Why Cloud-Based Budgeting and Forecasting is the Future

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Why Cloud-Based Budgeting and Forecasting is the Future

By CFO Tech Outlook | Friday, October 16, 2020

Cloud has the potential to offer many opportunities in budgeting and forecasting.

FREMONT, CA: Every enterprise wants to do more with less, and it is simply good business. Top executives in companies are constantly searching for methods to better their businesses. Cloud-based budgeting and forecasting is some of their best secrets. Companies that switch to cloud-based budgeting, planning, and forecasting technology have seen better outcomes in many areas. It allows businesses to surpass those who only utilize basic Excel for their balance sheet forecasting needs. The switch could help enterprises' in the following ways.

• Cost Efficiency

Cloud-based budgeting and forecasting solution allows the organization to save as it allows for the gradual decline of legacy systems. It allows the organization to outsource certain tasks that do not core to the company's operations. Knowing how much a fixed amount is required year after year for the solution also enables the organization to invest better in other parts of the business that can bring about added revenue.

Top 10 Budgeting and Forecasting Consulting/Service Companies - 2019• Multi-layered Security Settings

Cloud-based budgeting and forecasting solutions introduce multi-layered security settings where security is not only on the excel level but also on the server level. To prevent innocent or malicious alterations by people who are not supposed to have access, role-based security is now available. Certain sheets are guarded, and accesses are clearly defined. Any alteration made by anyone can also be traced and monitor who made the most recent change so that there is a great level of accountability.

• Data Consistency

For a budget or plan to be effective, the data has to be accurate and consistent. Cloud-based budgeting and forecasting solution ensures standardization. Every user with access to specific sheets can only change that specific sheet they have business fiddling with. The cloud-based solution also imposes business rules to sheets to ensure uniformity and that everyone follows a specific corporate-wide rule. Cloud-based budgeting and forecasting solutions also ensure that users have a consistent and uniform file backed up in the cloud.

See also: Top Cloud Solution Companies

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