Speaker: Peter Tegenbosch
By replacing hundreds of Excel spreadsheets with a finance controls and automation platform, you can reduce (and often even eliminate) manual processes. Many times, Excel workbooks are sent out to all the managers involved in the budgeting process, to be completed and submitted. Then the finance team consolidates all the numbers to push out the budget for that year. In other words, there is typically a lot of time lost to administering the budgeting process.
What if your budgeting technology can deliver a visual workflow that is clear and transparent? This gives you a clear understanding of the steps in the budgeting process, when those steps are due, and whether they are complete.
Have you ever wondered how meaningful a budget is if the input required is not controllable or meaningful to the budget contributors? Using driver-based budgeting data can be broken down beyond the financial values into sub-components and drivers that the contributors are more familiar with and have more control over. Line-Item Details allow you to enter the budgets at a more detailed level, enabling the resulting plan data to have a more accurate picture and a better story behind specific budget numbers.
Why Budgeting and Planning Technology Matters? Simply put, it’s about time. There is simply no way to escape the fact that the budgeting process is a fundamental activity – and a time-consuming one. In fact, the budgeting process can absorb up to 30 percent of senior executives’ and financial managers’ time, and takes up to four or five months to complete?