Three Signs You Need to Modernize Your Budgeting Software

Does your finance team dread the budgeting process? Are you still using outdated methods that lead to costly errors? The longer you continue using clunky financial tools that are out of touch with today’s business needs, the more you are putting your company at a data disadvantage.

When your staff constantly scrambles to gather data and fix spreadsheet mistakes, there isn’t the time to analyze data and provide valuable insights to executive decision-makers.

So how do you know if it’s time to change up to a modern financial planning and analysis (FP&A) system? Here are three obvious signs:

1. You need more cross-departmental collaboration within your business.

Finance teams don’t operate in a bubble. Today’s fastest-growing, most innovative businesses are using cloud-based FP&A technology because it promotes cross-departmental collaboration. So, tasks that have typically perceived as finance-only responsibilities, such as forecasting, can now be a team sport that includes department leaders across the business. The result is a comprehensive financial picture of your business that includes key information from all departments.

2. Your finance team is unable to efficiently and accurately plan, budget, and forecast across multiple dimensions.

Is your company growing? Does it involve different locales, perhaps even multiple currencies? Passing spreadsheets via email between different company locations is a sure-fire formula for financial errors, especially when those on-premises sheets start to include multiple currencies and languages that several people are responsible for updating. Cloud-based business budgeting software is a better option because more complex business models call for centralized, verified data that can be updated in real time.

3. Your current software does not easily create visual analytics to help leaders across the business gain insights about the most critical drivers and KPIs.

The majority of your organization consists of non-financial employees. That makes visual analytics critical to any business seeking to expand the FP&A process beyond finance and into other departments. Being able to look at interactive graphical displays of data makes it much easier for stakeholders across the organization to understand what factors are driving business growth.

The modern, cloud-based Business Budgeting Software Adaptive Insights solves these three issues that antiquated budgeting software like FRx (Management Reporter), Quickbooks and Excel just can’t handle.

Adaptive Insights provides a platform for team collaboration on centralized data, updated in real time, with a stunning dashboard that brings together your business activity with easy to understand visual insights.

Click the link below to learn more about Adaptive Insights, and how Business Solution Partners can help your business realize efficiency and transparency in your finance, budgeting and reporting processes.