4 Ways to Use a Budget Tool to Help Your Business

09.11.22 08:06 AM By admin

Using a modern business budgeting tool can result in significant gains, improve effectiveness, and lead to faster, data-driven decision-making. As a finance manager, you're probably interested in digital services for your finance team. Still, you may not have had time to advance due to your expanding workload or being worried about incurring additional costs. 

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If your company is similar to others, the data silos already in place may make it difficult for you to identify where to get started with choosing the right budget tool to jumpstart digital transformation for your business. 

Every department uses its unique set of procedures, and the needed data from other departments is often fragmented and safeguarded. You could be worried about how well-versed in technology your employees are and whether or not they can adapt to a new budget tool. The good news is that making the change does not have to be overwhelming if you start small and keep your emphasis restricted. After all, we all have to begin somewhere. 


If you're still unsure, here are four ways to help you set up your budgeting tool. 


1. Identify which processes need a revamp   


The first step is determining which financial procedures would most benefit from a business budgeting solution by having meetings with your team, the CEO, and essential personnel from other departments. Determine which processes and tasks need the most administrative oversight and where the return on investment is the highest. 


For instance, the most time-consuming and error-prone elements of finance are budgeting and forecasting. Look into specific tasks in this process that makes it painful to execute budgeting and forecasting. In this situation, switching to a system that streamlines budgeting and forecasting may be financially advantageous, easing departmental collaboration and enhancing accuracy. 


2. Use a solution that is user-friendly for everyone 


Look for software that can consolidate all the data from your ERP and other business systems, regardless of the technology you choose to invest in. It may be simpler to build buy-in for corporate goals and maintain alignment when everyone is using the same database. 


Data is no longer produced in isolated silos. Instead, you're all utilizing the same data. Finance leaders can fast-track the transition to digital transformation by investing in a straightforward budgeting solution like Epicor Financial Planner


3. Set up real-time visualizations and charts 


It can be challenging to make assumptions from static spreadsheets. Having a budgeting tool that offers real-time financial performance visualization is crucial when exploring available market solutions. It's much simpler—and more compelling—to examine crucial information in charts, graphs, maps, and other graphics than it is to analyze business data in spreadsheets. 


Financial data may now be dynamically visualized, eliminating the need for numerous complex spreadsheets that take too long to process. Your team may be able to react swiftly and forcefully to difficulties thanks to real-time dashboards. 


EFP is an example of a digital solution that offers quick access to visual reports and dashboards. The staff has access to crucial information and insights they need to make important financial decisions based on reliable data. 


4. Start with where Efficiency is Most Needed 


Many CFOs are set on completing their digital transformation initiatives the soonest. For those who have yet to begin experimenting with the most recent digital initiatives, even if you already have an existing ERP and other foundational systems. Work toward digitizing the most crucial finance tasks. 


Epicor Financial Planner (EFP) is a business budgeting and forecasting tool. It is also a reporting and consolidation solution with a built-in comprehension of the structure of your ERP data. 


It has user-friendly Excel and web interfaces created especially for accountants and financial analysts. EFP enables finance teams to make simple, complex reports and budgets that meet their business requirements. 


Today, around 2000 medium-sized to large enterprises in the manufacturing, aged care, retail, service, and lumber sectors use EFP to automate and streamline their reporting and budgeting processes. 


Using a budgeting solution with a proven track record of success makes it easier to accomplish business goals in a shorter amount of time. EFP has helped companies implement digital transformation strategies across the finance department and business. 


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