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Need to Improve Budgeting and Forecasting

2/25/2014 2:47:15 AM Posted by Erin Carrather

In last week’s blog, we discussed the first warning sign that your organization may be outgrowing QuickBooks. In addition to struggling with keeping up with employee growth, your company may be at the point where you need a better way to analyze your data to create more accurate sales projections and set the right spending budgets to meet your goals. With QuickBooks, you’re unable to do the necessary analysis because you can’t get the right data in the format you need. The frustrating part is that you know the data is there but you just can’t access it.

You also may realize that you’re not getting the forecasting and financial reports you need out of your current system. For example, it can’t handle defined reporting periods and the financial statements are hard-coded so you can’t make changes. If you’re unable to get the data or create the financial reports and statements you need, you’re also not able to effectively forecast and budget. You must gain better visibility into your company through business intelligence reports, trends analysis, and inventory optimization reports in order to improve your budgeting and forecasting.

Here are some problems you could face without proper budgeting and forecasting processes:

 

  • Unable to do the necessary analysis – You need accurate data in order to successfully accomplish analysis of the data. With skewed data, the results of your analysis will be inaccurate, setting your company up for failure.
  • Can’t get the right data – Without access to the right data in the correct format, you lack the necessary visibility into the performance of your company.
  • Need forecasting and financial reports – If you’re unable to get the forecasting and financial reports you need out of your current system, you can dramatically hinder the growth of your company.
  • No visibility into your company – You need better visibility into all processes in your organization. When QuickBooks cannot provide this high-level of visibility, you know it’s time to upgrade to a more dynamic system.

 

If you experience even one of these problems, you should consider upgrading from your QuickBooks solution. By using a solution that allows you to easily manage your data for budgeting and forecasting, you can meet the needs of your customers while ensuring growth. To discuss your next steps,contact Third Wave today!