How Budgeting Software Helps to Reduce Inaccuracies and Time Wastage

Accounting, budgeting, forecasting, planning, reporting and consolidation are processes that take up many of the company’s resources. Using appropriate budgeting software enables the enterprise, regardless of its size, to streamline the functions and to bring the processes to just about every level in the organisation. User-friendly budgeting software makes it possible for line managers to budget and forecast effectively for their departments. At the same time, budgeting and forecasting can be done at executive level with the same ease and accuracy.

The bottom line for all companies is profit! Overheads cut into profits. The same applies for time-wasting activities. With this in mind, it makes sense to seek a solution that addresses overheads and time wastage.

The automation of reporting, notifications and distribution of the reports helps to reduce the usage of valuable human resources to manage the tasks. It also helps to minimise the time it takes to complete processes. The human resources are freed up to spend their time on core business activities. Investing in appropriate budgeting software is thus the first step in reducing your cost to company.

Prophix is one of the best budgeting tools available from KPI Management Solutions. As a complete corporate performance management solution, the software makes it possible to streamline budgeting, forecasting, workforce planning, profit management, strategic planning, financial consolidation and reporting. It is a dashboard-driven solution with a user-friendly interface that enables users on all levels of the organisation to have access to the powerful tools for budgeting and other functions with minimal IT support required.

The main reasons for investing in Prophix include, but are certainly not limited to:

  • Reducing forecasting errors and time wastage through automated monthly reporting, using data retrieved from various data sources.
  • Improving planning capacity.
  • Improving budget accuracy and reducing the time needed for budgeting.
  • Standardising the reporting and planning functions.
  • Enabling employees in the finance department to produce their own reports.
  • Reducing errors related to human input and personal agendas.
  • Speeding up planning, budgeting and forecasting processes.
  • Freeing up valuable human resources through the automation of various functions.

By using the budgeting tools embedded in Prophix, as available from KPI Management Solutions, you can automate the budget submission and reviewing process and thereby improve workflow throughout the organisation.

Budget inaccuracies are common when making use of spreadsheet models riddled with formula errors, human input mistakes and limited calculation capabilities. With Prophix, the appropriate tools are available and data can be retrieved directly from the general ledger. This certainly helps to create consistency in the data used. It furthermore means not having to use human resources for manual data entering, which can be time consuming, inaccurate and also cost intensive.

With the data retrieved directly from the general ledger, the risk of incorrect information is significantly reduced. Improved control over the information used for the budgeting process helps to ensure a higher level of accuracy.

Since the employees can use the system with minimal IT support, they are more likely to become involved and positive regarding the budgeting function.

How Prophix Helps to Reduce Budgeting and Forecasting Time and Resource Requirements

In order to make the complex tasks of planning, consolidation and financial reporting effective, the financial managers need to work with complex data from various sources. They work with line items and must also deal with ways in which to effectively distribute reports. With the complexity of these processes, mistakes are inevitable. This means that there must also be managers to check the accuracy of the reports, and these processes are time and resource intensive. The result is that organisations can often not align enterprise goals with their operational aspects.

Prophix makes it possible to automate the complex, but repetitive processes, ranging from currency conversions to data imports, data consolidation and allocations. With such comes the benefit of consistency in the processes. The cost of internal and compliance audits can be reduced because of the standardisation attained through the usage of Prophix, which includes highly effective budgeting tools.

The financial and management report distribution can be scheduled and automated. This helps to reduce the risk of oversight, delays in reporting, and incorrect or inconsistent presentations.

Automated task groups can be saved, making it possible to use them again in future for easier sharing between departments. Critical processes can be monitored, while alerts and notifications can be automated.

Improve your budgeting and forecasting capacity through the use of Prophix, as one of the most powerful budgeting tools from KPI Management Solutions.