Excel spreadsheets remain the preferred budgeting, forecasting and planning tool for many organisations despite their drawbacks. A recent survey conducted by Advanced Business Solutions of 100 senior finance professionals across a range of UK public sector organisations reveals that 88 per cent of public sector finance professionals admit reliance on spreadsheets for their budgeting processes with 74 per cent of these stating that they are very reliant.
So why are Excel spreadsheets the tool of choice for compiling financial forecasts and budgets? The truth about spreadsheets is that finance teams and budget holders often find themselves spending more time managing and consolidating unwieldy spreadsheets than they do using them to manage their operations. There are a number of intelligent budgeting, forecasting and planning software solutions on the market which can be used as alternatives to spreadsheets. As budgetary information is instantly accessible in one centralised database, real-time information can be accessed at anytime, enabling instant financial status updates. Organisations that require an alternative to spreadsheets to drive the business forward should therefore invest in functionality-rich budgeting and forecasting software.
Advanced Business Solutions (Advanced), a leading integrated business applications and services provider, is a Science Warehouse partner.
Tworzymy sprzyjajace warunki dla lokalizacji firm z zakresu zaawansowanych technologii i otoczenia biznesu.


They are often viewed as easy to use and to understand and so frequently become the default tool of choice in organisations’ planning, budgeting and forecasting functions. 30 per cent admit that it takes them between 20 and 45 working days, while 24 per cent state that it takes them between 6 and 20 working days.
For instance, manually entering data into spreadsheets can lead to inaccuracies and formulas often have to be checked and rechecked. By replacing spreadsheets with a tailored budgeting and forecasting software tool, the time-consuming consolidation of spreadsheets is eliminated and vital staff resources are not wasted by repetitive, manual data entry and the checking and re-checking of data. The concern about the integrity of the data becomes a thing of the past because by eliminating both manual data entry and spreadsheet consolidation, this eliminates the possible errors that can creep into these processes. This software can provide accurate and real-time financial information, which is vital during a time of economic austerity. For the best WordPress experience, please update your browser or learn how to browse happy! Centrally located in Worcester, MA, we have been proudly serving the New England area since 1986 and look forward to earning your business.
Some organisations may not even realise that there are alternative budgeting and forecasting solutions available.


Of the remaining respondents, just 4 per cent state that it takes them less than one week (1 to 5 working days) to complete this process. With a number of budgeting spreadsheets in existence at any one time, version control can also prove an ongoing challenge. We will spend time with you to understand your needs then design a state-of-the-art point-of-sale solution that is tailored to your particular business. Clearly, whilst the finance team and budget holders are spending time batting with spreadsheets, they are not focusing on adding value to the organisation. As there are often plenty of opportunities for errors to creep into the data, this also raises questions over the integrity of the financial information.



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Comments

  1. 02.10.2014 at 11:17:51


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    Author: FiDaN
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