Traditionally, a company’s Chief Financial Officer is responsible for overseeing its business budget, including planning and forecasting. The 2022 edition of Sage Global Planning, Budgeting, Forecasting, and Reporting survey addressed this trend and included details about how leading company CFOs approach these business practices.

Company Business Budget Moving Toward Tech Departments

A major conclusion from the survey is that automating the company’s budgeting, planning, and forecasting processes should be shared jointly between the finance and technology departments. Company CFOs aren’t content to have technology reside in an information silo separate from finance. Instead, CFOs are increasingly becoming more knowledgeable about the technology and tech departments of their companies.

According to the survey, 33% of financial professionals have made significant changes to their business budgeting, planning, and forecasting cycle this year. Many of these changes have been driven by technology.

• 79% of the survey respondents believe that automation of tasks and data capture is important
• 78% would like to invest in IT and form closer relationships with the IT department
• 75% believe they should standardize processes throughout their organizations

Using enterprise resource planning (ERP) software can help streamline the accounting automation process and standardize it, too. Data capture and automation become a natural part of the workflow when the right technology is in place.

But unlike in times past, when the IT department became the sole judge of which technology a company should purchase, forward-thinking companies today encourage their CFOs to be part of the technology evaluation and purchasing process. This ensures that the selected ERP system provides the best level of support for the company’s financial processes and fits into the overall tech stack. SYSPRO shares information about how ERPs enable digital businesses here.

Finance Professionals Pressed for Time

Even though engaging finance professionals in the ERP evaluation process would be ideal, many feel too time-pressed to do a thorough job. In fact, according to the survey, most have only 1-3 months to devote to finance transformations within their organizations. These compressed time frames further strain the finance team’s resources and often make digital transformation projects feel unattainable.

Financial Professionals Want to Focus on Forecasting

The forecasting process is also being redefined by technology. Financial professionals would prefer to spend more time on forecasting, with 90% of the survey respondents saying they would like to invest more in forecasting. Approximately 73% state that budget reporting requires an increased investment, and 70% would like to invest more in compliance and risk assessment and reporting.

Forward-thinking financial leaders are now turning to technology to streamline both the forecasting and budgeting process. With the right technology, they can access accurate and timely financial data at any time. The entire business budgeting, planning, and forecasting cycle becomes easier.

Let PositiveVision Help You Choose the Right ERP System

If you’re a CFO looking to make the most of your company’s business budget and are interested in automating your processes, contact us today to speak to an ERP consultant to help you choose and implement the best ERP for your company’s needs. PositiveVision will ensure that the evaluation and selection process is focused on finding the best fit.