Too often, planning and budgeting are complicated and cumbersome, with numerous departments and error-filled spreadsheets.
But planning and budgeting are essential to every department, accuracy is critical, and businesses depend on the outcome. The risks in getting it wrong are considerable, and when teams are considering current and future figures and multiple scenarios, they must get it right.
Financial planning and analysis (FP&A) is a process that should offer insight into strategic decision-making. Unfortunately, not all FP&A is created equal. In a 2022 survey, 76% of finance professionals agreed that FP&A provides strategic value – but only about 39% would describe their current forecasts as good or great.1
As uncertainties intensify in the current economic and business climate, agile and effective planning is becoming an increasingly complex, yet critical, process.
Many finance teams are using some combination of spreadsheet software and an FP&A software solution. Some are using only spreadsheets. While these tools might seem like they’re accomplishing enough, they can be time-consuming, inflexible, and unhelpful with overall strategic decision-making. FP&A teams no longer need to take on these unnecessary risks, as a number of quality software options exist in the marketplace.