Applications

Budgeting

Most companies depend on spreadsheets and manual processes for planning, budgeting, and forecasting. The prevalence of spreadsheets is not surprising, given the vast installed base, ease of use, low cost, and simple user interface of this commonplace application.

Some large enterprises in recent years have migrated from spreadsheet-dependent processes towards more sophisticated automated planning, budgeting, and forecasting tools. These tools promise a greater level of operational detail for analytical purposes, more robust financial reporting, quick consolidations of financial data, and more input by business managers. These however, come usually with a premium price tag and high cost of implementation and support.

While using spreadsheets, the most acute problems with their current planning process is "takes too long", "not enough time to analyze data", "lack of ownership by business units", "inability to revise forecasts and budgets during the financial period", "what if scenarios", "workflow management", "time and effort to control and manage various formulas and links" etc.

The common factor indicated by most companies are "collaboration between planning participants", "overdependence of key personnel", "version control", "collaboration", "consolidation of users work" and "communication". Typically, a budget preparation team collects spreadsheets from various departments/section with the budget filled in and this team does the consolidation and assimilation in the required formats to present it to the senior management for approval. After each review either departments or budget team make changes and represent for approval.

Although, companies that use analytical applications for planning, budgeting, and forecasting are generally satisfied with the software, but still many users of analytical applications for their planning, budgeting, and forecasting do not migrate completely away from spreadsheets and continue to use spreadsheets for local, ad hoc analyses of data from other applications. Invariably, in every company there is at least one or more spreadsheet which is the most complex and huge and usually one person from finance controls it, which becomes more person centric. These are addition to usual problems of version control, data backup, files sent thru emails, no change control, sensitive data resides on desktops etc.

"BCP" uniquely resolves these issues while still using spreadsheets and cost effective manner.

In "BCP" planning, budgeting and forecasting processes can be developed and customized that can ease working in collaborative manner and creating simple to complex workflow hierarchy. Thru this workflow the ownership of data creation and change lies with the concerned department giving transparency and decision making capabilities.

"BCP" features allows consolidation, collaboration giving single version of truth at any point of time. Will be able to reforecast during the current period and regenerate forecasting reports.

Analytical, graphical reports can be customized as per the user needs. Reports can be aggregated and disaggregated as per the hierarchy. "what if" scenarios can be easily customized and implemented.

It can integrate with enterprise systems to get actual, budget and forecast data by a click of a button and final approved budget figures can be sent to enterprise systems.

Logical access control can be given to the users of planning, budgeting and forecasting and spreadsheets get versions automatically whenever there is a change and data and formulas gets stored in a database. Cell level changes get recorded with time stamped.

Overall, the planning, budgeting and forecasting time can be reduced by weeks or months.

All adhoc, working spreadsheets used while planning, budgeting and forecasting can be attached and viewed across the hierarchy.

Does it take time for budgeting on spreadsheets?

Use "BCP" to speed-up your budget preparation.

Do you use spreadsheets across the company for budgeting and forecasting?

User "BCP" to automate your planning, budgeting and forecasting processes