When a company handles a large volume of data, a spreadsheet is insufficient to manage budgets. In this sense, the best solution is an EPM (Enterprise Performance Management) system, since it is a collaborative tool that helps transform the entire budget planning cycle of a company thanks to greater control of the information.
Advantages of the EPM system in budget management
With budgeting software, such as an EPM system, you can better control your company’s accounts, from income, receivables, and expenses, to treasury, payments, and more. This tool helps you manage business accounting more efficiently because everything is done from a single database and because processes are automated. In addition, it allows you to customize budgets, as well as generate statistics to encourage better decision-making.
Reduce or eliminate mistakes
With the use of an EPM for budget management, you can automate the processes related to this task, such as budget calculations. This not only maximizes the efficiency of the team but also minimizes or even helps to eliminate mistakes that are generated by human error. In this way, the company can be more confident in the accuracy of its budget data.
This tool is also very useful for companies because it allows them to keep track of their budget, as well as to be alert to possible deviations of funds. The information is always available and up to date. Therefore, the finance team can access it whenever they need to make revisions. They can even easily make budget reallocations.
If your company has an EPM system for budget management, you will be able to perform more decision-oriented planning, because it is based on accurate and updated data about the business. This undoubtedly improves the reliability of the company’s forecasts and projections.
Oracle Cloud EPM Planning can be the solution you need to facilitate budget management in your company. At Fusionworks we can help you implement this software that stands out for automating processes, improving the predictive analysis of your company, and having the ability to adapt to any industry. Contact us!