Unfortunately, FP&A teams are frequently left behind as technology disrupts nearly every facet of the business. Sometimes this is because finance professionals are naturally slow to adopt new technology. Most of the time, it’s because people are wedded to their time-consuming and error-prone Excel Spreadsheets way of working.
At some point, perhaps no one has time even to consider changing because everyone is so bogged down in their manual day-to-day tasks. Still, many wrongly assume that all FP&A software is created equally, so they choose to endure the one they’ve always used.
Here are the top reasons you can’t go wrong with a business budgeting and forecasting software like Performance Canvas.
Develop Forecasts Easily
PCF makes it very easy to create a forecast. One option is to go to the menu’s Scenarios section and click the plus sign (+) to create a brand new forecast, after which you can select the desired parameters from the corresponding drop-down menu.
Protect Your Data and Delegate Tasks Efficiently
It only takes a few clicks to create new assignments attached to roles or delegate existing ones, whether for maternity leave or some other reason.
You can also control access rights by controlling which figures each user has access to. By doing this, you can protect financial information better.
A simple method of locating tasks
After logging into PCF, you’ll be taken to your unique My PCF Page. Reports, budget sheets, and other tasks you have been allocated can be found here. Remember that each person’s experience of this website will be unique due to their individual access.
Create Forecasts and spending plans using machine learning
Budgets and projections can be generated automatically in PCF using machine learning. Currently, PCF has more than ten machine learning models operational. Then, it examines your dataset and, using the best available machine learning model, creates projections or budgets based on the data.
The machine learning-based budget/forecast you produce will serve as a rough draft that can be further refined to provide the most dependable budget/forecast.
Infinite Scenario Planning and Recreate Models
The PCF framework enables you to foresee the best and worst-case scenarios, learn to predict the causes of change, and streamline and accelerate your reaction. PCF helps you deal with unsettling moments by shortening the response time and improving the accuracy of your responses so that you can reduce risks more effectively.
Analyze Reports and Drill Data
You will never be left having to second-guess where to focus your questions in PCF. You can use PCF’s explore and robust drill features if you have questions about the data’s provenance. Using PCF, you can view specific invoice information.
Budgeting and Planning with Performance Canvas
To combine top-down guidelines with bottom-up knowledge, PCF is the best business budgeting software for 2023 because it adheres to good reporting and budgeting practices that aim to minimize errors and inconsistencies. EFP engages frontline managers with the unique perspective of their departments in collaboration with the finance department.
Companies of all sizes can take advantage of PCF’s dynamic and intuitive solution to foresee the future of their business. PCF adheres to industry standards and best practices in every part of its solution. As a result of analyzing your current procedures, PCF will advise you on how to streamline your processes without sacrificing their viability.
Book a free demo with PCF today to explore other light and affordable packages available for your business.