What is Budgeting and Financial Reporting Software

In the complex and dynamic maze of accounting software, businesses are seeing a rising demand for easily accessible, up-to-the-minute, meticulously-kept financial results. It is not surprising that more and more businesses are shifting toward financial-based software that integrates with their accounting/ERP solution to:

  • Streamline the budgeting/reporting cycle. 
  • Improve the overall accuracy of forecasting.
  • Stay in competitive alignment with their industry.
  • Increase productivity. 
  • Gain better insight into key financial metrics.
  • Improve business processes.

Yet still many SMB’s are manually entering data into Excel like it’s 1990.

The problem is they then rely on that information to surmise the overall financial health of the business, or use it as the base for projections. What this means is their budgets and forecasts can take anywhere from weeks or months to produce, the end-product most often being data that is antiquated by the completion of the process.

Furthermore, the lack of rigorous accounting accuracy equals strategic decisions that are often made on incorrect data and forecast assumptions. A sudden, unexpected dip in sales or cash flow not projected in forecasts can have a startling impact on the overall health of the organization. And yes, paper-based bookkeeping and accounting solutions across platforms can expose businesses to the very serious threat of confidential data and security breaches.

Forward-thinking businesses stand the most to gain from leveraging a single source of software.

SMB’s that place a premium on strategy, management, accuracy, and automation stand the most to gain from leveraging a SINGLE SOURCE of software that supports budgeting, reporting, and forecasting. The budgeting aspect of the software allows business management to set future goals, while report-generating features guide the user as they input financial data with ease.

The forecasting aspect gives stakeholders important insight into how they might deliver timely and accurate financial projections that guide strategy modifications, even after the finalization of the budget. What might take a bookkeeper days or weeks to input manually, a top-notch budgeting and financial reporting software package can accomplish in seconds.

In most cases, operating a financial reporting system does not require any previous experience in accounting, just a willingness to learn new, user-friendly system processes. By taking ample time to prioritize the needs of your business in advance, and making sure the software you choose aligns with that purpose, you are well on your way to greater productivity and enhanced workflow across the organization.

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