Altering consumer spending habits, the requirement of fraud detection, real-time stock market data, and other factors have made financial forecasting more available and complex. For this reason, more sophisticated financial forecasting software has begun incorporating AI into the forecasting process.
Additionally, spreadsheets aren’t sufficient for data collection, processing, and consumption in a rapidly expanding business. Financial forecasting and re-forecasting are accelerated and improved when everyone has access to the same data.
Financial Planning and Analysis software like Performance Canvas Financials can supplement an organization’s existing enterprise resource planning software. Budgeting, reporting, consolidation, and managing financial and operational metrics are part of this unified solution.
The top reasons why Performance Canvas stands out as your budgeting and forecasting software.
Get the Latest and Best-in-Class in Financial Planning and Analysis
Performance Canvas Financials can provide the most up-to-date financial planning & analysis methods through its base finance module.
To combine top-down guidelines with bottom-up knowledge, PCF adheres to good reporting and budgeting practices that aim to minimize errors and inconsistencies and involve front-line managers with the unique perspective of their department in collaboration with the finance department.
Some examples of these best practices include:
- driver-based budgeting;
- drag-and-drop financial reporting,
- real-time financial forecasting,
- unlimited what-if analysis,
- assumption testing, allocations,
- activity-based costing;
- support for multiple entities and currencies
- ML-powered budgets and forecasts
Robust Business Rule Automation: Using Rules to Streamline Complex Tasks
PCF allows your finance team to make sense of seemingly meaningless numbers. The in-built business rules engine of PCF can perform highly complex calculations with ease and efficiency. Pre-built rules can be used for cash flow, consolidation, exchange rates, and HR calculations. All of these can be done without any complicated coding or IT assistance, no matter how complex the rule you want to run, because setting these up uses financial parameters that the finance team is familiar with.
PCF examines your present process and advises upgrading report templates using the report wizard. It will also allow you to effectively perform driver-based budgeting, live and rolling projections, what-if analysis, version control features, sophisticated allocations, intercompany matching, eliminations, and more.
Real Progress in FP&A Made Possible by AI and Machine Learning
PCF uses AI and ML to function. If you take advantage of this, you can automate previously manual processes and potentially consume, comprehend, and process data at rates you never dreamed of. It also implies that the system will automatically learn from its past mistakes and make better predictions in the future. Using deep learning, businesses can use automation to check data for errors and predict whether or not a customer will pay based on their past payment behavior.
Help from Power BI for a Full Business Picture
Leverage in-house Power BI models for more in-depth and rapid analysis. This comprehensive view of the company’s health is made possible by the seamless integration of Power BI and cloud-based tabular cubes.
Customers find PCF’s intuitive feature and easy-to-use dashboard the most rewarding feature as implementation is quick and easy, giving users a range of flexibility when creating custom reports and unique data views and dashboards.
The newest version of Performance Canvas Financials adds features, such as:
The Financial Performance Canvas is a comprehensive solution. Performance Canvas Financials is a unified software that produces a single, trustworthy version of the result, eliminating the need for multiple systems.
A more rigid security system is in place at the enterprise level, all the way down to the field level, and it is still straightforward to maintain and alter.
All these are just some reasons why Performance Canvas is the top choice for your budgeting forecasting software in 2023. Book a free demo with Performance Canvas today and see for yourself.