4 Emerging Trends in Financial Budgeting and Reporting

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4 Emerging Trends in Financial Budgeting and Reporting

CFO Tech Outlook | Tuesday, September 01, 2020

Financial departments need to be reliable by making sure consumers on their reports trust their figures, and this aspect has pushed them to have in-depth investigative features in the software.

Fremont, CA: The evolving technologies today have brought many transformations in different industries, and financial professionals now know that technology is crucial to help guide them to higher levels. Here are four trends in financial budgeting and reporting:

The Inclusion of Non-Financial Data Top 10 Risk and Compliance Solution Companies - 2020

FP&A software were used to enable financial data in the forecasting activities, which were not ideal. Non-financial data must also be taken into consideration to forecast with greater precision and relevance. Thus, finding a software that can handle financial and non-financial data is essential.

Sophisticated Team Collaboration Capabilities

Finance teams know that when working together and interacting with each other is not as valuable or effective as expected, they know that it is because of an error in their tool.

Financial budgeting and reporting software are expected to bear the complex team partnership features that make working easier despite geographical barriers.

Deep Investigative Features

Financial departments need to be reliable by making sure consumers on their reports trust their figures. This aspect has pushed them to have in-depth investigative features in software. An excellent financial budgeting and reporting software need to be able to analyze 360 degrees, enabling an in-depth investigation and monitoring of figures so that it is easy to see and explain where the numbers are from and the sums' results.

End to End Financial Planning

Organizations want a consolidated platform to manage financial reporting, budgeting, planning, and integration in equal measures. These platforms is cost-efficient, reduces disruption in businesses, and is easy to manage and scale.

Self-service Reporting

Finance departments create reports and ensure that everything around it is controlled and addressed by the finance department with the implementation of their current software, enabling them to provide quick, useful reports. Their accounting process should be enhanced to allow them to create a swift and real-time report.

See also: Top Regtech Solution Companies

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