Budgeting and Planning Process: Utilizing Integrations to Boost...

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Budgeting and Planning Process: Utilizing Integrations to Boost Efficiency

CFO Tech Outlook | Thursday, November 25, 2021


Direct integrations are a simplistic way to improve the efficiency of the budgeting and planning processes. Integrations can automatically take data from many systems, arrange it, and securely store it in the cloud using a single platform. Finance teams may then work together on a single platform without switching between spreadsheets, tabs, or other system interfaces. Here is a rundown of two essential advantages of using direct integrations throughout the budgeting and planning process.

Create a Collaborative Workplace

Budgeting determines how funds are allocated and serves as a framework for department leaders to deliberate. Trying to connect the connections or manually enter updates in disparate systems and spreadsheets is inefficient for finance staff, and this archaic method is also vulnerable to human mistakes.

The marketing executive, for example, understands exactly how much money the company has set aside for marketing. They can then make plans to optimize spending over the future year. As the year advances, marketing can adjust spending based on a shared understanding of the year's results. One may build a collaborative process among budget owners. The finance team can develop future budgets and forecast scenarios using the most up-to-date metrics by using direct integrations with built-in automation to update details throughout the platform.

Facilitate Strategic Planning and Discussions

Conversations among decision-makers are the offset point for company goals and strategy. The Financial planning and analysis team's job is to offer decision-makers the reports, budgets, and predictions they need to have strategic talks. The ability of the finance team to closely monitor company performance is a crucial indicator of the firm's success.

The finance team's ability to effectively evaluate data is hindered if they have to struggle or spend weeks on manual operations to build these crucial reports. An integrated budgeting and planning tool optimizes the process and feeds accurate financial data into all strategic talks. Finance teams can better ease strategic decision-making, enable business drivers, and develop with the proper solution.

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