This article will focus on your options for modern financial budgeting solutions for your Intacct ERP solution.
Budgeting is a vital and important process, regardless of whether you are planning your personal finances or managing your organization’s budgets and forecasts. We have been seeing more and more budgeting tools hosted on the cloud and even though it seems pretty straightforward, most companies are still used to hosting their corporate performance management (CPM) tools on premises. Choosing the right budgeting solution for your industry that integrates smoothly with your Intacct enterprise resource planning (ERP) system can be challenging, but you have powerful options, and it will give you more knowledge about budgeting solutions for your company. In this article, we will explore Cloud-based budgeting and some of those solutions for your Intacct ERP system.
Let’s get down with the benefits. With cloud budgeting, it is faster to implement a solution because you are not installing on-premises. The installation and maintenance of your cloud solutions are the vendor’s responsibility. This is great for your IT department because it frees up time and energy from any involvement in the deployment and management of the budgeting software with powerful, modern security features.
As an Intacct user, you already have an advantage as Intacct was born during the Internet era. In fact, Intacct helped lead cloud computing. According to partner Cargas Systems (www.cargas.com), using a software-as-a-service (SaaS) model, “Intacct handles all of its computing in the cloud, and eliminates the burden and expense of maintaining and upgrading hardware and software for the user. As cloud accounting software, Intacct provides unparalleled flexibility and scalability, and is ideal for global multi-entity and project-based organizations.” Similarly, the cloud allows users to gain secure access each time, anywhere they are, with full customizable, flexible budgeting.
Take a moment to think about all of the time, energy and money your company spends on a mostly manual budget process. Now, what functionalities and features are required when shopping around for an upgrade? Some elements you should consider are Excel or proprietary user interface, budgeting capabilities, stand-alone versus a comprehensive BI suite, integration methods, and cloud-based platforms.
I think a good reminder is that no software will solve any and all problems that may arise, but you should avoid product offerings that are not actually significant automation for your company’s planning objectives. The top modern budgeting tool should enable you and your team to compare historical numbers with projected figures side-by-side for the next year, produce roll-ups, design templates that are reusable, multiple line items for accounts, utilizing parameters such as entity, department, and division, and the list goes on.
Cloud technologies are becoming more widely adopted and trusted in the business realm. Microsoft Azure and Amazon Web Services (AWS), two of the biggest cloud-based platforms, hosts third party cloud applications, offer data management, virtual machines, and more so that your company can focus on projects from anywhere you can connect to the Internet, while being managed by a cloud vendor. In the modern world, a lot of businesses rely on their employees working from different locations around the globe. Specialty budgeting tools are increasing in popularity, probably due to the flexibility, security, and user friendliness to partner with other departments. As you know, there are some budgeting solutions that are Excel-based, some are Cloud/Web-based, and others are hybrids, which offers a flexible format of spreadsheets and the mobility of the Internet. An increasing number comes with pre-built integration to Intacct, such as BI360 and Adaptive Insights. The best third party budgeting solutions also offer accounting logic that is built in for accessible automation and templates that are useable for the user.
If you are concerned about security, know that you’re not the only one. Budgeting solutions have been built with security in mind as vendors understand the importance of security in the Cloud. CPM vendors have invested an immense amount of time and money into making their solutions protected and easier to manage security by user. This concern of managing user access and protecting data will always be a priority.
Cloud vendors such as Adaptive Insights and Host Analytics are exclusively cloud platforms, but there are also hybrid solutions on the market, such as BI360, which is both hosted on-premises and in the Cloud. Additionally, it is great to know that there are some third party software vendors that have complete suites of fully integrated BI solutions. If your company’s roadmap includes an upgrade for dashboards, and/or data storage, financial reporting, you should consider investing in a BI suite. Rather than relying on several stand-alone tools, you can depend on one team of consulting, sales and support professionals. Having a suite with similar interfaces means a shorter learning curve for you and your company.
Budgeting involves several professionals bringing historical figures and researched projections together to create a financial strategy for the fiscal year. Microsoft Excel has been a game changer in the finance realm, but manually linking spreadsheets together can be tedious and mundane, leaving room for lots of errors. Many finance teams are still depending on Excel, so a third party product investment may feel like a cost you can avoid.
If you are looking to invest in a budgeting solution, note that cloud budgeting solutions are either a pure Cloud solution or a hybrid solution. Budgeting is only going to become more beneficial and results-driven if you are able to harness your data to plan efficiently. Solver offers BI360, a web-based reporting, budgeting, dashboard and a data warehouse, stand-alone or as a comprehensive suite of BI modules, and would be happy to answer questions and review BI360’s easy-to-use solution that enables collective, streamlined decision-making capabilities for your Intacct experience.
Solver enables world-class decisions with BI360, a leading web-based CPM suite made up of budgeting, reporting, dashboards, and data warehousing, delivered through a web portal. Solver is reinventing CPM with its next generation solution. BI360 empowers business users with modern features including innovative use of Excel in the model design process. If you’re interested in learning more, our team is excited to hear about your organizational needs and goals.