Technology for Financial Planning

In this assessment, I am going to evaluate critically technology (SAP and EXCEL systems) that supports robust financial planning, budgeting, administration and reporting systems. Also, I am going to analyse financial monitoring, review, evaluation and auditing systems.

3. System Features

4.1 SAP summary

SAP is an enterprise performance management (EPM) system that integrates and examines organisation’s data from different sources to improve its performance (Garther, n.d.).

Cloud-based EPM system has many advantages, such as (Bright Point Consulting, 2016):

– data control: the permission to edit or change formulas can be set only for some users. This restricted access reduces the probability of human mistakes and also it facilitates fixing errors by tracking changes and approvals;

– existing Excel spreadsheets can be used by EPM system, reducing time and effort once the company will not have to start from scratch. It is a cost-effective and fast solution;

Can You Follow Strict Rubrics?

We meticulously follow your rubric, making sure every requirement such as structure, sources, and tone are met with precision. Our editors carefully review each detail to ensure full compliance. You can trust that your guidelines will be respected every step of the way. Upload your rubric for a flawless paper.

– it is not necessary a huge initial investment in license fees. In addition, installation, maintenance or update software will not be IT responsibility;

– EPM systems allow to get accurate financial consolidation and close process quickly and in a security way (Host Analytics, 2015);

– the accuracy of the data increases when it is loaded directly from EPM systems. “Spreadsheets, even after careful development, contain errors in 1% or more of all formula cells. In large spreadsheets with thousands of formulas, there will be dozens of undetected errors.” (Panko, as cited in Host Analytics, 2015);

– all department has access to the same dataset (consistent and accurate information) to do its reports;

How Do You Handle Urgent Revisions?

Urgent revisions are prioritized, with editors turning around changes in hours to meet your deadlines. We act fast to keep your paper on track. Submit your revision requests through your account.

– EPM systems are financially smart because they do not require human interference (to add formulas and customise spreadsheets, for example). They present an understanding of finance, templates and built-in formulas.

SAP recommendations:

SAP is recommended when an integrated platform (strategic, capital plans, operational and workforce in only one system) is required.

4.2 EXCEL Summary

Excel is a spreadsheet program that has the capability to calculate values using mathematical formulas. The data is arranged easily in cells (Computer Hope, 2016).

Can You Write Admission Essays?

We craft standout admission essays, showcasing your unique story to make your application shine. Our writers highlight your strengths effectively. Share your goals in the order form for a compelling essay.

Excel is a very simple system which needs a huge human interference to keep it working well without mistakes. However, according to MarketWatch (as cited in Bridge Point Consulting, 2016), 88% of spreadsheets have errors because Excel requires human entry data, what does not happen with the new cloud-based financial tools, which are automated and can detect invalid or missing information more easily. Individuals make mistakes, they type over things accidentally or forget things. So it means that companies waste a lot of the time to enter and fix the data.  This manual process does not allow the transparency required by business environment nowadays (O’Rourke, 2015).

According to a recent survey, Excel was chosen by 86% of the participants as the tool to be used for planning and budgeting (Kasabian, 2014).

Although it is one of the cheapest systems, there are many hidden costs once Excel is extremely time-consuming. Staff spends time creating customised planning that will help them to do planning and measure outcomes. To change this approach, it requires spending more time or even start over again. So, Excel appears the cheapest in the first moment, however it becomes expensive as more complex financial applications are required.

Besides that, Excel does not have efficient tools for a company doing its management properly. Some information such as financial and management reports are not available easy for users once each department provides company’s information individually and using its own template and approach to developing its spreadsheets. Consequently, accountants and auditors have to decipher this information later. All the data is not centralised and available for everyone up to date at the same time. It is extremely important all sectors in the company be linked each other to make sure that outcomes are in accordance with the business goals. Closing process is not fast in Excel. The overwhelmed majority of finance teams wait until all data had been processed to minimise the probability to make changes and rework. This attitude becomes the process long and hard, and this inefficient procedure is repeated monthly, quarterly and annually in the company. So, Excel does not help too much managers and CEOs to see the “big picture”. In modern organisations, they need data in real-time and reporting and analysis in near-real time to support their process of decision making.

What’s Your Expertise in STEM Fields?

Our STEM writers hold advanced degrees and deliver precise, data-driven papers for technical subjects. We ensure accuracy in every detail. Many have hands-on experience in research labs, engineering projects, or data analysis roles. They understand how to break down complex ideas into clear, well-structured writing. Provide your technical requirements for a tailored result.

Excel spreadsheets can be recovered from computers and servers, even after deleted, or can be accessed if laptops had been stolen (O’Rourke, 2015).

When linked spreadsheets need to be shared and edited by many people, the system gets messy and presents many formula errors easily (Host Analytics, 2015).

Excel recommendations:

Nowadays, the Excel’s use should be limited to domestic use because it is considered a great personal tool. In companies, Excel can be used as initial part of budget and planning solution once it is easy to work with.

4.3 System Recommended

After all considerations, SAP is more suitable for submission to a business manager for many reasons. Reliable data, fast report generation, integrated system which allows all staff having access to information.

Can You Create Visual Aids?

We include charts, graphs, or tables when needed, enhancing your paper’s clarity and professionalism. These visuals support your arguments effectively. Specify any visual needs in your order.

Nowadays, information on real time is an important requirement and SAP supports a business manager in this case. Besides that, reports can be generated with focus on many aspects of the organisation. These reports allow the understanding of the “big picture” and a better evaluation of organisation situation.

References   

Bright Point Consulting. (2016). Five reasons to switch from EXCEL to a cloud based EPM System. Retired from http://www.brightptc.com/5-reasons-to-switch-from-excel-to-a-cloud-based-epm-system/

Computer Hope. (2016). Spreadsheet. Retrieved from http://www.computerhope.com/jargon/s/spreadsh.htm

Garther. (n.d.). IT Glossary. Retrieved on October 18, 2016 from http://www.gartner.com/it-glossary/epm-enterprise-performance-management/

Host Analytics. (2015). Five reasons to move off Excel for consolidation and close. Retrieved from http://www.brittenford.com/wp-content/uploads/2016/03/Five-Reasons-to-Move-off-Excel-for-Consolidation-and-Close.pdf

How Do You Ensure Confidentiality?

Your data is encrypted, and papers are never shared, ensuring complete privacy throughout the process. We prioritize your security at every step. Rest easy knowing your order is protected.

Kasabian, D. (2014) For better or worse, Excel is still the number one tool for planning. Retrieved from http://www.tagetik.com/blog/authors/dave-kasabian/excel-planning#.WKk4gTt97IU

O’Rourke, J. (2015). Why leaving Excel behind leads to improved EPM. Host Analytics Blog. Retrieved from http://blog.hostanalytics.com/why-leaving-excel-behind-leads-to-improved-enterprise-performance-management