Tag: Budget Finance
Time to Manage the Budgeting Process
It is difficult to budget at a detail level. You are not able to do it. Unknown how you doing it today. You have to keep track of changes made to your budget templates today. You get concerned about the accuracy of your budgets due to changes that can’t be tracked. Cannot track who made the change to a budget, when, and to what account. You are unable to include explanations for budget entries, on the budget templates themselves, today. Spend much time explaining budget entries. Your current budget application is complex. Unknown how you put together your budgets today….
Read More »Difficulty Forecasting and Budgeting
You are not able to see financial data from prior years. Unknown how you do it today. Files aren’t archived. It takes long. Unknown what happens if you can’t get the data. It is difficult to see cash position and cash flow. Unknown how you are doing it today. With no drill down capabilities. You need to add up current and projected financials manually. Unknown how long that takes. Unknown accuracy. It is difficult to track and compare budgets. Unknown how you are doing it. You need to manually compare printed budgets. Cannot view them on line Unknown how accurate…
Read More »Failure to Meet Forecast
Manufacturing failed to meet demand. Unknown orders per month missed their promised date. Your current system does not have the ability to calculate valid ship (capable to ship) dates at the time of order entry. How many times do you ask manufacturing to expedite orders. It is because an engineering change in the order delayed shipment. Cannot currently see what impact a change order will have in your scheduling. There are bottlenecks in your process. Shipping QC Lack of customer self service ability. Unknown methods your customers use to place orders. It is because you don’t have visibility to your…
Read More »Unable to Forecast Accurately
There is no manageable sales process in place. Unknown current process. Unknown how you enforce it/manage to it. Unknown what steps a sale normally goes through. Unknown length of the average sales cycle. It varies widely by sales person. Unknown why you think that is. You cannot track win percentage. You have no visibility into opportunities. Unknown how you get information about accounts sales people are working on. Unknown whether they do account reviews with you. Unknown whether it is verbal. Unknown whether it is accurate. You do not know where they are in the sales cycle. Everyone does not…
Read More »Not Knowing Financial Position
Inter-company transactions must be entered manually in each company. Transactions are re-keyed into multiple databases. There are errors. Transactions do not get recorded in all companies. They get recorded incorrectly resulting in difficulty reconciling the inter-company balances. Time is spent re-keying budget data from spreadsheets into the GL so budget vs. actual analysis can be performed. You cannot easily transfer information between the general ledger and Excel for creating and updating budgets. You do not have a mechanism for creating base line or blank budgets utilizing the information within their general ledger. You are unable to link back or drill…
Read More »Too Long to Close the Books
Excessive time is spent in reconciling inter-company due to/from accounts because inter-company transactions have to be entered manually in each company. Inter-company transactions re-keyed into multiple company databases. There are errors. Transactions not get recorded in all companies. They get recorded incorrectly resulting in difficulty reconciling the inter-company balances. The reconciliation of bank accounts is manual. It takes much time to reconcile a bank account. The finance department spends a lot of time preparing reports to get information to those that require it. Data is being re-keyed from external applications. Errors occur. Costly development projects are required to develop integration…
Read More »Difficulty Sharing Financial Data (Internally and Externally)
Posted by AJ Amjad Khanmohamed
— July 25, 2017
in Difficulty Sharing Financial Data (Internally and Externally)
You are not able to combine and analyze data from different dimensions. This restricts your analysis capabilities. Unknown impact. You spend a lot of time manually consolidating information, or performing analysis or processing reports. It takes much time. It takes too long to close the reporting cycle. It takes long. You are reporting or querying on dated information. It is because there is no way for accounting to monitor the reporting process. Or communicate with the sub sites about reporting deadlines. After your data has been entered in your GL, you need t manually map your GL structure to the…
Read More »Difficulty Understanding Company’s Financial Position and Trends
Posted by AJ Amjad Khanmohamed
— July 22, 2017
in Difficulty Understanding Company’s Financial Position and Trends
After your data has been entered in your GL, you need to manually map your GL structure to the one used in the Corporate reporting model. It takes much time. There are errors. Once mapping is complete, you have to manually re-enter data from your GL. You need to manually re-key data from your sub sites into your corporate reporting model. Users at remote sites re-enter data from local systems. It takes long. There are errors. The impact on inconsistent data has been unknown. It is difficult for you to maintain an updated reporting model. Unknown how you make changes…
Read More »Difficulty Maintaining Accurate Data and Reporting Models
Posted by AJ Amjad Khanmohamed
— July 21, 2017
in Difficulty Maintaining Accurate Data and Reporting Models
Reasons After data has been entered in GL, need to manually map your GL structure to the one used in the corporate reporting model? How much time does it take? Are there errors? Once mapping is complete, do you have to manually re-enter data from your GL? Need to manually re-enter key data from your sub sites into your corporate reporting model? Do users at remote sites re-enter data from local systems? How long does it take? Are there errors? What has been the impact of inconsistent data? Difficult to maintain an updated reporting model? How changes are made to…
Read More »Difficulty Understanding the Company’s Financial Position and Trends
Posted by AJ Amjad Khanmohamed
— July 19, 2017
in Difficulty Understanding the Company’s Financial Position and Trends
You are unable to drill down to the GL financial details. You did not get the GL transaction detail today. It takes long. It could be one or multiple reports. There is need for formatting. There is an impact if you don’t get it on time. You need to view your financial information in graphical formats. You will need tools to use when viewing the information in graphs. You would like to be able to manipulate the graphical data so that you can isolate and compare key measures against each other. Accounting has difficulty closing books on time? They have…
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