The scenario is familiar to many FP&A professionals; “I was trying to apply sophisticated best practices using spreadsheets. The plan became unwieldy and my team was forced to spend an inordinate amount of time manually reconciling data from multiple sources.”
The problem starts with legacy spreadsheets that many businesses still use to build their budget, despite recognizing the limitations. But breaking from the familiarity of spreadsheets can be difficult. It often takes a painful issue, such as the inability to confidently answer tough ‘what-if’ questions from the Board.
But there’s good news. Specialized budgeting & planning software is no longer the domain of large enterprises. In this paper, we detail the benefits delivered by a new generation of applications. We also propose a practical road-map to a budgeting and planning solution that enables more collaboration, control, accuracy, and compliance.