MONEY: AN EXTREMELY IMPORTANT COMPONENT OF A BUSINESS
PLANNING & BUDGETING
PLANNING & BUDGETING IN A COST-EFFECTIVE MANNER IS HIGHLY
In today’s fiercely competitive era, the path to profitability lies in saving every penny, and this includes cutting costs whenever necessary. In light of this fact, error-prone, labor-intensive spreadsheet-based approaches to financial planning have been cumbersome. Greater visibility into the business to accurately plan and forecast has become the need of the hour.
Online24x7 offers an intuitive software solution for finance which facilitates “Adaptive Planning” for organizations. The “Adaptive Planning” software is a leading cloud based Corporate Performance Management application which automates an array of activities in the financial management function such as automating budgeting, forecasting, re-forecasting, reporting, and analysis for companies of all sizes. It is noteworthy that there is no upfront cost included in the software.
Business functions such as strategy, planning and execution across different departments are managed efficiently with the help of the software.
- Budgeting and Forecasting:
- The software reduces the budgeting and forecasting cycle times to a considerable extent, say upto 90%.
- The software decreases the probability of errors and increases the efficiency of the performance of the activities.
- The software produce timely reports and analysis which helps organizations in analyzing scenarios where situations could have been different.
- The software also delivers frequent and rolling forecasts.
- The software also helps in making quick and better business decisions.
- The software allows facilitates an interactive environment that comprises of an advanced modeling environment.
- The software is equipped to make business models without any use of programming codes and is also equipped with the ability to create and modify departments, accounts, and dimensions with great ease.
- The data entry sheets for different end-users can be customized easily.
- The software has control permissions and access rights of users.
- Sales & Revenue Planning
- The software solution makes use of unlimited dimensions, e.g., product, customer and uses multi-dimension cube sheets. It has the ability to change views with drag and drop items.
- The software is embedded with intelligence to make the best use of driver-based planning to drive revenue, cost, etc.
- The finance ERP automatically calculates revenue recognition and easily integrates pipeline and actual sales data from CRM or other systems.
- Capital Asset Planning
- The software makes use of customized configurable sheets created by the user to capture important things.
- The software solution provides an interactive data entry interface.
- It can also record the capital expenditure into the P&L, balance sheet, and cash flow.
- It also use lookup tables which automatically calculate depreciation.
- Balance Sheet & Cash Flow Planning
- The software can link together various planning elements through the usage of driver-based planning.
- Financial statements such as P&L, Balance Sheet, Cash accounts can be integrated in an easy manner.
- The software also reduces the task of data entry and improves the accuracy of recording the items with an integrated plan.
- The software creates an exhaustive cash flow forecast.
- It also improves the forecasting with what-if analyses for cash and its impact
- Rolling Forecasts
- The software provides rolling forecasts to optimize decision-making on a continuous basis
- The software solution uses event driven planning and it adjusts to adapt to the ever changing changes in the business environment
- The software imports actual data from other systems automatically
- The software can also make a comparative analysis of the performance by using multiple versions and hypothetical situations
- It also combines bottom-up and top-down planning
- Allocation Planning
- The software provides the best solutions with highly responsive user interfaces rather than making usage of complex formulas
- The software improves the process of accuracy with allocations that is way in the process
- The software streamlines the effort with the ability to manage rules in one place
- The software adapts to change with date-effective rules and it also enforces checks and balances bringing all things at one place
- The software makes it easy for managers to perform functions related to the submission, approval and rejection of plans
- The software can also control as to who can make modifications in the plan data and its time of modification
- The software can make use of powerful group level approvals in complex organizations
- The ERP also helps in gaining an insight into the approval status across entire organization structure
- The software also sends email alerts when the plan status changes
- Multiple Currencies
- The software solution reduces the complexity of planning and reporting on a multi-national level
- The software can easily integrate the actual data and make plans in local currencies
- It considerable improves the accuracy with the process of automatic conversion. It uses multiple exchange rate types, including the historical ones
- The ERP for finance also simplifies the process of managing multiple currencies with automatic Cumulative Translation Adjustment
Money is all about being deft with numbers and a business boils down to its revenue!
Money: Know your numbers
All the strategic decisions are taken on the basis of numbers and that is why the accounting is given a very important place in the business. But to derive correct financial information is also very important to take accurate decisions regarding the organization and ensuring its continuous existence. He most difficult part is that of preparing statutory reports and balance sheets.
We, at Online24x7, offer comprehensive financial management software, that will allow you to handling all the financial activities with great ease. Our ERP on cloud is one of the best things that you can get to overhaul your financial management department and streamline it from the scratch. Our ERP is a cloud based application, which does not require any upfront cost for installation and can be easily deployed in the existing software systems of an organization. Step –by-step information is provided to aid users in creating financial statements in the desired format. Important financial data, such as Chart of accounts, Bank/Cash masters & statutory masters can be handled with great efficiency. Reports can be generated in real time which aid in taking the best decisions for businesses.
In a nutshell, this cloud based ERP acts as a as a great value proposition to your entire financial management system.
- Payable Management: It involves Invoice processing, Payment processing, Expense accounting, EDI and P-card administration and Supplier management.
- Receivable Management: This feature involves Invoicing, Billing, Revenue accounting, Cash application, Collections, Credit and Customer and dispute management.
- Employee Expense Management: This feature of or ERP comprises of various functions such as claim processing, Advances, Disbursement, Audits and verification, Compliance and Governance and reporting along with the function of.
- Record to Report Services: This feature consists of General accounting, Treasury accounting, Fixed asset management, Bank operations, Reconciliations, Statutory reporting and Consolidation.
Every organization aspires to grow turn its expansion plans into a stark reality. Along this process, financial consolidation is a must which can cover various divisions and locations across the globe. Multiple business organization accompanied with the daunting task of managing multiple currencies and managing different financial reporting systems. Managing them on spread sheets is not only time consuming but also proves to a mentally exhausting task for the user.
To ease things for organizations, Online24x7, has “Adaptive Consolidation” from Adaptive Planning, a leading cloud based application, on a subscription basis, in store to offer to its users. No upfront cost is involved in procuring this software solution. The USP of our software is its functionality which can be used in a highly efficient way to manage the financial consolidations. This process can be automated and speed up to close the books quickly.
- Financial Consolidation
- Quicker and faster financial consolidation can be achieved and accurate close and report cycles can be created.
- The performance can be tracked against expectations.
- The software offers a number of advantages such as that of improving visibility, audit, and giving control to users during financial consolidations.
- The ERP also facilitates acceleration of reporting cycles to internal and external stakeholders.
- The software easily complies with accounting standards and regulations.
- Partitioning of Actuals Data
- The actual data can be easily segregated and categorized for security.
- The software differentiate imported actuals from adjustments.
- The reports can be viewed on rolled up actuals from various sources.
- The source of actual data can be easily determined where actual data came from.
- Controls can be implemented in terms of as to what users can see and do with actual data.
- Intercompany Eliminations
- The software consists of an intuitive Elimination Rule Manager and facilitates viewing of intercompany eliminations in journal-entry format.
- The ERP improves data integrity with eliminations in balance and improves flexibility with date-effective rules.
- Moreover, intercompany eliminations can be monitored and managed in real-time.
- Minority Interest
- The software automates the controlling and non-controlling interest consolidations.
- It has the capability of quickly and easily defining the consolidation percentages.
- Hypothetical scenarios can be performed in terms of changes in ownership interest.
- The ERP support IFRS and GAAP ownership change reporting.
- Every item can be viewed at one place which makes it easy to enforce checks and balances
- Allocation Planning
- The complex formulas are replaced with simple yet intuitive interfaces
- The software ensures and improves accuracy with allocations that are always in balance
- The activities performed by users can be streamlined and it ensures that rules can be managed at one place
- The software is capable of adapting to change with date-effective rules
- The checks and balances can be enforced by seeing everything in one place
- Multiple Currencies
- The software ensures that the complexity of multi-national planning and reporting is reduced.
- The software can integrate actual data and plan in local currencies.
- The ERP also saves time and improves the accuracy with automatic conversion.
- The software makes use of multiple exchange rate types which also includes the historical.
- It simplifies with automatic Cumulative Translation Adjustment.