Selecting the Right Business Budgeting Software for Your Company
Posted on: March 1, 2021
When it comes to budgeting, your company’s long-term success relies on being able to successfully plan, evaluate, score, and forecast with key data points and strategic analysis. That’s where financial reporting and business budgeting software come into play. Nowadays, you can easily automate such data collection with the right software, saving you time, money, and helping you implement strategic changes in your organization. Here, the team from Synoptix goes deep into detail, describing both the features of business budgeting software as well as its principles, so let’s begin!
Here the team from Synoptix goes deep into detail, describing both the features of business budgeting software as well as its principles, so let’s begin!
Features & Functionality of Business Budgeting Software
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Forecasting Analysis & Driver-Based Modeling:
This is the ability to forecast sales for your company, in addition to future revenue and expenses based on key performance data. It can also analyze the root causes of different trends and their impact. -
Budget Preparation:
Arguably one of the most important aspects of business budgeting software – it helps you prepare your budget by offering a host of different solutions. It can distribute expenditures over a specific planning period, allocate different resources based on your parameters, and plan different budget scenarios. It can also assess different budget elements and how they affect your overall bottom line. -
Budget Analysis:
Piggybacking off the services above, the right software can make analysis a breeze by equipping your team with key data from previous years and giving them the tools necessary to explore a range of different financial scenarios. You can also use it to determine the best way to allocate resources and develop a series of reports and statements, along with output views. -
Report Generation:
As mentioned above, business budgeting software enables users to collect reports of financial statements both electronically and on paper, as well as budget books, and any other quantitative and qualitative budgetary analyses you can imagine, in a variety of formats (HTML, Excel, XML, etc.). -
Performance Monitoring:
Monitor your team’s performance by creating operational and financial dashboards, reports, and scorecards to determine what you’re doing right and where there’s room for improvement.
Principles of business budgeting software
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Programmability:
You can personalize all of the aspects of your reporting software, everything from the calculations it performs to the dashboard screens. Additionally, all of the most critical processes can be easily automated, so managers can focus on more important things. -
Connectivity with Source Systems:
Business budgeting software comes equipped with a large amount of extract transformation and load (ETL) utilities, along with extraordinary data connectivity. -
Scalability:
This type of software works well for organizations of every shape and size, is easily scalable, and is designed to work with large data sets and offer exceptional querying time. -
Access Control & Security:
Those with security concerns will be glad to learn that business budgeting software comes with the most stringent access control and information security solutions. There are multiple sign-ons at every level and administrators have the ability to add or delete users, as well as tweak settings and different user roles. -
Rule Management:
This principle helps control data flowing through your system by properly defining mathematical and financial rules to run calculations automatically. -
Common Metadata:
With business budgeting software, you’ll be provided with all of your system’s key metadata under one umbrella. This includes everything from key performance indicators to report configurations, as well as offering third-party metadata integration when required. -
Usability:
Ease-of-use is another key component of reporting software. This means simple data input, easy navigation, quick reporting and calculations, as well as easy-to-digest visual objects and tables to create a user-friendly atmosphere. It’s important to note that the more complex your organization’s needs are, the more usability options your software will require to make things easy on team members across all verticals. -
Anticipated Business Benefits:
One of the foremost important components of any budgeting software is offering benefits to the business using it. There are a host of different advantages for organizations of every shape and size, including reduced IT costs and non-IT costs, minimized IT department headcount, increased revenue and cost controls, enhanced customer services, and better analysis, just to name a few.
