Performance Monitoring is the process of comparing forecasted results against actual and/or initial budgeted results. Understanding variances enables an organization to ascertain what it is doing right and what controls need enhancements, and may also reveal where the forecast model may require improvements in terms of accuracy. Performance Monitoring enables organizations to understand cause and effect to identify key business drivers in order to focus on the ongoing planning process.Learn More
Systems retaining actual, budget and reforecast data are disparate because most of the data driving the process is locked away in spreadsheets. Data is retained at different organizational levels, complicating the process of comparison. Sophisticated drill downs into the constituent components of variances, such as per unit costs, overheads, and time worked, are difficult to create. Reporting requirements are very complex and vary significantly between stakeholders. Generating reports is highly manual and involves manipulation of large amounts of data and chart creation.
PlanningSpace™ Financials enables organizations to analyze variances between actuals and plan, and consecutive plans, to trace success to its key components:
Create multi-dimensional variance reports, waterfall charts and pivot grids to identify business drivers and focus on them in the on-going forecasting process. Drill down to successive levels of detail from summaries to analyze data in line item charts of accounts and work breakdown structures. Use reconciliation workflows to ensure all material variances are explained at an appropriate level of the organizational hierarchy.
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