Let’s set the scene.

It’s the start of another budget season. As the CFO, you and your team are working long hours to complete the budget process and set goals for the new financial year.

Sounds familiar? Sounds exhausting for most finance teams.

Yet it’s the same story every year.

As part of a large organisation, you’ve got to work with and rely on multiple departments to deliver FY budgets.

On top of that, you’re working in outdated Excel spreadsheets—full of dozens of tabs and broken formulas—to deliver a consolidated company budget that will allow your Board to make more informed business decisions.

Then, after months of hard work, you present your budget, only to be told that you need to increase revenue and reduce spending, sending you back to your Excel spreadsheets.

You’re not alone. This is very common in companies today.

If this sounds familiar, we understand your pain. The budgeting process is already overwhelming enough. Working on sub-standard systems costs you precious time, money, and resources every year.

You find yourself saying: “It’s the 2020ies! There’s got to be a better way to prepare and make changes to our budgeting data.”

Well, there is. Let’s explore it.

“The fact that large corporations still depend solely on Excel to make major financial decisions is keeping them hamstrung. Especially given how effective it is to streamline it all and save themselves hundreds of hours.”

Serge Radisic, Minerva

The automated driver-based budgeting and forecasting model

The common problem is that all of your data is siloed and insufficiently accessible. Stopping you from being able to put together your budget reports effectively.

However, using a combination of market-leading tools, you can quickly and easily collate your budget data and store it in one centralised and secure database. This provides you with a live, on-demand feed of your important business data.

The budgeting benefits for both you and your company

This streamlined setup allows you to build your company budget in a fraction of the time it takes using Excel alone, with the ability to easily make changes on the fly.

With a system that does all the heavy lifting, you no longer need to worry about mundane tasks. Importing, transforming, and reconciling data from multiple spreadsheets and sources is automatically managed.

The best part?

Even though you are transitioning to a better solution, you can leverage the skills you’ve developed using Excel.

That’s because you can still use spreadsheet-like interfaces to perform calculations, while automatically storing the outputs in a planning system. This also allows your entire team to easily contribute to and access actual and planning data in an instant.

This automated system built around your objectives and processes, makes it simple to integrate and enables your organisation to thrive.

How does Minerva make this practical budgeting solution work for your business?

We’re experts in data consulting and ecosystems, helping corporations like yours to collect, manage and automate large stacks of data. Through extensive consultation and a deep understanding of your business objectives, we put together customised solutions to help facilitate better data management.

Through partnerships with leading companies such as Jedox (Enterprise Performance Management), Snowflake (cloud-based Data Warehouse technology) and Power BI (Business Intelligence solutions), we can build you an automated driver-based budgeting and forecasting model to meet your needs.

How we collaborate with you

  1. We examine and assess your current systems, including the outputs and objectives, to transform your business. We combine disparate data into a single source of truth improving the accuracy of your budgets, forecasts, and plans.

  2. Rather than providing a simple plug and play solution, we tailor the most appropriate solution to fit your business needs, solve problems and importantly empower the user base to be more productive and value-adding.

  3. Once we’ve built and implemented our robust and automated data foundation, you’ll have fast access to your data. You will also have transparency to allow for the simple alignment of your budget and actual results—helping to improve your data-driven decision making.

Let Minerva help you to improve your budgeting processes today

At Minerva, we collaborate with you and your team to find the best solution to replace your outdated data systems and provide you with the customised tools and training you need.

With key partnerships with market-leading software providers, Minerva makes digital transformation simple and more effective for your organisation, based on your unique needs.

If you’d like to learn more about how Minerva can help your business , contact us on 1800 646 378 or email info@minerva.com.au.

For more great data management content, follow us on LinkedIn.

Recent Posts

Power BI

Can Power BI be used for planning?

We often hear from organisations that have hit a ‘data wall’ when...
Read More
AASB

How to turn AASB 16 Reporting from a burden into a beneficial business process

The introduction of the AASB 16 Leases Accounting Standard in FY2020 has...
Read More
Budget blog

It’s Budget Time: Is Excel Holding You Back?

Let’s set the scene. It’s the start of another budget season. As...
Read More
enterprise performance management system

What do you require from an enterprise performance management system?

So, your organisation has finally decided to invest in an enterprise performance...
Read More
Framework for digital transformation

A Framework for Digital Transformation

If you want to increase the pace of innovation and drive business...
Read More
Why digital transformation is important

Why digital transformation is important for business

By now you would have heard a lot about digital transformation and...
Read More
digital transformation team

Digital transformation team – who to involve?

If you are considering a digital transformation, one of the first questions...
Read More
data migration

Managing a data warehouse migration

Managing a data warehouse migration can seem like a daunting and overwhelming...
Read More
Cloud costs

Optimising cloud costs – alternate payment models in the SaaS industry

Optimising cloud costs and alternate payment models are top of mind for...
Read More
data cubes

Most data warehouse projects fail – avoid these mistakes

Data warehouse projects can accelerate revenue, reduce cost, increase operational efficiency, improve customer experience - plus more. However, improved efficiency is not a guarantee.
Read More
FP&A Model

How to develop FP&A models that adapt to your business

FP&A models need to adapt and change as your business grows. In...
Read More
Predictions for FP&A

5 Predictions for the FP&A Professional in 2022

For many, the first quarter of 2022 has not been the energised...
Read More
acceleration of digitisation

What the acceleration of digitisation means for FP&A professionals

The acceleration of digitisation is here and the office of finance can...
Read More
digital ecosystem

Reassess your digital ecosystem and drive business performance

Now is a critical time for finance professionals to reassess their digital...
Read More
Cloud data warehouse project - part 1

A successful cloud data warehouse project – part 1

If you want to implement a cloud data warehouse or have made...
Read More
Cloud Data warehouse - part 2

A Successful Cloud Data Warehouse Project – Part 2

A Successful Cloud Data Warehouse Project - Part 2 In part 1...
Read More
Finance of the future

Finance of the future relies on digital transformation

If you have read the recent research on finance of the future,...
Read More
data strategy

5 Questions to complete your data strategy

Your data strategy and action plan are critical in helping you maximise...
Read More
Data silos

Are data silos compounding your data visibility challenges?

In the age of information and technology, data silos are stopping organisations...
Read More
future of excel

Will Excel still be used by the FP&A team of the future?

FP&A teams strongly rely on Excel and are comfortable operating in this...
Read More
elevate the value of finance

How to ditch manual tasks and elevate the value of finance

Unfortunately, low-value, manual tasks dominate the day-to-day lives of many FP&A professionals....
Read More
budgeting cycle

4 Tips to improve your Annual Budgeting Cycle

It is June and you are probably in the throes of the...
Read More
improve forecasts

3 changes to help you improve forecasts and drive profitability

The last few years in business have changed much of the way...
Read More
strategic alignment

How CFOs can provide greater strategic alignment

The role of the CFO has changed and there is a greater...
Read More

Leave a Reply

Search here...

Leaders in Management Consultancy. Minerva Partners makes digital transformation simple, more effective, less time consuming and seamlessly integrated.

Contact Us