Markets and businesses are showing signs of worry lately. Many businesses have started to be cautious in their spending to brace for potentially difficult times ahead.
There is a dilemma that many finance leaders encounter and that is whether or not they should invest in a business budgeting software or financial reporting software now or wait till a bit later when there is a bit more certainty in the air.
On the one hand, tougher times ahead mean the business should have a strong grip of the business´ financial health and on the other, they have to choose carefully which systems are worth putting money on, so they do not end up wasting time and resources at such tense economic climate.
Whether or not buying a corporate budgeting software for your business is better now or later, only you as a leader can tell but below are some of the benefits of a commercially available reporting and budgeting solution like Performance Canvas Financials.
- Using Performance Canvas Financials allows you to have 1 robust system for financial reporting, budgeting and planning, and financial consolidation. This means you can improve your end to end FP&A process by investing in a unified platform. This is a cost-efficient solution at uncertain times like this.
- You can prepare your budgets in all major areas like OPEX, revenue, costs, fixed assets, equity, debt, and so on.
- Performance Canvas Financials links to your actual General Ledger. This means all budget items generated by all participants in the process in all units allows the budgeting software to generate automatically all the financial statements and reports your business needs.
- Using Performance Canvas Financials is quite pleasant because it is not possible to break the model. This is the main advantage when the solution is server-driven. All the formulas, logic, business rules are stored in the server.
- With a commercial budgeting software, you can get an accurate and reliable balance sheet for all the periods of your budget because Performance Canvas Financials is designed in a way that it makes automatic journal postings driven by the budget itself in the right GL accounts.
- Commercially available budgeting software like Performance Canvas Financials also automatically generates complete and reliable cash flow statements using the balance sheets.
- One of the great things about a business budgeting software like Performance Canvas Financials is that it works in a very modular manner. This means when you implement the solution, you can have a gradual/phased approach where you start out by just the financials module then when you are comfortable enough, you can extend it to sales budgeting, profitability analysis, AR/AP automation, and many more. The upgrade possibilities are endless because it is modular.
- Commercially available reporting and budgeting software like Performance Canvas Financials also enables the team to eliminate duplicated efforts in creating reports. For example, instead of creating hundreds and hundreds of reports, you can create 1 or 2 master reports which you can then express in various ways using security access. Imagine going from 100 report to just 1 while still attaining all your objectives.
There are many other benefits of adopting a commercially available budgeting and reporting software but one thing that is worth remembering is that the market for these types of solutions have matured a lot.
Many years ago, having 1 solution for a specific purpose was trendy just because many solutions have not matured in its development but now with the industry´s better understanding of customer needs, machine learning, robotics automation, and artificial intelligence unified platforms like Performance Canvas Financials is coming out on top.
It is convenient to have a SaaS solution that can connect to both onprem and cloud ERP systems and have a solution that can streamline the end to end accounting process in a smart and sensible manner.
This begs the question – is it worth the investment?
Answering this is quite difficult because it is dependent on so many factors like – how badly do you need to improve your processes? Which brand of budgeting and reporting software are you leaning towards? Have you looked into how much the services/consulting will cost? With a looming recession in the horizon, do you have the necessary cash buffer for the business after purchasing the solution and services?
Commercially available budgeting and reporting solutions can definitely save you a lot of time and even money as you gain better control of the business´ finances however, the timing must also make sense.
Are you in the middle of an ERP upgrade and are wondering when the best time to implement a solution such as Performance Canvas Financials is? Talk to us. Visit www.performancecanvas.com or email [email protected] for more information. You can even request for a free online demo.
DSPanel offers cutting edge technology platform for business analytics, planning, and visualization. DSPanel designs, builds, and operates with the end users in mind. Performance Canvas was created by DSPanel to answer the unarticulated needs of the market not addressed by previous available solutions. With Performance Canvas, information is transformed into valuable business insights for the business executives to utilize in their decision-making process. DSPanel currently has over 2500 organizations deploying their solutions.