SAP Business One gives organizations the wide range of capabilities it needs to better manage all aspects of their business. It has all the tools business execs need to manage and maximize their finances and further grow their business.
Today, many businesses use SAP Business One for accounting and finance as it automates daily accounting activities such as general ledger and daily entry maintenance, tax calculations, and currency conversion. SAP Business One also allows for easy financial analysis.
With an ERP system like SAP Business One, companies can streamline their business operations and improve their overall business planning and reporting. It allows users to set budget allocation techniques, define figures in any currency, and compare actual and anticipated budget figures.
It is easy to generate business, accounting, warehouse, and financial reports, account statements, and custom reports in SAP Business One. The reports can be extracted in Excel, Word, and PDF formats.
How Can SAP Business One & Performance Canvas Improve Business Operations
Performance Canvas Financials (PCF), on the other hand, works as an add-on product to the SAP Business One ERP system. PCF ensures SAP Business One ERP users can fast-track reporting, budgeting, and forecasting. It also offers robust consolidation capabilities.
Here are some benefits of using Performance Canvas as an add-on to SAP Business One.
When integrated with SAP Business One, Performance Canvas helps users minimize errors in the FP&A process by streamlining workflows and driving efficiencies. PCF is known to cut budgeting and forecasting time by 50-90 percent.
Finance teams can use PCF to compare actuals to budgets and assess deviation, and they can drill down into underlying transaction data, trend analysis, and filters.
It also improves financial forecasting, allowing users to do what-if analysis to see the influence of business decisions by incorporating the newest FP&A trends into the software. One of the latest trends included in Performance Canvas is doing predictions or forecasts using machine learning techniques.
PCF also comes with driver-based budgeting, live forecasting, and business rules automation. Financial teams can easily track and monitor driver-based plans while looking into trends.
Above all, PCF is easy to use and implement and does not require a massive tech investment. Users get a tailored, multi-page, personal homepage that summarizes all critical tasks and stats.
Performance Canvas is modular, which means you can opt to add extra modules like advanced financials, sales budgeting, HR, etc.
What other features does PCF have?
While PCF provides robust reporting, analysis, budgeting, planning, financial forecasting, consolidation, and BI capabilities, you decide which capabilities to use or activate. The solution can be bundled in a primary or extended version based on your firm’s requirements and resource availability. There are 4 SaaS products to choose from with varying levels of inclusions.
Many customers of Performance Canvas Financials today use it for various reasons – reports automation, commissions calculations, adjusted EBITDA, customized cash flow, advanced consolidation, allocations, and many more.
Certain features are optional and can be purchased separately. If you like, you can start with budgeting and planning and activate reporting later when you feel more comfortable with the live version of what you have. A gradual approach is usually recommended when implementing Performance Canvas to avoid overwhelming the finance department and to allow them to get used to the new system slowly.
This FP&A solution uses Web and Microsoft Excel as user interfaces, making it easy to use while leveraging current Excel capabilities.
It is ideal for mid-sized to large businesses with at least three people on their finance team who work with FP&A.
Are you still implementing or about to implement your ERP system but already need a reporting and budgeting solution? Performance Canvas can also work as a stand-alone solution and then integrate with your ERP system once it is live.
Get in touch with the PCF team today to learn whether it is the right financial reporting solution or budgeting solution for you. You can opt for a free demo with our team or check out PCF’s packages.
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