Currently, more than 90% of businesses carry out these processes with office automation tools, without traceability of changes and without the possibility of managing them collaboratively and transversally across the company. And 83% of those surveyed take the previous year’s budget as the basis for preparing the budget for the year (thus transferring inefficiencies to the following year).
They recognize major limitations in updating it in the face of changes in the variables that impact their financial statements, and difficulties in detecting and interpreting deviations. All this makes it difficult to anticipate risks and opportunities and to make decisions.
Phases of the definition of the Financial Plan in a Financial Planning and Analysis Solution:
In order to have a detailed monitoring of the information reaching different degrees of detail: by customer, by service, taking into account the delegation of each company; by contract, according to the activities associated with each service, and breaking down the different concepts of income and expenses to quickly assess the margins of the business. The first thing to do is to identify 2 processes.
Management Budget: sales, cost, investments, expenses, etc.
Financial Budget: profit and loss, balance sheets, cash flow, etc.
And to do this exercise and the subsequent ones, you have to rely on professionals and specialists in these solutions like us.
Advantages of implementing a financial budgeting solution
There are many advantages, in the infographic we highlight 12, but below we develop the 4:
– Data integration: It contains an integrated module to facilitate data loading, perform account mappings (for example, if you have to perform the analytical consolidation of companies that are in countries with different currencies).
– Incorporation of dashboards, for the analysis of KPIs in a very simple and visual way.
– Mobile application support: Are you on the road, on your way to the results presentation meeting, and need to take a last look at your dashboard? Just grab your smartphone and enter the application.
– Automatic updates: Because Oracle is the owner, you will always have the most up-to-date version of the tool, with a patching application that is transparent to you.
As you can see, you need a professional team handling your financial planning needs. Reach out and get started today!