5 Reasons Why Budgeting Software Will Be Useful To Your Business

2 min read
Nov 4, 2022 10:30:00 AM

Budgeting software offers a range of useful benefits to businesses of all sizes, and especially to
companies whose budgeting and financial planning requirements rest on many variables and data sources. As Corporate Planner implementation partners for over 24 years, Account-Ability have seen the advantages that an integrated budgeting and reporting software solution can bring to businesses in various sectors, from £20m t/o regional enterprises to large FTSE 250 international businesses.

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1) Better Financial Control - Cash flow management system software bestows greater control over business operations and more financial control, which is crucial in all times but especially so during periods of economic uncertainty. Budgeting software will help keep your company finances in check through improved visibility, and the ability to run targeted finance reviews.

2) Planning Operations – The budget and rolling forecast is the essential prerequisite for any
successful business. Without it you cannot rationally define activities or allocate resources, nor
measure financial performance. While manual and Excel-based planning and budgeting methods
provide you with a snapshot of your cash flow on which to base decisions, a dedicated budgeting
application allows you to plan your operations based on 360°, real-time visibility of your financial
performance – enabling precision investments and more accurate forecasts.

3) Performance Analysis financial planning and forecasting software gives businesses powerful
insights into their operational performance, rooted in objective financial data. Budgeting software
can quickly highlight areas where efficiencies can be made and productivity improved, letting you
focus your efforts and investments on optimising the most value-critical processes. Financial
activities regarding liabilities, equity, costs, assets, and revenues can be compared to previous
budgets to establish benchmarks for success and lay the groundwork for ongoing progress.

4) Better Growth Planning - A growth plan outlines your business's future ambitions in granular, systematic detail – something that is essential to keep sight of at a time when many businesses are scaling back their plans due to economic instability. A business plan outlines your goals and targets, with inbuilt contingencies and multiple success strategies available to achieve your goals in a variety of circumstances and scenarios.

Budgeting and forecasting software gives you the objective data to establish achievable and
ambitious goals, and implement clear strategies and tactics for achieving them. Keeping track of
your plan for growth is made far easier with budgeting and planning software, as you can use the
platform to share critical information with your senior team and stakeholders, and collaborate
collectively and efficiently on business decisions. Any capital saved can be held in reserve for
business opportunities or new ventures that might contribute to your company’s growth.

5) Improved Cash Flow Management – For growth and investment to be possible, it is important for a business to achieve their cash flow forecast as closely as possible. A budgeting software solution enables a more responsive approach to cash flow management, allowing corrective action to be taken at an earlier stage and more rapidly than is often possible with manual on Excel-based forecasting. Integrated financial planning software makes it easier and more transparent for business decision-makers to manage cash flow and deploy their capital to the areas of their business in most immediate need.

Budgeting Software Solutions From Account-Ability

Budgeting software provides vital insights into your business accounts, enabling you to plan your
capital investments, forecast demand, and leverage market opportunities by launching products in the right way, at the right time.

Account-Ability are Gold supply and support partners for Corporate Planner, a market leading
integrated financial planning and forecasting platform. To find out more about Corporate Planner
and the benefits of integrated budgeting software, please get in touch today, or call 01242 578966 today.

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