At SBS Group, we understand that a major reason that budgeting is not a task that most people get excited about has to do with how challenging and frustrating manual Excel budgeting can be for the budget manager. Excel is internally trusted by the finance community, but the spreadsheet program can leave a little to be desired for an organization of any healthy size. Increasingly, more Microsoft Dynamics NAV customers are looking to independent software vendor (ISV) budgeting solutions to truly upgrade their planning processes. Some third-party software streamlines and simplifies budgets and forecasts by incorporating secure collaboration. Budgeting and forecasting are routine tasks expanded by collaboration due to the importance of living within the financial means of a company, using actuals and research from all departments.
Financial planning typically consists of multiple professionals coming together with actual historical numbers and projected figures to craft a budget. Excel might be the go-to in the finance sector, but it can be tedious in regard to the logistics and security surrounding organization-wide teamwork. A majority of companies still rely on Excel – and/or sometimes Microsoft Forecaster – so an ISV tool can be seen as an expense you can avoid. This article will focus on the benefits you can experience from modern ISV planning software, so you can choose the best tool to expand your budgeting tasks with Microsoft Dynamics NAV.
Investing in a budgeting tool has become more prevalent recently because of the valuable flexibility and accessibility characteristics associated with third-party products. ISV solutions are known for answering consumer requests for ownership that you can distribute to contributors, accomplishing more through collaborative planning for the whole organization, a department, or a project. Moreover, there are budgeting tools that are database-driven Excel add-ins, meaning familiarity of formulas and functionalities, upgraded with a toolbar ribbon, eliminating the manual process of linking spreadsheets together for a complete budget. Some ISV planning tools also come equipped with accounting logic, so the solution is easy to use in terms of automation and reusable templates.
Modern planning software is focused on sensible, secure logistics to take planning teamwork to the next level. Budget managers can give department supervisors ownership over budgets they have to meet throughout the year, without lengthy email threads, hefty attachments, or the frustration of manually linking spreadsheets together. The budget manager can then assemble the completed budget because of smarter, streamlined, secure collaboration. It might sound too good to be true, but we know that it isn’t – and your potential return on the investment involves time and morale in addition to money. When shopping for a planning tool to expand how you manage your data with Dynamics NAV, consider platform types, budgeting capabilities, integration options, a complete BI suite, and web budgeting.
To continue learning more about budgeting solutions for Microsoft Dynamics NAV, read the rest of this article here.