In today’s uncertain times, finance plays a crucial role in ensuring that organizations can function as needed. This is why CFOs need to invest in new software, skills, and practices that can help increase the pace by which their business can adapt to change.
There are many financial planning and analysis software available in the market today that are equipped with the features that most organizations are looking for, but here are the top reasons why an FP&A software can help you better navigate through difficult times.
Eliminating inefficiency
According to PWC, Across many key finance processes, automation, and process improvement can reduce costs by 35%-46%.
Top industry performers stand out from everyone else because they can lower their costs not only by reducing service levels but by standardizing, automating, and simplifying their core processes and systems. This gives them the freedom to focus on more critical tasks, such as finding the right business partners that can help them scale their business.
Organizations that have a more holistic view of their financial needs and can align this with the more significant business strategy have been seen to perform better all-around when considering costs and optimizing their finance function.
Helps Focus Effort
The right FP&A software helps businesses exert lesser effort than others on processes such as accounting, financial reporting, and other processes such as accounts payable and accounts receivable. An FP&A Software like Performance Canvas can give organizations the efficiency they need to free up resources so they can focus their efforts and invest in other functions that add higher value.
These targeted financial activities help CFOs and their teams to make a more tangible impact on the overall business. It will also help them make better decisions that are centered on optimizing performance, getting a better return on investment, gaining more profitability, earning market share, and driving growth.
Step up Decision Making
In today’s highly volatile times, having access to much-needed data that is timely and reliable is crucial to making informed decisions that can steer the organization to achieve its goals.
Performance Canvas has a consolidated list of features that helps CFOs streamline and automate financial reporting, budgeting, planning, and consolidation of data so they can identify and mitigate risks, focus on higher returns, and make better business decisions that impact growth.
The right financial planning and analysis software should help strategic CFOs to record, classify, analyze, and interpret everyday data with the needed lens to make sound business decisions can help them step forward into the future.
Gain Better Business Insights in Trying Times
The role of finance has changed in the last few years. Today’s leading organizations do not lie and wait to be disrupted. They drive the conversation and challenge the status quo because they are equipped with the right business insight to clear the path to the future.
With the right FP&A software to guide CFOs, they can get better insights into the industry and have access to the data they need to analyze and make strategic decisions that can help the organization survive despite uncertain times in the market.
Having access to these numbers when you need them and be able to collaborate with other members of your team seamlessly is essential in financial planning and analysis software.
Performance Canvas Financials: Helping CFOs Win in Uncertain Times
Whether you are a CFO looking to drive your organization forward, Performance Canvas is your partner in gaining real-time insights to form your business strategy today.
Performance Canvas gives you access to reliable insights so you and your team can make practical business decisions in today’s times. You also get intelligent automation so you can focus your efforts on improving your FP& A process and build stronger business relationships with your partners and come out with a more robust organization set to continue winning even amid a crisis.
Learn more about how Performance Canvas Financials can help you today.
