Today, spreadsheets can take you only so far. Combining Microsoft Dynamics NAV with a spreadsheet might seem like a fine place to start. However, for any advanced budgeting, this combination actually can be a hindrance.
Right now, big data is all the rage, and it's easy to see why. With more information, organizations can dig deeper into the numbers than ever before. Even small and medium-sized businesses can gain essential insights from access to more data.
So how can organizations tap into and use this to their advantage?
One answer is Smart Budgeting.
Data and technology are increasingly critical to all industries. Smart Budgeting leverages technology and automation to help brands manage their financial health. Being able to quickly evaluate reliable data, isolate potential problems, and identify opportunities is a real competitive advantage. That's where Smart Budgeting makes a big difference.
What does this mean for businesses?
Well, there are quite a few significant benefits but in this post we'll highlight a few and explain how they can help NAV users embrace Smart Budgeting.
Improved Accuracy and Faster Cycles
For many CFOs and budget managers, having an accurate budget or forecast is paramount. However, anyone who has used spreadsheets for budgeting knows this is not always the case.
Spreadsheets can cover the basics for equations and modeling. But do any of these ‘red flags’ sound familiar?
● Having copies of each sheet, meaning no one is quite sure which is the most relevant.
● Not being able to save key information if people are using the sheet at the same time.
● Spending hours trying to figure out where an error might be in a single cell.
All of these create potential inaccuracies in the budget. Not to mention the time and energy spent by the finance team trying to make it work.
Embracing a Smart Budgeting system means accuracy is never a worry. Information gets imported and updated automatically, removing hours of manual processing. Organizations can be confident their data is correct—a big deal when creating the annual budget, forecasts, what-if scenarios and other reporting dashboards.
And the time freed by data automation means the finance team can shift its focus from data entry to more advanced analysis. This offers your organization all sorts of additional benefits: a deeper understanding of historical trends, a streamlined budgeting cycle and advanced scenario planning, among other perks.
Drilling Down into the Details
Agile decision making is a key skill many businesses today try to master. So, another huge benefit of embracing a Smart Budgeting solution is that managers can go beyond the surface-level numbers. That means being able to look at the general ledger and identify variances, patterns and unexplained spikes or dips.
Having a way to get a perfect snapshot of not only where the financials stand right now but also projections on different future scenarios is an invaluable asset. For example, by being able to drill down on the GL 'salary' entry, the numbers can be explored further, helping determine personnel resources on an employee-by-employee basis.
Organizations can also create custom dashboards that highlight the data that's important to them. This includes everything from historical numbers for benchmarking purposes to actuals and non-financial balances. With access to both surface-level and advanced reporting, the management team gets much better insight at where the business is, now and into the future.
The future is Smart Budgeting. Savvy organizations that tap into technology and automation today will reap all sorts of budgeting benefits. If you're still operating on a spreadsheet system, now might be the time to consider all of the benefits of embracing Smart Budgeting.
Is your organization looking for a better budgeting solution that works seamlessly with Microsoft Dynamics NAV? Learn more about how Budget Maestro Connectors help your organization integrate seamlessly.
To learn more about Budget Maestro from Centage, contact Innovia Consulting to schedule a demo.