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Budgeting is often a time-consuming and demanding process for businesses. As per the current market conditions, expectations from E-budgeting software solutions are quite high. IBF is a companywide budgeting framework that aims to make forecasting more fluid, dynamic, and intelligent. Cloud-based technologies are becoming the norm, offering greater flexibility, security, and cost savings, allowing businesses to produce more accurate forecasts and budgets with fewer errors. Budgeting and forecasting software help businesses plan the financial resources they’ll need in the future to sustain their operations. This type of software aids businesses in forecasting future revenues and costs across different departments or company units. This sort of software is used by managers and executives to produce budgets and projections for each department.
The market is being driven by organisations putting more emphasis on digitalizing their budgeting services and expanding personal budgeting software in developed countries. Furthermore, the market’s growth is fuelled by an increase in the usage of software as a service. However, the market’s expansion is projected to be hampered by cash flow instability and inefficient resource usage. Increasing the use of budgeting software in developing countries, on the other hand, is likely to open-up attractive potential for the industry in the coming years.
Some of the key players providing budgeting software include Oracle Corporation, Microsoft Corporation, Intuit Inc., SAP SE, Sage Software Inc., Infor Inc., Epicor Software Corporation, Xero Ltd., Unit4 Business Software Limited, etc.
There are several benefits of utilizing e-budgeting solutions, which includes increased organizational efficiency and production; reduced turnaround time for the budget planning process; real-time financial statistics and predictions aid financial and strategic decision making; interactive, self-service dashboards and visualisations are used to measure and monitor performance; high-fidelity analysis of dimensionally rich data can be used to investigate root causes; automatic evaluation of trends and forecast creation based on internal or external data; creation of timely, accurate planning and projections by performing rapid what-if scenario modelling
Investing in e-budgeting software can help organizations save a lot of time and money. It also helps in reducing human errors and provide accurate solutions. Data can be utilized quickly and, in a hassle, free manner. Also, the “what-if” analysis helps assess the impact of various scenarios on the overall budget. Businesses purchase accounting based software to increase their functionality and replace the dated system. The reason being accounting calculation is tedious and complex. It will require manpower to complete things. But accounting software can do the calculation precisely and accurately without manpower. Organizations have been able to reduce their human resource costs thanks to the latest accounting software.
Appcino, a low code arm of the Xebia group, provides Intelligent Budgeting Framework software for various organizations. Low-code applications are easier to develop and maintain, with a lower risk of errors. Appcino creates unique applications using low-code, seamless, and security features, lowering delivery time by 40%. The various features of Appcino’s Intelligent Budgeting Framework include:
Powerful & Scalable Configuration Engine
Configure users, roles, levels, departments, and business units to meet the needs of the company. Create the Chart of Accounts (Budget Categories) and assign cost centres to them.
Supporting Multiple Budgeting Methodologies
Configure the planning approach, timetable, and budget frequency in accordance with the organization’s strategy, and collect budget data accordingly
Powerful Analytics & Intelligent Learning
The Finance team is always given the history in a format that they can simply understand and analyse, allowing them to forecast the best future plan while avoiding any mistakes made in the past.
Planning Specific to Budget Category
IBF encourages planning that is specific to a given budget category. It helps capture exactly what the organization needs to report and justify each budget category’s expenses or revenue.
Scenarios & “What-if ‘’ Analysis
IBF recognises that forecasting requires the capacity to run numerous scenarios and do What-If Analysis, so it provides key stakeholders with the ability to run, execute, and assess the overall impact of various scenarios on the overall budget.
About Appcino
Appcino is a professional services provider on Appian platforms. Appcino’s knowledge, intellect, and experience on Appian platforms help enterprises achieve digital implementation up to 30% faster with industrial reliability & quality. Appcino along with Appian provide agile, dynamic, and intelligent forecasting solution. The financial planning platform helps manage, plan & forecast organization-wide budget efficiently
Appian’s strengths in Dynamic Case Management, Business Process Management, Intelligent Automation, and Robotic Process Automation (RPA) enable enterprises to build powerful solutions. Appcino is Appian’s SI and Professional Services Partner and collaborates directly with customers and global partners helping them achieve a 9+ NPS score.
References
» https://www.alliedmarketresearch.com/budgeting-software-market-A11766
» https://www.g2.com/categories/budgeting-and-forecasting
» https://www.appcino.com/solution-appian-opertation-ibf/
» https://www.ibm.com/topics/planning-budgeting-and-forecasting