Knowing how your business is performing in the present is critically important. Being able to take that information and compare it to previous years can help you see what is working and what may need to be changed. But what if you could use all of that data and create models for the future? If you are currently forecasting using spreadsheets and best guesses you are already behind. You should have a tool in place that lets you run scenarios and "what-ifs" that return pertinent, accurate information. That is why many companies are implementing budgeting and planning software. Now if you are on
The Problem with Spreadsheets
Many (and I mean a ton) of businesses use spreadsheet programs like Microsoft Excel to track their budget and plan for the future. The great thing about Excel is that there you don't have to wait, you can get working right away. But Excel comes with a ton of headaches:
- Version Control – Budgets change quickly based on late-breaking events. The first draft of a budget is not the last draft.
- Security – We need to collaborate to know what everyone is doing to budget effectively. But we also want to keep sensitive data (cough-cough, executive payroll?) away from those who don’t need to see it. Excel doesn’t do a great job of finding that balance.
- Visibility – The real world is changing fast. If your organization can’t see how reality compares to your budget, and how that affects your forecast, you have little room to change anything in the moment. You’re forever looking backward, not forward.
Not to mention data inconsistencies, the possibility for human error in data entry, and the chance that your files could corrupt. So while it can work it is barely effective.
Financial Forecasting From Your Accounting Software
Your future plans depend on your current accounting information. So why should you have to leave your accounting software to do your planning? By automatically adding plan information to Sage Intacct, your dashboards and reports let you compare current performance vs. plans to manage for success. The two systems should work as one to get you the information you need when you need it, without sacrificing accuracy. Check out this video for a little primer on what Sage Intacct Budgeting can offer.
With spreadsheet-based formulas, best practices, and pre-built functionality, budget owners can take advantage of an easy-to-use interface and intuitive navigation. So what are you waiting for? Take control of your financial future with the best accounting and budgeting systems available.
Give us a call at 855.913.3228 or email us at [email protected] for a free consultation. All of our work can be done 100% remotely to ensure the safety of you and your team. At Alta Vista Technology we take pride in being part of your solution.