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An In-Depth Guide to Financial Planning & Analysis

In today’s fast-paced business world, having a clear, timely, and accurate handle on your financial planning and analysis process is essential for survival, not to mention the only way to excel and outpace competitors. It takes the right tools and financial experience for any business to remain competitive, or surge ahead, which is why Synoptix works with so many of today’s leading companies, delivering insightful Financial Planning & Analysis software.

Unfortunately, all too often, financial planning and analysis is overlooked, and the bottom line of businesses suffer from the lack of insight and oversight. However, the good news is, that with the right technology available at your fingertips today, at an affordable cost, all of these processes can now be easily automized with the right financial analysis and reporting software.

With advanced reporting technology, no longer is data and insight limited to solely an executive scope. New technology is designed to improve the processes of every single level of an organization, promoting collaboration with all departments, regardless of the size of your business and what you do.

What Exactly is Financial Planning & Analysis?

In the simplest of terms, Financial Planning & Analysis is designed to create a strategically aligned and forecast refined bridge between your finance department, and the operations of your business. At its best, it should enable you to make the most informed financial and operational decisions about your business both short-term and long-term. Additionally, nowadays with modern analytics solutions, Cloud-based technologies, and automation software, cross-departmental collaboration couldn’t be easier.

Why do Businesses Need Financial Planning & Analysis?

Coupled with what we’ve already touched on above, businesses benefit from financial planning because it gives teams a chance to establish more effective results across the entirety of an organization, along with encouraging them to become active partners in the success of a company. Furthermore, given the right tools and visibility, it offers them a wide range of involvement when it comes to creating company-wide plans to generate effective and actionable results.

Additional Benefits Include:

  • The ability to clearly define business goals and strategies, aligning them across all departments.
  • Identify where your resources are needed the most and use that insight to boost operations and growth.
  • Gain both short and long-term insight into how you allocate your resources and how that affects your goals and company’s objectives.
  • Project more accurate monthly cash position outlook.
  • Outline any room for improvement.
  • Maintain accurate forecasting.
  • Explore and assess hypothetical market scenarios to get a better understanding of your business’ financial position and the impact of different potential business opportunities.

Additionally, financial planning and analysis will boost the confidence of your financial management and executive team when it comes to budget forecasting and other operational results.

What is Modern Financial Planning & Analysis Software & How Does it Work?

The modern financial planning and reporting software available nowadays is often easy to use and provides you with real-time financial data and insight into your daily business. The best software can be personalized with dashboards for each team member of your company, offering drill-down capabilities from every level.

You can share budgets, reports, templates, and forecasts easily all within a central database that is intuitive and contains all of your data. With the addition of Cloud technology, you can connect any existing templates across departments and easily verify your data on a company-wide basis. It eliminates the problem of having disparate and incongruent financial spreadsheets, audits, and other elements that have to be organized and manually integrated, saving your company time and resources better spent elsewhere.

Of course, this doesn’t mean that business teams can’t use Excel, simply that it eliminates human error and the consistency issues that come with manual data collection, as well as the lack of control when it comes to auditing, scalability, and process management.

Modern Financial Planning & Analysis software solves the limitations with Excel by giving users the look and feel of a spreadsheet, without the negative consequences, coupled with complete integration into all of their data – no matter the source. This means your teams can track and analyze financial data by:

  • Developing a single-source database.
  • Offering tools for automation and workflow management.
  • Delivering comprehensive audit trails.
  • Developing various data access levels and creating user-level permissions for each department.
  • Providing an in-depth solution for everything from account reconciliation to budgeting, reporting, modeling, management, and more.
  • Delivering personalized reporting at every level.
  • Offering a financial planning and analysis model that’s scalable.

How Does Financial Planning Software Automate Processes ?

The right software can make it easy and efficient to automate many of your processes and still have the capability to populate reports and create forecasts. With the most innovative software, you can also automate:

  • Workforce, Capital & Other Operational Planning
  • Regulatory Reporting
  • Budgeting, Forecasting & Cash Planning
  • Management Reporting & Analysis
  • Closing Management Solutions

Need more control over your data?

Download our free guide and learn how to choose the best reporting analytics solution for your organization.

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A Few More Words Before You Go..

You might be wondering what the future holds for Financial Planning & Analysis software, like Synoptix. Well, don’t be surprised if you find more and more competitors in your business sector switching to these software solutions to streamline data consolidation, reporting, and forecasting. This type of software, due to the in-depth details it can provide, is often used at executive levels to make important short and long-term decisions.

Let’s get in touch.

Contact us today for innovative and efficient Financial Planning & Analysis software!

If you want to take your business to the next level, the team from Synoptix would love to hear from you. We offer an automated top-down and bottom-up approach designed to drive your organization’s growth. In fact, some customers have even stated that, after implementing the solutions available from us, they reduced their forecasting and budgeting time by 70%.

In addition to our financial analysis solutions, Synoptix also specializes in operational reporting, dashboards/KPIs, and more. Our goal is to help reduce your reliance on IT and give you the necessary tools to help team members make confident and informed decisions that lead to growth and success.

To learn more about how we can help, contact us online today or call (866) 214-6008. You can also watch a FREE demo here to see our innovative software in action.

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The Financial Risk of Using Spreadsheets for Reporting
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