Budget Forecasting Software
Creating budgets is a critical part of financial planning and analysis (FP&A) and financial management. Budget forecasting includes assessing the expected revenues that a business wants to achieve in the future. Budgeting creates a target baseline for comparing actual results. At the end of a period, it’s possible to compare the budget to actual financial data, to determine how well a business performed during that time frame.
You can forecast for an entire fiscal year, or make use of real-time data to project business performance.
Whether you create different forecasts throughout the year or rely on a master budget, software solutions make it easier to accurately forecast revenue and improve performance management.
Empowering your people with revVana Plan
Native Salesforce Integration
All Editions of revVana Plan are seamlessly integrated into Salesforce Sales Cloud. Revenue planning and visibility starts with open and closed deals that originate from a sales pipeline. revVana Plan allows companies to integrate their revenue processes within current CRM processes. The integration with CRM enables
A completely integrated user interface (Lightning Ready) that helps rapidly drive adoption of your sales team
Integrated Salesforce reporting to provide real time visibility of you revenue forecasts and plans directly to the user based upon role, sales region, etc.
A data model that is created in CRM but can be exported in formats easily consumable by FP&A, BI or Data Visualization solutions
Current forecasting and management of bookings from CRM systems can be manual and not flexible to meet your current processes for managing revenue commitments. revVana Plan provides the following functionality:
Bookings can be automatically created from your CRM opportunities or manually created for sales (such as indirect channels, distributors, resellers, etc.) residing outside of the traditional CRM process.
Automated Booking Process – Automatically include or exclude revenue items by product type, opportunity type (new, renewal or existing business), or any other attribute to match your current Booking process
Bookings can be forecasted by open opportunities and committed bookings can be stored to more easily report on your forecasted and closed commitments.
Automated Revenue Scheduling and Forecasting
revVana’s flexible revenue scheduling engine automatically creates forecasts at the account, opportunity, or any other sales level from your CRM data. It also lets you set rules for how and when to cast and recast forecasts based on your sales stages, actual revenue on accounts.
Schedule revenue at any level (Account, Opportunity, Territory, Product Group)
Spreadsheet-like interface in Salesforce
Provides account teams ability to manage and change revenue over time
Auto-generation of revenue forecast data based on configurable criteria
Immediate update of revenue forecasts overtime based on changes in related opportunities or other events.
revVana Plan is a full multi-scenario planning app that allows you to track revenue data from a variety of sources supporting a wide range of planning levels. Your sales teams can see and forecast the entire revenue profile of their accounts in the same place they manage their accounts (CRM).
With revVana Plan, you can manage revenue plans across a variety of scenarios. Examples of revenue plan scenarios include:
Account revenue forecasts
Opportunity-level revenue forecasts
Official bookings revenue forecast
Baseline run-rate forecasts
Actual revenue from ERP and other data stores
Strategic plans, budgets, growth and product targets
Quotas and team targets
Revenue Event Management
revVana Plan tracks ‘Plan Events’ to add commentary and categorize significant updates to revenue plans. By managing revenue with revVana Plan and leveraging Plan Events, you can:
Track plan and forecast changes
Improve the management of account run-rate revenue
Manage the impact of revenue plan changes against key targets
Answer the question, “What changed in our forecast?”
Budgeting Software Benefits
Business budgeting software keeps large volumes of business data organized. Opting for a cloud-based solution offers significant cost savings compared to software deployed on local machines in that there’s no need to maintain an extensive on-premise IT network. It also ensures the data is current and real-time, preventing employees from working with multiple versions of the same file. It’s possible to integrate the software with your existing ERP so data transfer seamlessly to and from your accounting software like SAP, Oracle, NetSuite, or Quickbooks Online.
With the right self-service budgeting solution, you’ll be able to access a variety of reports and even run a variety of “what if” scenarios to plan for any number of situations for better business planning.
Using revVana Plan, your company can quickly and easily generate revenue budgets directly from your Salesforce opportunities. You’ll save time with your budgeting process and make it easier to get accurate financial forecasts.
Forecasting Software Benefits
Forecasting software allows for better decision making within your organization. It makes financial consolidation easy, so you can combine multiple data sources. With current and historical data, it’s possible to get a good idea of what you can expect in the coming period. Depending on what the revenue forecasting data shows, you may find that you need to:
- Reduce expenses
- Increase the number of new hires
- Consider employee raises
- Consider layoffs
- Make changes in your supply chain
Data to support business decisions increases the likelihood you’re taking things in the right direction. Making changes blindly wreaks havoc on your company – affecting revenue, employee satisfaction, and more. Rolling forecasts and adaptive planning keeps the business running smoothly.
revVana Plan Editions
Problems With Spreadsheet Budgets & Forecasting
Small businesses may start with a spreadsheet because it’s cost-effective and seems like it will be easy to manage. In the long term, as your business grows, spreadsheets are impractical for a number of reasons.
- Manual Process: Someone has to export data from the customer relationship management (CRM) platform (like Salesforce) to a spreadsheet – and make adjustments to the data based on when the last report was run. Time-consuming forecasting processes like these keep the business from running as efficiently as possible. SaaS-based solutions automate the entire forecasting process to save time, effort, and money.
- Constant Need to Modify Data: The finance team will have to modify the spreadsheet data to ensure it is an accurate reflection of the current operational data. Not all deals will close, and not all those that close will work out as expected.
- Outdated Information: Almost as soon as you export the data for the report, it’s out of date. As the sales team makes changes and closes more deals, it can be outdated in a matter of minutes.
- Difficult to Collaborate: It’s hard to have more than one person working on the file together because most spreadsheet tools are designed for single users.
- Multiple Versions of Data: Because of the single user set up, it’s possible people will be working with multiple sets of data. If three people create the spreadsheet and make adjustments to it – then there are three copies that someone else could be working from – all with different numbers.
- Error-Ridden: Mistakes are going to happen. In 2012, JP Morgan saw a $6 billion trading loss because of an Excel copy and paste error. Data entry mistakes can also drastically affect data accuracy.
- Difficult to Share: After you’ve finished the report, the file size could be so large it’s difficult to share via email with stakeholders and company executives.
Let revVana Do It All For You
If you’re ready to leave spreadsheets in the dust and take control of your budget and revenue forecasting, revVana can take care of it all for you. We make it easy to generate budgets and revenue forecasts by integrating with tools you already use. And, with our Insights product, you’ll get answers as to why you missed your revenue forecast or why it deviated from your expectations.
Best of all? The time you save with your new planning process can be used to focus on more profitable tasks.
What are you waiting for? Request a demo to see how revVana can streamline your financial reporting.