Budgeting & Forecasting
Three Common Financial Forecasting Mistakes to Avoid
September 26th, 2017 - by admin
Considering that many firms follow less than efficient approaches to budgeting because of factors such as information overload, tedious processes for collecting appropriate data, and the resultant time lapse between data collection and application, it is not surprising that many companies struggle to match their forecasting and budgeting with reality. However, with the right financial […]
How to Choose KPI Software that Will Work for Your Company
August 28th, 2017 - by admin
Selecting the right KPI dashboard for your particular firm is essential, since the measurement of irrelevant KPIs is simply a waste of resources. Choosing the correct KPI solution can help your company gain a competitive edge within your specific industry. Review the important features below, which will give you an indication of what makes for […]
Software for Forecasting – 3 Common Forecasting Mistakes to Avoid
June 28th, 2017 - by admin
If business forecasting seems like an attempt to accurately forecast the weather, it is, because: The wrong tools are used – spreadsheets were never meant to be complex and sophisticated forecasting tools, and yet businesses often rely on these outdated methods to forecast. Forecasts are made regarding behaviour that can change, and can thus not […]
Budgeting Software – 5 Common Budgeting Mistakes to Avoid
June 28th, 2017 - by admin
Having the correct budgeting software helps to avoid common budgeting and forecasting mistakes. Too many small to medium sized businesses still rely on spreadsheets for budgeting. With spreadsheets known for containing calculation, input, formula and modelling errors, it is no surprise that reliance on the spreadsheet models leads to miscalculations and time wastage. Repetitive tasks […]
Why Spreadsheet Models Don’t Work for Budgeting & Forecasting
April 12th, 2017 - by admin
In order to understand how to best use budgeting and forecasting software in your organisation, it is important to understand the difference between budgeting and forecasting. Budgeting entails planning that is divided into departmental areas of responsibility in the organisation. More people are involved in the budgeting process, and it is therefore also a slower […]
5 Common Corporate Budgeting Mistakes to Avoid
April 12th, 2017 - by admin
Many small business owners, and even corporations, make the mistake of thinking that automating the budgeting and forecasting function with the right business software will help them to eliminate all budgeting mistakes. Although it is certainly true that automation helps to eliminate input mistakes, reduce time spent on budgeting, and achieve higher accuracy, following good […]
Business Forecasting Software
March 16th, 2017 - by admin
How to Use the Correct Software to Overcome Common Forecasting Problems Business forecasting inaccuracies have over the years led to many business closures in South Africa. The most common mistake made is the use of the wrong forecasting tools. Spreadsheets were never meant to be accurate forecasting tools. Such models are known for errors. Working […]
Budgeting & Forecasting
February 7th, 2017 - by admin
How to Improve Budgeting & Forecasting Abilities with the Right Tools Budgeting and forecasting are essential activities for any sized business, but not surprisingly, many small and medium sized businesses still rely on outdated tools to budget and forecast. Spreadsheets were never meant to be used for complex business analytics. Indeed, the vast majority of […]
How Budgeting Software Helps to Reduce Inaccuracies and Time Wastage
January 26th, 2017 - by admin
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 […]
Common Forecasting Errors to Avoid
January 26th, 2017 - by admin
More often than not, businesses struggle to attain accurate and relevant forecasting results. Forecasting failures can be attributed to factors such as: Not using the correct business forecasting tools – still using spreadsheet models riddled with formula errors and limited visualisation capabilities. Having inexperienced forecasters handle projections using incorrect methods. Allowing internal politics and personal […]
Improve Budgeting and Forecasting with Prophix
January 12th, 2017 - by admin
No doubt, any company trying to operate without proper budgeting will run into cash flow problems and will not be able to plan, forecast and make use of opportunities. Working with outdated budget planning tools, such as spreadsheets, leads to mistakes, time wasted and missed opportunities. With the sophisticated, yet easy-to-use budget planning tools from […]
Financial Consolidation and Reporting
August 30th, 2016 - by admin
What should the objectives of a consolidation implementation look like? Many consolidations are performed in excel spreadsheets. There are however many benefits from an enterprise financial consolidation system. Typical objectives of a financial consolidation implementation To improve the Governance, Controls, and Speed (automation) of the Group consolidation for statutory and management purposes. To standardise the […]
3- 5 Year Plans
August 30th, 2016 - by admin
A very good practice to implement and cascade the strategy is to entrench it through a holistic performance management system. Every company needs to formulate strategy and cascade it to all levels of the organisation. Most companies fail to do this and only a few privileged individuals have site of the strategy. One of the […]
Profitability Management
August 30th, 2016 - by admin
Management of overheads and the reduction of non-essential costs are core elements that quickly translate to an improved ‘Bottom Line’. In the changing environment of business, simple cost reduction is not sufficient any more. Costs must be managed strategically. We help you focus on the true cost-drivers in your business and provide visibility to: Unprofitable […]
Workforce Planning
August 30th, 2016 - by admin
Understanding your workforce future cost and capacity is fundamental to predicting future performance & profitability. As an HR executive, you can join the strategic business conversation with a forward looking view of resource expenses and the related capacity requirements. This will elevate you from being administrative to a strategic and trusted business partner. Other than […]
Rolling Forecasts
August 30th, 2016 - by admin
Forecasting in our solution allows you to learn from the past and make forecasting and re-forecasting a regular part of the planning routine. Through inherent forecasting automation and user driven forecasting assumptions our solution can help effectively manage the forecasting process across the enterprise. Benefits of a Rolling Forecasts: Routine and scheduled re-forecasts One step […]
Budgeting
August 30th, 2016 - by admin
As budgeting is a critical part of every organisation, it is important that the maximum value is realised through budgets. The methodology KPI Management Solutions uses will help your organisation get the most out of your budget and free up resources to focus on other key aspects of running your business. Some of the key […]
Planning systems compliment ERP systems
July 18th, 2014 - by Roger Knocker
An ERP system is great for managing transactions and master data and ensuring integrity of business operations. It also summarises the data into a Financial view for the organisation so that they know if they’ve made a profit or loss for any given period. In planning we start with the business strategy of the business […]
Manage the Real Cost Drivers
June 9th, 2014 - by Roger Knocker
Management of overheads and the reduction of non-essential costs are core elements that quickly translate to an improved ‘Bottom Line’. In the changing environment of business, simple cost reduction is not sufficient anymore. Costs must be managed strategically – especially in current trading conditions. Comanies need to make use of the existing information that sits […]
Planning with 97% accuracy
June 13th, 2014 - by Roger Knocker
Many best in class companies can forecast with 97% accuracy. This isn’t because they have a simple businesses, smarter people or luck on their side. Their operational plans are aligned to the business strategy. Their success comes from forecasts built from the ground up by teams from all parts of the business – Marketing; Operations; […]
Spreadsheet Spaghetti
June 9th, 2014 - by Roger Knocker
You may have realised that you have spreadsheet spaghetti and its becoming more difficult to manage your reporting. Reporting times take longer, there are too many errors slipping into the numbers and there is little flexibility in the way you report and plan. You have Spreadsheet Spaghetti when you are experiencing 3 or more of […]
The Agony or Corporate Budgeting
May 9th, 2013 - by Roger Knocker
Anyone who has been responsible for preparing a budget knows that it is hard work and requires political savvy, a clear head and attention to detail. Somehow, line management forgets to plan capacity to complete their budgets and each year the process takes them by surprise – even though it comes around every year, like […]