Do Not Start Your Budget Process Until You Read This…
By: Sarah Brown
Updated: May 2022
If you are like most companies your budget process is messy. You have 13 different spreadsheets. There are hundreds of versions of Excel files. It takes three months from start to finish. If asked to explain (or even find) underlying numbers, that’s another uphill battle. If you find an error, you start emailing budget holders again . Most of your time is spent finding, collecting or cleaning data. Little time is left to actually analyze numbers.
This picture is familiar. And not just for budgets. But for vital reports including P&Ls, balance sheets, forecasts, and month-end reporting.
Is there another way?
If you are in Financial Planning & Analysis, you have probably already heard about a solution. Datarails, used by more than 400 companies, is creating a buzz. More and more people are using Datarails. Why because finance teams can continue to work in Excel while automating away these processes.
Let’s read that sentence again. The interface for Datarails is Excel, the operating system of finance used in 70% of businesses budgeting. With datarails’ patented and proprietary technology you get to stay in Excel. However, at the same time, your organization’s data is centralized. This is regardless of your data’s source or complexity (spreadsheet, General Ledger or HR data for instance). Based on AI and Machine Learning capabilities, Datarails provides real-time financial consolidation, and advanced data visualization.
Datarails has become the talk of FP&A teams because of its impact on teams and businesses: better relationships, data integrity, real-time data (automatic refresh of data in PowerPoint and Excel), ending of errors and multiple versions, and instant, accessible drill-downs. No more having to go off and check data!
Do yourself a favor and get ahead of the curve the next time you have to do a budget, month close or P&L.