If you own a business or have ever managed one, you know the need for accurate forecasting of your sales and purchases is paramount. That’s because it enables you to determine if you are on the right track with your financial goals; and if not, that you need to put things in motion to get back on track. A comprehensive budgeting and forecasting
software like Synoptix Software can help you look at all aspects of your business and provide advanced tools to push your scheduling further. In addition, it helps you figure out whether or not you have the right amount of money, capital, staff, and resources to grow your business effectively. There are several features to look for in planning and forecasting software, including:
1. A Single Source of Truth for Data Aggregation
Data aggregation is the process of gathering data from various sources, such as ERP systems, spreadsheets, accounting applications, and other data sources. A good planning and forecasting solution should be able to consolidate all this information into one place. This will make it easier to analyze performance metrics across all departments in real-time or on demand.
2. Integration with BI Analytics & Reporting Tools
Forecasting requires complex calculations based on hundreds or thousands of variables, which makes it impossible to complete manually. Instead, a budgeting and forecasting
solution provides a way to integrate these calculations into existing BI analytics and reporting tools, so users can easily perform complex analyses of historical data. That way, you can see how each change impacts their overall forecast without having to run new reports on your own.
3. Collaborative Workflows
An integrated business planning, budgeting and software solution should be a collaborative tool that allows multiple users to work on projects, share information and data, and make decisions together. This enables them to collaborate on projects from start to finish rather than having to move between different tools to accomplish their tasks. The collaboration features also help you keep everyone updated about the progress regularly. This gives you a chance to resolve any issues that may arise early in the process and ensure that all your team members are working towards the same goal.
4. Financial Rollup Reporting
The most advanced planning and forecasting solutions, such as Synoptix Software
, offer financial roll-up reporting capabilities by combining data from multiple sources and projects into one place. These reports provide insights into your business by consolidating data across different departments and functions. They also allow you to compare actual results with planned results in order to identify areas where adjustments need to be made.
5. User-Friendly and Reactive Dashboards
The best software is easy for anyone in your organization — from executives to junior employees — to use and understand. It also provides real-time information about key metrics via dashboards that are dynamic, meaning they automatically update as new data is entered into the system or reported by other users.
Good planning and forecasting software starts with a great foundation, and is constructed on the most commonly used business concepts. Keep these points in mind, and you’re sure to find a solution that will bring your team closer to achieving its goals.
Looking for robust financial reporting, budgeting and forecasting
software that helps you make informed decisions about your company’s most important asset – your financials and budget appropriately? Synoptix Software is your best bet. To schedule a free demo
, call 866 214 6008 today!