Financial Planning & Analysis (FP&A)
What is financial planning and analysis (FP&A) and how financial planning software can help improve cost savings
Every ship needs a captain, and it could be argued that financial planning and analysis (FP&A) wears that hat in business.
Why? Because FP&A is the catch-all term for a company's budgeting, forecasting, and analytical processes. Or, in other words, the pillars to business strategy and a healthy balance sheet.
Senior management within an organization depend on the financial analysis from FP&A to make major decisions within the business, including how to manage cashflow and consider structured financial planning.
Making decisions without that information is akin to the ship having no captain, and everyone on board crossing their fingers that they'll arrive safely at their destination anyway.
How FP&A software can reduce costs
Acknowleding the benefits of FP&A goes hand-in-hand with a desire to keep costs under control, spending where necessary but not needlessly or recklessly. Equally, efficiency is high on the list of priorities. That's where financial planning software enters the picture.
Fragmentation remains a significant issue across many businesses, including enterprises. Larger companies would arguably benefit the most from centralization and standardization, as many suffer from inconsistencies in the performance of FP&A processes. Often, this results in unnecessary reports, or analyses that offer little in the way of value.
Imagine a company where only one team used Microsoft Office, and all the others used alternatives that didn't cooperate with each other. It's difficult to picture because we simply wouldn't tolerate it. We would recognize the inefficiency it causes and move to a unified model.
Yet this is the reality for businesses all over the world for their financial planning and analysis. And it's why software can represent such a significant cost saving and efficiency boost.
How does Vena Solutions drive results for financial planning?
It wouldn't matter how much information financial planning software had if it couldn't present it fast and reliably. Vena Solutions gives you the numbers and insights fast - cutting planning and budgeting times by more than 50%. And it does so while improving collaboration between teams.
Built with both speed and ease of use in mind, Vena is the recognized market leader in customer satisfaction with an overall rating of 94%. That's because it was created with real business needs in mind, and that's why it boasts features such as:
- Real-time consolidation engine
- Powerful central database, ensuring integrity of data
- Workflow for participants to collaborate, ending fragmentation permanently
Using software for financial planning also eradicates human error and oversight. Exceptions will no longer be undetected, and anomalies being overlooked will be a thing of the past.
The new normal means a complete picture of accurate data, so the right decisions can be made quickly.
User case study: consolidating FP&A data 90% faster
One of the 800 (and counting) companies that trusts Vena Solutions is FirstService, one of North America's largest residential property management firms. Attracted to Vena's ease of use and integration with Excel, the team quickly learned the benefits of workflow automation and audit trails. The result? A 90% reduction in consolidation time, from a day and a half to an hour. The additional time is spent on tasks that add value to the business, and bring clarity for senior management.
Enter your details below to read the full case study.