Generating accurate budgets is one of the most difficult processes for global organizations. For some organizations, the common refrain among financial and business teams is, “We’ll get to budgets next year.”
Next year is here. And, there is a solution to ensure more accurate budgets that can help your organization with the corporate planning process.
The solution is OneStream XF, a modern, unified software platform for Corporate Performance Management (CPM).
OneStream Software is the proven alternative to fragmented legacy applications that have traditionally limited your ability to create more accurate budgets. What OneStream does is simplify the process for even the most sophisticated enterprises.
Included in the OneStream XF software platform are tools that make budgeting easy, addressing the concerns of even the most skeptical members of your team that aren’t sure why budgeting is a critical piece of the puzzle.
Why Are Budgets Useful in the Planning Process?
Many organizations progress from back-looking to forward-looking. They start with optimizing financial reports that measure past performance, they progress to real-time analysis of present performance, and they aim for predictive future performance.
Accurate budgeting is part of the next progression for sophisticated organizations; it’s a powerful tool to support forward-looking business decision-making.
Unfortunately, budgeting comes with a stigma of being restrictive or limiting. Smart organizations are thinking differently about budgeting as opening the door to intelligent, innovative decision-making that can fuel future performance.
Accurate budgeting provides guideposts on what the organization can support in areas such as investments, capital expenditures, expansion plans, and other initiatives that could generate significant revenue.
Organizations that invest in their budgeting process will be better positioned to embrace new growth opportunities while delaying or staying away from other opportunities that are not supported by available budgets.
The key is being able to produce accurate budgets that guide sophisticated organizations in complex decision-making.
How to Produce Accurate Budgets
Accurate budgets are the product of numerous contributions:
- Past financial results
- Present financial performance
- Available resources
- Team capabilities
- External market conditions
- Internal and external threats
- Industry trends or key indicators
- Other KPIs set by leadership and management
How do you gather all of that data together to spit out accurate budgets for the entire organization and each business unit? You need a unified CPM software platform, OneStream XF, that can deliver the data in a meaningful way to support accurate budgets.
Fragmented, legacy CPM solutions cannot pull together data from multiple sources in a meaningful way, which is why many organizations have shied away from focusing on extensive budgeting plans.
With OneStream, your teams no longer have to back down from the budgeting process or take a “wait ‘til next year” approach. You can embrace budgeting today through the OneStream XF software platform:
- Set corporate targets or budgets.
- Continually monitor performance.
- Dynamically update planning assumptions.
- Adjust resource allocations on a periodic basis.
- Use dynamic planning techniques.
- Support corporate and line of business requirements.
Work with HollandParker to Create More Useful Budgets
Our CPM firm is a Diamond OneStream implementation partner that helps global organizations implement OneStream XF software.
As part of the implementation process, we ensure that organizations have support for their annual budgeting process and other budgeting requirements specific to your organization’s needs.
We ensure that budgets are useful to support your planning process and that OneStream XF is configured to your specifications.
No longer will your financial and budgeting teams struggle through outdated software attempting to set the guideposts for organizational decision-making. OneStream simplifies the complexities of budgeting so that your teams can support the organization’s objectives and goals.
Talk to us today about migrating to OneStream XF. Our team of consultants are ready to help your organization create more accurate budgets to support the corporate planning process.
