Why you need a robust FP&A software - All you need to know
Although the adoption of FP&A software has sky-rocketed, many businesses are not yet aware of the smart ways of streamlining their accounting processes. The objective of today’s post is to educate such business owners and entrepreneurs who are keen on empowering their businesses with rapidity.
By the end of this article, you will get answers to the basic but crucial questions such as:
- Why should you use a financial planning & analysis software?
- What are the benefits of using financial planning software?
Let’s get started.
Why should you use a financial planning & analysis software?
Accounting and Finance sound easy and fancy until they are dealt with. Businesses, large or small or new or old, irrespective of their profits or losses, suffer when it comes to handling financial planning & analysis seamlessly.
It is not a task to be done every month-end or every year-end. It requires proficiency, expertise, and regular efforts. It is the most important pillar of any business and requires focus, time, and effort to be done correctly.
It’s hectic!
From business growth to revenue generation and also to manage the finances in the time of any disaster or crisis isn’t a cakewalk.
Businesses invest a huge amount of time and money in their finance and accounting processes. They invest in hiring a number of professional experts who can help drive the entire process, and reap better benefits for the business.
However, businesses with a vision of stable growth, sustainability, and smart outlook towards profitable trends do it differently.
They know that an effective corporate accounting process doesn’t depend on the number of employees that are working on it, but solely on their approach.
They know that finance and accounting processes if done manually, can be a burden. Thus they resort to cutting edge and revolutionary software available in the market to transform their financial planning and analysis for better.
They do it for many other reasons as follow:
- In house finance teams face difficulties to analyze threats and stay up-to-date from time to time with their hectic manual processes
- Frequent updates in accounting rules, several compliance policies of the business and levied by the government, changing accounting rules, and financial regulations make the entire process of managing finance difficult
- Businesses often bear with the need of hiring more professionals to handle the hectic accounting tasks proficiently. Also, training these individuals with regards to the rules and regulations of the company result in increased operating costs.
These impediments are fuelling the adoption of financial planning software worldwide. But before you adopt any FP&A software, it is advisable to look for a few capabilities in the software. Let’s discuss a few here.
Capabilities of the FP&A software that you should look for
Before choosing the software for your corporate financial planning, know if it has the below-mentioned capabilities
- Data Discovery and analysis capabilities that help you to create powerful visual analysis and analytical applications from raw data fast and without the help of IT.
- Planning: Look for a software that has the capability to integrate financial, strategic, and operational planning and gives you full control of your business performance.
- Simulation: Be sure of the software having the capability to provide you with unmatched insights on your business challenges. Make sure that it can tell you about the probable impacts of your business decisions with its analytical intelligence.
- Reporting: An easy-to-use interface must always be a priority while choosing FP&A software as it makes the creation and distribution of reports across the organization easy.
- Dashboarding: With a user-friendly dashboard, you can know what’s going on with your business finances at all times. It can also help you in combining data from multiple sources and effectively display and monitor the status of metrics and KPIs across the enterprise.
- Analytics: Look for the analytical capabilities that can effectively incorporate predictive analytics into daily business operations and help you take better business decisions.
- Scorecarding: Look for the functionality that can translate company strategy into effective strategy maps and balanced scorecards and empower you to monitor operational execution and strategy map.
What are the benefits of using financial planning software?
Just because businesses face issues with handling their finance and accounting processes, is it important to have a new-age software?
Let’s look at some of the benefits and decide on the answer.
- Escape resource crunch easily: Recruiting, training, and nurturing FP&A experts can be a costly affair for your business. A reliable FP&A software powered by automation that Simbus provides can be beneficial.
- Focus on Important Tasks: FP&A tasks can be draining your time, money, and also talent. You need to help your employees focus on more important tasks. Choosing the right financial planning and analysis software can help you.
- Focus on business growth: A financial planning and analysis software can empower you to focus on your business growth, which is crucial for your strive towards profitability.
- Reduce Cost to Company: Reduced number of employees directly saves huge costs, with reduced expenditure on real estate, office resources and so much more.
- People-based to process-based ops: Financial Planning and Analysis software uses a set of protocols to perform tasks. This helps establish transparency in the processes being followed. This can enable businesses to move from people-based to process-based operations.
- Centralized F&A departments for better productivity: Siloed businesses and their operations are difficult to manage, more so when it comes to FP&A processes. Thus with promising FP&A software businesses can eye on productivity and profitability.
Now that you are aware of the benefits it’s time to choose the right financial and analysis software provider. Get in touch with the experts and know what you need to scale your business to unmatched heights immediately.
