The office of finance is no longer relegated to running reports and performing core accounting functions. Today’s CFO plays a leading role in strategically funding the strategies and operations of the business, and in selecting the KPIs that help organisations focus and drive to success. Nothing stands in the way of this more than inefficient, labour-intensive and often error prone spreadsheets and legacy planning, consolidation and reporting processes.
Up to 60% of organisations still use Excel as their primary budgeting and management reporting solution, but Excel comes up short on performing deep strategic analysis, “what if” scenario modelling, or more agile processes like rolling forecasts. Teams using Excel often have to bunker down for days, weeks or months to manually source and review financials, re-key and copy/paste data from “shadow” planning & reporting spreadsheets, and laboriously produce reports in Excel to review internally.
So the question is – how do you transition from an arduous legacy process using lack lustre planning tools and manual data preparation to a truly useful, collaborative, enterprise-wide forecasting and performance management process?
Using best of breed software, Bistech provides a cohesive approach Financial Performance Management, providing capabilities to streamline and transform processes for budgeting, forecasting, strategic planning, financial consolidation, reporting and analysis across the organisation.