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Five simple indicators you need planning and forecasting software

Gerry McDonald

Time for the annual budget meeting?

There is a lot of pressure when it comes to planning the future of your non-profit or business. There are so many factors to consider, even when working within a strict budget. What if you want to hire more employees? What if you upgrade your company network? Ordinary spreadsheets are extremely inconvenient for this task. The lack of overlay and a difficult interface means you spend more time inputting the same information on separate sheets. You have more to keep track of and, consequently, waste more time.

 

Magazines like Biztech called spreadsheet budgeting “a dreaded yet inevitable reality.” However, we at Questica do not believe that reality is so inevitable. As an alternative, switch over to planning and forecasting software. You may feel hesitant to make such a big change, so here are five signs the time is right for an upgrade.

 

  1. Budget roll-ups and version control issues. Often you’ll have multiple departments handling their own relevant information. You will need them to provide you with the most up to date information possible, but what if that doesn’t happen? Not only can you be incredibly frustrated with your coworkers or team members, you are also wasting time tracking down the information you need. With planning and forecasting software, everyone has access to the same document through your network, and the information is all contained in one space. Updates are more efficient and easy to view!
  2. You’re trying to make a forecast for every scenario. You may have four new employees next year, or you may have none. With a traditional spreadsheet, you need to create a different projection for many different scenarios. This is far more inefficient than it needs to be. Budgeting and forecasting software is easy to edit and contained all in one space. With multiple projections made at once, you can drastically cut the time preparing the data.
  3. You’re struggling to figure out the formulas for your excel spreadsheet. There are a lot of numbers to keep track of, and any mistake means you need to start again, costing you even more time, energy and money. With budgeting and forecasting software, the formulas are embedded, giving you peace of mind and an easier experience overall.
  4. It is taking too much time. This task is probably not the only thing on your agenda for the day. You still have to manage cash flow, generate reports, participate in strategy meetings and whatever else is part of your daily routine. Too much time spent on an overly-tedious task can cause the rest of your routine to suffer. Closely related to that . . .
  5. You spend all your time gathering information, and not enough time developing strategy. These are important decisions and should be taken seriously. Do you really want to rush through budgeting decisions for your business because you ran out of time? With budgeting and forecasting software, you are spending more time planning and thus, making better decisions for the future.

 

Skip the Frustration

Ultimately, you want to make the best decisions possible for your company. This doesn’t mean you need to sacrifice your time and energy on a process that is inefficient and unnecessarily time-consuming. If you’re ready to make the switch to a more efficient form of planning and forecasting software, check out Questica a brilliant budgeting solution.

 

Learn more about us by signing up for our free monthly informational webinars or schedule a demo for yourself to see the software in action. Make the switch today to help ensure your peace of mind and provide a better opportunity for your company.

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