How to improve financial planning with SAS software for finance
Creating accurate financial reports and projecting future earnings is one of the biggest challenges for any organisation. This challenge presents a host of problems because inaccurate financial reports can hurt budgeting and projections on future outcomes. With the right financial analytics software, organisations can generate detailed, accurate information more efficiently and improve their financial planning. That’s why we are going to take a look at some of the problems they face in financial planning and what they can do about it using SAS software for finance.
What problems do organisations face in financial planning?
Corporations face pressure on all sides when creating financial reports. Starting with technology, corporations have complex technical infrastructures, a study reported that some companies work with over 16 different reporting systems. The complex nature of the infrastructure makes it difficult to extract and analyse data promptly within a feasible timetable.
IT systems are complex because experts need to extract data from disparate sources and make sure the information aligns, drawing out the time taken to compile a financial report.
Furthermore, regulations have proven to be a burden on finance departments. I have been told by CFOs that regulation changes hurt their department’s productivity because any alterations to regulations can force businesses to alter their own processes or consult an external auditor, which only draws out the reporting process even more.
Are there any solutions to improve accuracy in financial statements? While there is no one quick-fix solution for organisations, one possible option is to link different aspects of management. By linking finance, sales, operations and data from other relevant departments, corporations will have an easier time creating a more accurate financial plan and eliminating any bias plaguing the process.
You should consider looking at real-time forecasting because it aids planning. Real-time forecasting allows organisations to see their financial situation in the long-run, which aids long-term planning. Furthermore, with the right forecasting models, you can incorporate the most recent data findings into the platform to account for unexpected events.
But how can organisations integrate different business operations into a single report? What is the most efficient way to forecast trends? By investing in data analytics software, most organisations are dealing with incredibly complex supply chains, making it much harder to find connections between different departments like operations and sales. SAS software for finance can ease the workload in this process.
Fortunately, most organisations can have access to a solution with SAS software for finance.
Optimising financial planning with SAS software for finance
SAS finance software is built specifically for the needs of large organisations, so drawing data from different viewpoints and consolidating them into a single platform makes the process easier to complete.
SAS software for finance utilises AI and machine learning algorithms to collect and analyse data from different parts of the infrastructure. Some of the benefits generated from SAS financial software include the ability to consolidate operations from different industries. The platform comes with several features like advanced financial forecasting, data visualisation and interactive scenarios, making it much easier to create and publish accurate financial reports.
SAS software for finance is a useful asset because it optimises data management in a complex technical environment, making reporting and data entry easier to complete. SAS analytics eases data management and information delivery using a pre-built data model to deliver a consistent view of the data, which is useful for optimising data collection and analysis. The platform also aids in regulation because it supports multiple accounting standards.
Thanks to the analytics framework, you can automate much of the key tasks, improving efficiency and accuracy. Organisations will have a much easier time creating forecasts and planning for unexpected events because it is easier to incorporate unexpected variables into calculations.
There are also integrated planning and budgeting features that make it easier to create a seamless communication strategy. With SAS software for finance, organisations can improve their financial planning to generate more accurate reports on time. SAS software for finance has the processing power required to optimise data processing to generate accurate findings faster.
Beyond analysing data, SAS software for finance can aid in communication thanks to several features like dashboards and scorecards that are instrumental for communicating findings across the board.
Invest in the right software
Creating accurate financial reports is a challenging endeavour most organisations struggle with, but by investing in SAS software for finance, they can generate accurate reports without compromising efficiency.