In today’s uncertain times, CFOs and financial businesses face different challenges not only in terms of business continuity but also in making sure that their existing processes are scalable. Financial departments are often under increasing pressure to deliver accurate data, which is necessary to inform CFOs with the reliable information they need to make tactical decisions.
A report from CFO innovation shows that only 5% of heads of FP&A companies rate their team as useful in conducting analysis to support decisions that require a substantial application of judgment.
Here are a few reasons why legacy FP&A processes tend to be tedious:
Many of today’s financial departments are stuck with tedious processes or have to work with limited resources, such as outdated software. Being too reliant on these can mean lesser data quality, which can be prone to more errors. Using outdated financial software also means your finance teams may find themselves having to struggle with custom reporting and QA. They may even find it difficult to make changes to data without having to go through a long series of processes.
Lack of Scalable Solutions
Every business today may find that their needs are continually evolving. To be competitive, these organizations and their financial departments need to adapt and find ways to be more dynamic. To be more competitive, it is no longer enough to have a one-off financial planning and analysis solution. To achieve business goals faster, companies need a more comprehensive financial planning and analysis software that gives them access to an integrated list of features so that they can be quicker and more dynamic in their response.
Scalable FP&A financial solutions like Performance Canvas helps fast-track old processes. Cloud integration enables real-time reporting, provides a continuous improvement, as well as affords secure access to financial data anytime, anywhere so financial organizations can become more effective and efficient despite not being in the office.
Limited Forecasting Abilities
Accurate forecasting is crucial to tracking the expected performance of businesses. However, many traditional FP&A software or even Excel spreadsheets do not have this functionality. The lack of this useful feature can lead to unnecessary delays because budget risk forecasting facilitates making timely decisions to help address problems quickly. CFOs can use this data to respond to missing budget targets and can also help them identify and act on new opportunities. You’ll need a finance and budgeting software that allows you to perform what-if analysis according to changing assumptions so you can track how these can impact your business.
Limitations with Collaboration and Data Entry
Many finance teams who are still stuck using legacy FP&A solutions may struggle with collaboration and the lack of transparency across the entire process, which makes it harder and more tedious. Back and forth emails stretch out the process, verifying information, tracking, and approving sheets all make the process more complicated. Luckily, a cloud-based FP&A Solution such as Performance Canvas can streamline this process.
Performance Canvas Financials: The Simplified FP&A Process Solution
If your finance team is still struggling with tedious FP&A processes, Performance Canvas Financials is the consolidated solution for all your reporting, budgeting, and forecasting needs so you can streamline and automate your core financial processes within your organization. And because it helps you improve the accuracy of your reporting, budgeting, and planning, you can speed up and automate processes so your team can focus on more critical projects.
If you’re worried about having to deal with complex financial software, with Performance Canvas, you get a complete solution that is easy to set up, use, and implement. It can also be integrated with Dynamics 365 Business Central (Dynamics NAV and GP) and Dynamics 365 for Finance and Operations platforms (Dynamics AX), among other ERP systems.
Is your organization’s current FP&A process taking longer than necessary? Performance Canvas Financials is the best financial budgeting software that may be the answer you’re looking for.
Please speak to us today and learn more about the packages available to you.