Financial planning is the process of planning all revenues, expenses, and cash flows based on the business context and the type of activity; including planning and budgeting, integrated financial planning, performance management and reporting, and forecasting and modeling. The purpose of financial planning is to ensure the current activities and development of the enterprise within the plan duration.
The main features of Olapsoft financial planning
Data collection and analysis
✓ A single data warehouse with maximum granularity, which allows you users to build a forecast and interpret the facts in one place;
✓ Ability to integrate to various sources for collecting financial and operational data: accounting and ERP systems, data warehouses, and other business solutions;
✓ On-the-fly data consolidation in a single format, automatic calculation and coordination;
✓ Data standardization and verification to provide accurate plans, forecasts, budgets, and analysis.
Forecasting and scenario planning
✓ Ability to automate processes to develop and continually improve planning, financial projections, and operating forecast;
✓ Tools to forecast various scenarios of financial results on a monthly and quarterly basis;
✓ Financial modeling of best-case, expected and worst-case scenarios by plugging in different parameters to see how it would impact the company’s financial position, plan capital expenses and other investments;
✓ Reporting and analysis of data in different analytics with natural and financial parameters.
Budgeting and execution monitoring
✓ Annual budget creation according to the strategic plan, and quarterly updates as financial conditions change. Expense budget allocation to business units or functions;
✓ Options to implement budgeting systems with granularity to Centers for Financial Responsibility, Departments and other units;
✓ Different types of input budget forms for bottom-up planning;
✓ Centralized input of scenario conditions and recalculation of the multi-scenario budgetary model;
✓ Variance reports tracking Budget vs. Actual by departments, and statements of CF;
✓ Automation of budget limit adjustments and uploading to the ESDH system.
Financial control and management
✓ Capability to view the reports in real-time and option to export and upload the report in the corporate format;
✓ Allows users to ensure comparability of planned and actual data. Provides control over budget execution and plan vs. actual analysis with full detail to transactions;
✓ Financial analysis of data and performance monitoring; including sales, expenses, profit, working capital, cash flow, and other KPIs – on an ongoing basis;
✓ Ability to display data visualization in the form of dashboards and interactive graphics to monitor the company’s key performance indicators.
Decision support and special projects
✓ Automated factor analysis and variance explanations;
✓ Analysis of risks and opportunities to update forecast to current plan;
✓ Ability to organize reporting and planning of accounts receivable;
✓ Ability to organize the module of investment planning (CAPEX and R&D);
✓ Workflow inefficiency optimization.