When it comes to financial planning, the details matter. With so much information at your fingertips, the process can be time-consuming and prone to human error. Financial planning software is a must in this day and age, the question is what features you should consider when making the decision.
Financial planner software is a significant investment, and integration can be time-consuming. So, before you make the decision, there are several factors to consider.
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Table of Contents
1. Automation
Any financial planning software you use should enhance the basic processes from start to finish, whether it’s payroll and purchasing or accounts payable and receivable. Software should make the day-to-day easier, and automation in these basic processes doesn’t just give the team more time for what matters, it also reduces the likelihood of human error in manual entry tasks.
2. Planning
When you are looking for financial planning software, planning should be one of the biggest considerations. The software you use should provide the benefit of historical data, with a treasure trove of patterns and trends on hand it makes forecasting a cinch. As important as historical data is for forecasting, real-time data is just as important. You need up-to-date, accurate information to make the right decision every time.
Ideally, the software you choose should also provide insight into different scenarios, factoring in how the market might impact financial status, or what acquisitions may trigger.
3. Advanced Analysis & Reporting
As far as financial planning goes, accuracy is key. You need software that provides you with advanced analysis and reporting to ensure you produce consistently accurate financial reports. Financial professionals also need the option of custom reports, so consider whether the software you want does this.
4. Tracking & Managing Cash Flow
If you want accurate financial planning, you need to efficiently track and manage cash flow. Your financial planning software should make this process simple – if you operate a business with multiple locations or even different divisions, the planning software you choose should streamline the process. The right software will provide you with options to simplify the complexities that arise from multiple sites by consolidating ledgers, even if there are different currencies involved.
It must provide you with a real-time perspective of transactions and cash flow across the entirety of the business.
5. Simplified Auditing
Select software that will provide you with a detailed audit trail for every transaction and process. In addition to the original transaction, the software should also detail the workflow and approvals leading up to each transaction. It’s an excellent way to ensure every guideline is followed, and it also means you can put your hands on compliance documentation easily.
Every business has different needs, but ensure your financial planning software provides advanced security, seamless integration with the existing applications you rely on, and that you can access it via the cloud. No matter where you are, accessing vital financial detail is important. It also makes it easy to deploy the software where it is needed and when, even if you or the team are on the go. Everyone can access accurate data at the same time, limiting mistakes or miscommunication.