials provide straightforward reporting options and dashboards that offer high-level and multiple view options so you can drill the data down for specific departments, topics, or stakeholders. This scalable cloud-based budgeting solution allows you to track key performance indicators (KPIs) so you can view them in real-time.
Remember how messy it can be to work on a spreadsheet while sharing it with others in your organization? Not only is it time-consuming, budgeting and planning this way can lead to data loss and inaccuracies that are unacceptable to a growing organization.
Cloud-based budgeting solutions should create a single place for budget proposal creation, updates, and submission, which makes it easier to share data and collaborate with team members in your organization. Any stakeholder can log in, access the latest data, and make updates while working within a department or across the organization in real-time.
More importantly, you also get the ability to track any activity and conduct audit trails, so you’ll know who updated what and when. You avoid the hassle of sifting through emails for the latest updated spreadsheet or document. With cloud-based software solutions, you can even turn on notification preferences so that you can update users of the latest changes.
With faster collaboration, you can focus on the essentials that can get you better numbers for your business.
Process Automation & Cash Flow Reporting
Cloud-based budgeting and planning software allows you to manage and automate updates so you can minimize conflicts and duplicates in budget book updates. You can automate balance sheets and cash flow reporting, so you know you always have the latest data on hand.
Better Security Controls
Cloud-based software also supports better security with single sign-on notifications, authentication, encryption, authorization, and role-based access controls, so you can avoid leaked financial reports that can damage trust and reputation.
You get the controls you need for privacy and security so you can rest easy knowing your data will remain safe as your organization grows.
Performance Canvas Financials: Giving You The Freedom to Grow
How do you know a cloud-based budgeting software is right for you? The answer lies in taking a deep-dive of your existing budgeting needs and identifying what bottlenecks in the process are stopping you from adopting a more scalable budgeting and planning approach. Note that if you are experiencing many of these problems now, chances are these will only get magnified as your business expands and becomes more complex.
If you are looking for the freedom to innovate and scale, adopting a cloud-based budgeting software will help you modernize and streamline your budgeting, planning, and forecasting for better efficiency, so you never get tied to fixing errors again. With cloud-based budgeting software, you can finally enjoy the freedom to move forward and empower your team with the focus they need to strategize and take the next step to growth now and into the future.
Keen to find the right budgeting software that works for you? Learn more about Performance Canvas Financials today.