Businesses are Desperate for Forecasting Software
Budgeting and forecasting software is essential to business success – not our words, but those of business owners who are increasingly recognising the edge their companies can gain by using cloud technologies.
According to a recent report by independent analysts Software Advice, demand for simple budgeting and forecasting software has shot to the top of ‘to do’ lists world over. The company, which analyses software buying trends, lists “forecasting” as the 2nd most requested accounting functionality among software buyers.
“Business owners want the baby, not the labour pains”
Jennifer Moore, QuickBooks Online Evangelist and self-confessed “Bookkeeper Bootcamp Sergeant” in Ontario, Canada, shared her thoughts with us on why exactly this is.
“Our clients are demanding real-time data. Who wouldn’t want to know how they are doing right now, and then use that information to scale their business? Cash may be king, but knowledge of how that cash is used is gold. End users can now look at data and determine now, not months down the road, if the timing is right to expand, hire a new employee, or purchase an asset.”
Moore goes on to explain that “accounting professionals need to listen to who is paying their bills. Clients want simple budgeting and forecasting. With cloud accounting offering streamlined compliance, excuses such as ‘we need time to reconcile your books and input the data in order to provide reports and forecasts’ are no longer valid. Clients know there is a better solution – they just want to know how they are doing. As Ron Baker would say, ‘they want the baby, not the labour pains.’”
“Cash may be king, but knowledge of how that cash is used is gold.”
Other highlights of the report include:
- Most buyers are seeking new software in order to automate processes
- The most frequently requested applications among buyers in our sample are financial reporting (56%) and budgeting and forecasting (53%)
- 22% of those surveyed currently rely on manual accounting methods
This last point suggests that large numbers of businesses are currently managing their account with pen & paper and/or spreadsheets. While it’s heartening to see more and more businesses embracing the cloud for business, it is quite astonishing to think that there are many who continue to spend their precious money and time on activities that can be automated at very low cost.
There can be little doubt that those who are embracing technology are giving themselves the competitive edge.
If you’re interested in learning more about transitioning to online accounting software, check out our blog article on 6 Kickass Benefits of Cloud Accounting Software.
Are you looking to forecast your cash?
If you want to avoid the hassle of spreadsheets for forecasting cash, you could use a tool like Float to connect to your accounting software and automatically import your accounting data every day, saving you heaps of time and letting you focus on your bit – entering an accurate forecast. Sign up for a free trial here.