Every successful firm, regardless of size, has one thing in common: effective budget management. Even the best sales performance is meaningless if a company does not understand how to manage its cash flow balance or forecast successfully.
Although many companies use financial management programs such as Microsoft Excel and Google Sheets, manually tracking them isn’t the most dependable or precise solution. Finance professionals who rely on spreadsheets are at a substantially higher risk of human mistakes, with 88% of spreadsheets containing errors.
These issues grow progressively more costly to a corporation as the volume and value of its transactions increase; sometimes, a single mistake can cost a company millions of dollars. As a result, a budgeting software like Performance Canvas is a wise investment. There are numerous possibilities for customizable plans on the market, ranging from minimal functionality for small firms that won’t break the bank to full-scale spend management solutions aimed at medium to large corporations.
This article will discuss how budgeting software can help you determine your short to long-term goals. How can budgeting software help your business?
The budgeting process now requires a lot of time and effort from finance teams and needs to be automated and optimized. This is where a budgeting software can come in handy. The specific optimization processes needed for your business may vary depending on how your financial team and employees work. However, regardless of the size of your business, a good budgeting software should offer the following features:
Real-time budget monitoring. This guarantees that you always have an explicit knowledge of how much you have and how much has been spent. This keeps firms from going bankrupt and provides a better understanding of how employees spend and how expenses can be reduced.
User-friendly interface: Budget statement and report analysis should be a simple process. Not only financial departments require access to the firm ledger. That is why a thorough yet simple overview of spend and budgets is critical for fostering efficient communication among various teams.
Process automation: By reducing time-consuming, manual tasks and removing redundancies, firms can save time and money while increasing overall productivity. Winning back hours, if not days, allows finance teams to refocus their efforts on more lucrative projects.
Powered by Cloud Technology: Reliance on papers or individual spreadsheet files is tremendously restrictive to corporate growth. Many budgeting or forecasting software allows you to access your company’s accounts while away from the office or on a business trip. You’ll never have to worry about losing or misplacing files with cloud-based applications.
By integrating with ERP or other line-of-business systems, budgeting or forecasting software streamlines accounting and provides a comprehensive view of the company’s financial health. Small- to medium-sized businesses expanding their operations will find a budgeting software and its cash flow predictions especially helpful.
Budgeting and Forecasting with Performance Canvas Financials
If you’re looking for the right budgeting software to start with, Performance Canvas Financials is a financial planning and analysis solution that integrates easily with existing SAP ERP systems or MS Dynamics ERP systems.
Performance Canvas is an easy-to-use software for financial reporting, budgeting, and forecasting. Performance Canvas Financials connects with on-premise or cloud-based enterprise resource planning systems for a holistic view of financial health of the organization.
If you use Dynamics 365 ERP system, Epicor / Kinetic ERP system, or SAP B1, the ideal budgeting, forecasting, reporting, and consolidation application is Performance Canvas.
Discover all of Performance Canvas’s new features by booking a free trial or demo today.