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Preparing for the next level of financial planning and analysis, APQC, AFP, 2019 Some of the most interesting metrics include: Processes Annual budget cycle time lasts 25 days for top performers with 4 versions of budgets produced before final approval. Only 25% of FP&A teams ’ time is devoted to value-addedanalysis.
The result is undesired is that teams are often unable to deliver needed plans, budgets, forecasts, reports and value-addedanalysis when asked. The result can have financial and/or operational repercussions to the business, made even more challenging during times of crisis like the present.
Are you ready to upgrade to a cloud-based EPM solution that can help you spend more time on value-addedanalysis and less time on data collection and fixing Excel errors? Finance time shifts to value-addedanalysis, reduce hiring needs. Streamline adjustments and intercompany reconciliations by 50 – 80%.
The advantage for companies with a fast close process is that they can spend more time on value-addedanalysis and decision making – and deliver information faster to both internal and external stakeholders. Then there is additional time spent on external financial reporting and creating regulatory filings.
If the latter is the case, Planful recently held a webinar focused on how you can automate and accelerate the financial close, consolidation, and reporting process and free up more Finance time for value-addedanalysis. Does this pique your interest? Financial Close, Consolidation, and Reporting – Who Cares?
Accelerate planning, consolidation, and reporting to deliver results faster and shift more time to value-addedanalysis. This can be summarized in what we call the “three A’s” – automate, accelerate, and align: Automate key tasks and reduce manual work to eliminate errors and increase Finance team productivity.
Most organizations spend 80% of their time collecting and validating data and 20% doing value-addedanalysis. The process drives bad behavior – including gaming and sandbagging by department managers. There’s something wrong with this picture. The mix should be reversed.
Tools such as Cloud-Based EPM applications for modeling, planning, consolidation and reporting can reduce the drudgery of day-to-day Finance and Accounting tasks and allow Finance staff to focus on more value-addedanalysis that will better support the organization.
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