Are you struggling to meet the pressures of a compressed timeline? It’s time to take a break and regroup.
Many facets of a business’s efficiency have seen boosts thanks to financial planning software. Some firms use business intelligence software to make financial projections, while others rely solely on spreadsheet tools like Excel. The potential cost savings for your company from making the change can be broken down into five categories.
Here are top gains when moving your budgeting and forecasting processes to the cloud:
More time is available for productivity
It takes less time to get up and run with cloud-based planning and budgeting software. Personnel planning strategies will allow you to devote more time boosting output and responding to customers.
It’s high time to make the switch to cloud-based budgeting and forecasting. Your company will be more competitive if it is more agile and can adopt new technologies more quickly.
Multiple Options Available
Creating an accurate budget and forecast in Excel takes time, and maintaining them takes even more time. A formula with a single incorrect variable can wreck an otherwise successful process.
It takes less time to confirm accurate and consistent numbers when using cloud-based budgeting and forecasting solutions because they allow for in-depth analysis. Budgets, plans, and forecasts you’ve made give you the confidence to act quickly.
Advanced, state-of-the-art equipment
The software that monitors and improves your company’s performance is always up to date. You can get updates for free or at low-cost several times a year. Some of them happen automatically because they’re set to.
Several security options are available in Performance Canvas, including those at the server level and in Microsoft Excel. Sheets can be protected from accidental or malicious changes by users who shouldn’t have access to them using role-based security. The solution’s history of changes and who made the most recent one can be used to learn issues and what can be done to fix it.
Initial outlays are lower in price
On-premises budgeting and forecasting technology present several practical challenges. There needs to be a team or just one person who can keep the master copy up to date and available when needed.
On the other hand, budgeting and forecasting solutions in the cloud help your business save money by letting you phase out expensive legacy systems and outsource non-critical tasks.
Most cloud-based forecasting and budgeting services providers charge users on a per-use basis rather than a one-time license fee.
In-house IT resources are not needed
Since no physical facilities are required, operational expenses are reduced. Equipment savings are also substantial, as the amount of needed equipment to be funded can be drastically cut. The IT staff will have less work to do as a result. Therefore, your business can save both time and money by using cloud services.
The use of cloud-based budgeting and forecasting software has many additional advantages. Moving to cloud-based budgeting and forecasting is the first step if you’re serious about improving your budget process or want a budget that aligns with your company’s strategies.
When comparing cloud-based budgeting software to buying a car, think of it as rent. You can switch to a new service as your company’s requirements change.
Performance Canvas’s cloud-based, all-financial software suite can help you avoid the tedium of manual data entry, save time and money, and guarantee regulatory compliance. Performance Canvas Financials is cloud-based financial forecasting, planning, and analysis software that can help streamline key performance indicators for finance departments.
Visit our website or fill out a demo request form today to learn more about Performance Canvas and the various pricing options.