Author: Namos Solutions
Budget season is nearly upon us and many of us will now be starting to plan for this year’s budget process. When planning to produce a budget, typically budget guidance will be given with high-level targets being set by the board. However, one thing people often overlook, is their systems.
For those people lucky enough to have a Planning and Budgeting system in place, such as Oracle Cloud Planning and Budgeting, have you checked your system is ready to produce this year’s budget? Organisations change over time so your existing budgeting system may need some tweaks to fit the organisation of today and help you budget more effectively.
If you don’t have a Planning and Budgeting system, now is the perfect time to implement one.
Completing a budget without a system and managing the “spreadsheet hell” of hundreds or even thousands of spreadsheets which all need to consolidate to produce the final budget, is nothing short of a nightmare.
Implementing Oracle Planning and Budgeting can remove these nightmares and allow you to produce a budget for your organisation, much easier, quicker and with a higher level of accuracy.
This year has been challenging to say the least with the impact of covid-19 and Brexit causing huge problems for many organisations. Producing next year’s budget is not going to be as simple as producing an ideal plan – your organisation needs to produce a Plan b in the event of further bearings from covid-19 and Brexit.
For those of you lucky enough to use Oracle Cloud Planning and Budgeting, there have been a number of great updates over the past year. Here, I will cover my top three new features and how they can help you to produce a more accurate budget in a shorter period of time.
1. Auto Predict – Allows you to predict future performance based on historical data, unlike Predictive Planning this is not limited to running a prediction on a form you can run the prediction on thousands of cells of data. This feature is the best thing to come to Planning and Budgeting in recent years.
2. Dashboards 2.0 – brand new dashboard functionality with lots of exciting new ways to visualise data. This feature is a game changer in terms of reporting. Making it easy to report your data in a great looking visual format.
3. IFRS 16 – New reporting standards are always a headache, adding extra detail to company accounts, sometimes causing a significant impact on financial statements. Fortunately, Oracle Planning and Budgeting has you covered – you can now model and report the impact of IFRS 16 on your financial statements.
At Namos Solutions, we are an Oracle only consultancy, where our consultants have decades of experience in delivering Oracle Enterprise Performance Management (EPM) solutions.
We can provide a “budget ready review” to ensure your Oracle Planning and Budgeting system is ready for this year’s budget and ensure it is running at peak performance. We can also help to implement any new features which may improve your budgeting process.
If you do not have a Planning and Budgeting solution in place, we can deliver Oracle Planning and Budgeting systems in weeks not months, to get you up and running in time for this year’s budget.
To find out more, please get in touch info@namossolutions.com.
About Namos Solutions
Namos Solutions are an award-winning Oracle OPN Modernised Partner specialising in the implementation and support of ERP, EPM and HCM business solutions, both in the Cloud and on-premise.
With global experience together with an impeccable track record, our business is built on our passion for delivering successful business transformation. Passion underpins everything we do at Namos – passionate about delivering beyond expectations, earning trust and building long-lasting relationships with our clients.
Although based in central London, we work wherever our clients need us to be. Many leading organisations located all over the world trust and rely on our expertise to deliver industry-leading business solutions. Namos customers can currently be found in the UK, Europe, Middle East, Asia Pacific, North America and Africa.
For more information, please visit www.namossolutions.com or email info@namossolutions.com.
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