Financial Planning & Analysis

In the iconic 1982 sci-fi film, “Blade Runner,” the world is populated by flying cars and robots so advanced, they’re indistinguishable from real humans. This futuristic vision wasn’t set 100, or even 1,000 years in the future. It was set in 2019. While 2023 doesn’t have the flying cars or humanoid robots “Blade Runner” predicted we’d have by 2019, today’s businesses have many sophisticated tools at their disposal. With financial process automation, modern businesses can accomplish tasks that were unimaginable in 1982 (or even in 2002). With the power of financial process automation, financial planning and analysis platforms can skyrocket your productivity, boost your accuracy and unlock new functionality in 2023 and beyond. 💡 Key Takeaways: Financial process automation can simultaneously help improve efficiency, reduce errors and enhance functionality for your business. In 2023, financial process automation will focus on end-to-end automation and integration with the platforms you already know and love. Older automation tools could create more problems than they solve. In 2023 and beyond, financial process automation will include easy reporting and visualization. What Is Financial Process Automation And Why Is It Important? Financial Automation is revolutionizing the way businesses approach productivity and business intelligence. To make the most of automation in 2023 and beyond, you need to understand the goals of financial process automation. These goals include: Improve Efficiency There are many things that humans do far better than computers—socialization, balancing upright and language processing. Where automation truly shines is in accomplishing repetitive tasks such as sending emails, duplicating contract workflows and sorting invoices. While today’s automation tools are nowhere near replacing human labor or intelligence, they are useful assistants for automating monotonous, tedious tasks so skilled humans can spend their time doing what they do best—making creative decisions, networking and establishing a long-term vision.                                                                                                                  Source: Automizy Reduce Errors While automation is far from perfect, financial process automation can boost your accuracy while improving efficiency in the process. One common application of financial process automation is budgeting. This tends to be not only time consuming but also error prone, as human workers can easily transpose a number, add or delete columns or overlook a line item. With financial process automation, however, you can easily create budgets based on any requirements. Not only can an automation platform create a budget faster, it can also do so with a greater degree of accuracy than even the most skilled and diligent worker.  Enhance Functionality Financial process automation isn’t just a shortcut to quick, accurate results.  It also fuels business intelligence and analytics to find insights that would be impossible without automation tools. For example, financial process automation can perform business-wide analytics, rolling forecasts and variance reports in next to no time. Automation excels at finding hidden trends that would be invisible to even the most trained human eye. Smart businesses are using financial planning automation to unlock new insights that would be impossible without today’s modern tools. Read Vena’s Complete Guide to FP&A Automation. Financial Process Automation Trends for 2023 The only constant in business is change. Automation has already revolutionized the business world, but you can expect to see financial process automation grow even more sophisticated and functional in 2023 and beyond. The most important trends in automation for 2023 are end-to-end automation, platform integration and easier reporting and visualization. End-to-End Automation Historically, many financial process automation tools have existed in their own bubbles. While these tools have helped businesses with components of their financial processes, they have complications. When automation can only accomplish part of a task, you might spend more time wrestling with incompatible tools than you save by automating a process. Automation should make your life easier—not harder. To combat this difficulty, end-to-end automation has been on the rise, and you should expect to see that trend continue into 2023. Rather than just tackling a single component of a financial process, end-to-end automation either accomplishes a wider range of tasks than their predecessors or automates their workflows themselves so you can spend less time babysitting your automation tools and more time working on important tasks. Platform Integration If you’ve ever bought a piece of technology, you likely know the struggle of each brand having its own suite of proprietary apps for everything from messaging to listening to music to browsing the web. For users who are already experienced and comfortable with their app of choice, these new platforms are inconvenient and unnecessary. Similarly, the future of financial process automation tools in 2023 is platform integration. Rather than using proprietary interfaces, expect to see more tools integrated into the apps you already use, such as Microsoft Word and Excel. In fact, Excel has one of the world’s highest penetration rates with 99.99% of businesses around the world using Excel. While legacy automation tools are struggling to reinvent the wheel, financial process automation in 2023 should integrate with the platforms you already use.                                                                                                                           Source: Vena Easy Reporting and Visualization Using an automation tool can sometimes feel like flying a plane—it might technically make the journey faster. But if you don’t know what all the buttons do, you’ll have a hard time getting off the ground at all. What if automation could feel less like defusing a bomb, and more like riding a bike? While older automation tools are overcomplicated and rely on niche expertise to operate, financial process automation in 2023 will emphasize easy reporting and visualization. In legacy platforms, analyzing data was just the beginning of the journey—turning it into readable reports was yet another hurdle for business intelligence users. In 2023 and into the future, analysis and reporting will be powered by AI and automation to make insights and visualizations available at the click of a button. Read 4 Financial Workflows You Haven’t Thought To Automate. Financial Planning and Analysis with Vena We may still be a few years away from flying cars and seeing lifelike robots, but in many ways, the future is already here. Automation tools are revolutionizing the way companies approach financial planning and analysis—and with the help of Vena’s financial process automation tools, you can increase efficiency, improve accuracy and unlock functionality like never before.   Maximize Investments, Minimize Borrowing Revolutionize your financial planning and analysis with Vena’s financial process automation tools.

Modern finance needs modern tools.  To empower finance teams today, this means implementing a financial planning and analysis (FP&A) platform that delivers. But what exactly should you be looking for to keep your business on track? As the heartbeat of financial planning and business analysis, FP&A processes are critical to organizations today—keeping your business running smoothly by enabling planning, forecasting and analysis. But to drive invaluable data-driven decision making and ensure your team has everything they need to thrive, those FP&A processes must rely on a financial platform that’s powerful, function rich and intuitive to use. So how do the current FP&A solutions on the market measure up? How do you know which one is the best for your business needs?  Keep reading for an overview of seven of the top FP&A and financial planning software tools on the market—and the pros and cons of each. What Is Financial Planning and Analysis (FP&A)? Financial planning and analysis (FP&A) comprises the planning, budgeting, forecasting and analytical processes that together support your organization’s business and financial decision making. Through cross-functional analysis, it helps you build your future goals, measure ongoing financial performance and forecast upcoming results.  To achieve all of that, modern FP&A teams rely on financial planning software. Gartner defines financial planning software as “a key tool that enables organizations to manage their enterprise-wide financial planning, forecasting and budgeting process.” It empowers businesses to “plan and analyze business financial strategy for the organization across all three financial statements (profit and loss, balance sheet and cash flow).” Typically, financial planning software also supports scenario modeling, collaboration, analytics, budgeting and performance reporting.  Let’s dig a little deeper into FP&A and how to choose a financial planning software that truly supports it. How Do You Do FP&A? As strategic partners to the entire business, FP&A teams are responsible for communicating and collaborating across departments. That means collecting company-wide data to fuel organization-wide planning,  look ahead and contribute to strategic decision making. It also means making informed financial decisions to ensure your business continues to thrive. Several key duties are taken on by the FP&A team, including: Analyzing assets, investments and your current return on investment (ROI) Deciding how to use cash flow Calculating key financial ratios to determine financial health Analyzing your products and services to see where the most net profit is made and which products have the highest and lowest profit margins Determining the cost efficiency of each department and whether resources are allocated in the best possible way—and working with those departments to build effective budgets Reporting to leadership and building out the financial models and forecasts that support their ongoing decision making Comparing budgets and forecasts against historical results, mapping out growth plans and looking for expansion opportunities To build efficiencies into the key processes that support those duties, organizations need an FP&A platform that fits their needs. How To Choose the Best FP&A Platform To empower your FP&A processes, you require a technology platform that will drive confident and connected decision making and ensure business-wide accountability. One that offers data analytics, guides business intelligence, lets you share actionable and scalable insights across your organization and drives strategic business planning and up-to-the-minute analysis. To achieve that, your financial planning platform should have:  Powerful BI cloud and AI capabilities Access to real-time analytics at scale  Functionality that drives operational alignment and accountability  Collaboration tools that let you share insights across cross-functional teams  Multidimensional modeling and scenario analysis capabilities Unified data control and security to ensure your data is protected An intuitive, easy-to-use interface  Ultimately, the tool you choose should connect your data, be intuitive for users and stay scalable to your business needs—letting you remain agile and proactive as you continue to grow. The Best FP&A and Financial Planning Software 1. Vena An out-of-the-box, no-code solution, Vena’s FP&A platform brings your financial and operational data to life with interactive visualizations that improve the way your teams communicate, collaborate and find creative solutions to complex business problems.   Vena empowers confident and connected decision making and business-wide accountability. It makes it easy to share actionable, scalable, AI-driven business insights and empowers strategic planning and agility at every level with guided business intelligence. And with extensible APIs, native integrations and multidimensional modeling capabilities, Vena enables you to go from data readiness to deep insights to peak business performance in an instant—all within a secure, complete planning platform. Key Functionality and What Makes Vena Easy To Use Built around a familiar Microsoft Excel foundation, Vena is flexible and intuitive, empowering FP&A teams to: Enhance strategic decision making, with self-serve access to data analytics and instant AI-powered insights using configurable dashboards that answer critical business questions, find creative solutions to complex problems and power proactive decision making Drive operational alignment and accountability, to easily communicate the impact of investment decisions, enhance visibility into business performance and help teams determine what drivers they need to focus on to optimize operations with effective data management and easy-to-understand visualizations Future-proof analytics and insights by leveraging out-of-the-box embedded and guided business intelligence, with instant access to Microsoft’s ongoing artificial intelligence (AI) and machine learning (ML) updates Centralize data in a secure environment, with unified data control and security, including sensitivity labeling, end-to-end encryption and real-time access monitoring Empower cross-departmental collaboration, enhancing the visibility of business performance and supporting communication to all stakeholders Vena’s Complete Planning solution is self-service, secure and interactive—connecting teams, enabling collaboration and facilitating data-driven cultures. All with Excel at the core, meaning you don’t have to abandon the tools you’re comfortable with in order to scale.    Vena Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas ✅ Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel ✅ Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance ✅ Integrations Offers native API integrations to industry standard systems (GL/ERP/CRM) as well as publicly available API integration to hundreds of additional source systems ✅ Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process ✅ Security and Compliance Provides a single, integrated security model with auditability ✅ Modeling Offers integrated and common data models for financial and operational forecasting, budgeting and reporting  ✅ Microsoft Power BI Embedded Has natively built reporting and insights with an industry-leading business intelligence tool ✅   Want to see Vena in action? Sign up for a 7-day Vena Preview. 2. Planful Used to streamline business-wide planning, consolidation, reporting and visual analytics, Planful lets you see performance data at scale, automate, improve reporting and align planning processes. Their financial performance management software is meant largely for bigger FP&A teams and CFOs looking to streamline their planning efforts.  Key Functionality and What Planful Does Well: Offers collaboration and sharing tools with a web-based user interface Adheres to common security and compliance requirements Provides consistent and customizable financial reporting  Planful Weaknesses: Fragmented platform and disconnected planning and reporting, mixing legacy database technology with different database for dynamic planning Challenging to maintain, requiring significant IT and technical support Data modeling is complex and challenging to configure Requires third-party technology for full breadth of FP&A and financial close processes Limited Excel add-in, with no way to easily export live reports into Excel.  Does not support Mac operating systems How Does Vena Compare With Planful?   Planful Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas ⚠️ Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel ✅ Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance 🆇 Integrations Offers native API integrations to industry standard systems (GL/ERP/CRM) as well as publicly available API integration to hundreds of additional source systems ✅ Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process 🆇 Security and Compliance Provides a single, integrated security model with auditability ✅ Modeling Offers integrated and common data models for financial and operational forecasting, budgeting and reporting  ⚠️ Microsoft Power BI Embedded Has natively built reporting and insights with an industry-leading business intelligence tool 🆇 3. Anaplan Anaplan is a web-based, enterprise-level business modeling and planning platform. It serves multiple areas across the business, including finance, marketing, sales, supply chain and workforce management. Anaplan offers forecasting and scenario modeling capabilities, with real-time access to data and collaboration capabilities.  Key Functionality and What Anaplan Does Well: Can be scaled across the organization Supports complex calculations Is highly customizable to accommodate multiple use cases Anaplan Weaknesses: Steep learning curve for modeling and configuration Configuration solutions can be complex and challenging to maintain There are no pre-configured starter models Modeling is complex and difficult to use and maintain How Does Vena Compare With Anaplan?   Anaplan Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas  🆇 Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel  ⚠️ Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance ⚠️ Integrations Offers native API integrations to industry standard systems (GL/ERP/CRM) as well as publicly available API integration to hundreds of additional source systems  ✅ Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process 🆇 Security and Compliance Provides a single, integrated security model with auditability ✅ Modeling Offers integrated and common data models for financial and operational forecasting, budgeting and reporting  ✅ Microsoft Power BI Embedded Has natively built reporting and insights with an industry-leading business intelligence tool ⚠️ 4. Prophix Prophix’s corporate performance management (CPM) software is designed mostly for finance teams at mid-market organizations. It improves profitability and minimizes risk by automating budgeting, forecasting, reporting and consolidation-to-close processes for better decision making. Prophix is available in the cloud or on premise. Key Functionality and What Prophix Does Well: Supports multiple use cases Makes it easy to build custom reports Has 20+ years of category and industry experience Prophix Weaknesses: Limited Microsoft Excel integration Weak business intelligence and machine learning integrations or tools Template creation is cumbersome and difficult to use The combination of cloud and on-premise deployments are not at feature parity Rigid and inflexible workflow, not adaptable for different business processes How Does Vena Compare With Prophix?    Prophix Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas ⚠️ Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel ⚠️ Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance ✅ Integrations Offers native API integrations to industry standard systems (GL/ERP/CRM) as well as publicly available API integration to hundreds of additional source systems ⚠️ Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process ⚠️ Security and Compliance Provides a single, integrated security model with auditability ✅ Modeling Offers integrated and common data models for financial and operational forecasting, budgeting and reporting  ⚠️ Microsoft Power BI Embedded Has natively built reporting and insights with an industry-leading business intelligence tool 🆇 5. Workday Adaptive Planning Workday Adaptive Planning is an enterprise planning and analysis solution designed to empower collaboration, insights and agility. It offers modeling and analytics functionality for organizations of all sizes, with customizable offerings for different use cases.  Key Functionality and What Workday Adaptive Planning Does Well: Has brand recognition and a large customer base Is customizable to certain use cases, including workforce planning, sales planning and financial planning Offers flexibility to create sheets and views based on the needs of business users Workday Adaptive Planning Weaknesses: Not a native Microsoft Excel integration, but instead uses proprietary modeling and formula language Has a steep learning curve, with weak support and implementation services Has performance issues and system limitations   How Does Vena Compare With Workday Adaptive Planning?   Adaptive Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas 🆇 Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel ⚠️ Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance ⚠️ Integrations Offers native API integrations to industry standard systems (GL/ERP/CRM) as well as publicly available API integration to hundreds of additional source systems ⚠️ Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process ⚠️ Security and Compliance Provides a single, integrated security model with auditability ✅ Modeling Offers integrated and common data models for financial and operational forecasting, budgeting and reporting  ⚠️ Microsoft Power BI Embedded Has natively built reporting and insights with an industry-leading business intelligence tool 🆇 6. Datarails Datarails is a financial planning and analysis platform that offers automation, visualization and consolidation capabilities. Finance teams can benefit from the spreadsheets and financial models of Excel while automating their financial reporting and planning. Key Functionality and What Datarails Does Well: Offers a low-cost option that makes it a good starter solution Offers a point solution for financial budgeting, planning and reporting Connects to Microsoft Excel using legacy desktop ribbon technology Datarails Weaknesses: Does not support extended, scalable planning use cases beyond traditional financial budgeting, planning and reporting Flexibility and modeling is difficult and requires Datarails support to aid in setup and maintenance The product is in development and has performance issues, with key features and capabilities missing The Excel add-in requires installation How Does Vena Compare With Datarails?   Datarails Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas ✅ Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel ⚠️ Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance ✅ Integrations Offers native API integrations to industry standard systems (GL/ERP/CRM) as well as publicly available API integration to hundreds of additional source systems 🆇 Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process 🆇 Security and Compliance Provides a single, integrated security model with auditability ⚠️ Modeling Offers integrated and common data models for financial and operational forecasting, budgeting and reporting  ⚠️ Microsoft Power BI Embedded Has natively built reporting and insights with an industry-leading business intelligence tool 🆇 7. Cube Cube is an FP&A platform that provides real-time financial and operational data access. It enables strategic planning, reporting and analysis within a spreadsheet environment, with flexible use cases across functions. Key Functionality and What Cube Does Well: A niche FP&A solution, it lets you get started fairly quickly Provides customizability and flexibility Offers top-rated customer service and support Cube Weaknesses: Has limited security with no way to restrict what users can access The product is relatively newer and immature technology, with a limited feature set and functionality that's still lacking There are modeling limitations, with a limited number of dimensions your organization can have How Does Vena Compare to Cube?   Cube Native Microsoft Excel User Interface Offers a native Excel experience, including all formatting and custom formulas ✅ Collaboration and Sharing Lets you collaborate, tag and comment directly in Excel ✅ Central Database Provides a unified solution that’s centrally architected and designed to support minimal system maintenance ⚠️ Integrations Offers native API integrations to industry standard systems (GL/ERP/CRM) as well as publicly available API integration to hundreds of additional source systems ⚠️ Process Management Includes flexible and visual workflows for all input, business rules, review and reporting tasks across any process 🆇 Security and Compliance Provides a single, integrated security model with auditability ⚠️ Modeling Offers integrated and common data models for financial and operational forecasting, budgeting and reporting  🆇 Microsoft Power BI Embedded Has natively built reporting and insights with an industry-leading business intelligence tool 🆇 Conclusion To get the most out of your FP&A team and processes, you need a financial planning platform that will enable those processes, empower your team and help you exceed your business goals.  That makes choosing the right solution crucial. Understanding what you hope to achieve, the functionality you need to accomplish those goals and the learning curve to expect for your team should all play a part in making that decision. From there, it’s all about carefully comparing the pros and cons to make sure you get the solution that best meets all your needs—then putting your new platform to use to make your organization’s objectives a reality. Frequently Asked Questions What should I look for in FP&A tools? What you should look for in your FP&A tools depends on your most pressing needs and the planning processes you have in place. You should also consider your people and the change involved in bringing in any new technology investment. Look for a familiar, flexible interface that lets your team stay agile and proactive, is scalable as your business grows and connects your data for more informed analysis and decision making. Automation, collaboration and visualization functionality are also key if you hope to fully empower your FP&A team. What does FP&A software do? Gartner says financial planning and analysis (FP&A) software supports “the office of finance’s budgeting, planning and forecasting efforts. Many also supplement the office’s budgeting and planning process support with modeling, collaboration analytics and performance-reporting capabilities, to increase its ability to manage performance by linking corporate strategy and execution.” It empowers you to better understand your business’s overall financial health, look ahead to make better decisions for the future and collaborate on budgeting and planning. What is xP&A and how is extended planning different from FP&A? According to Gartner, extended planning and analysis (xP&A) “extends” traditional FP&A solutions focused solely on finance into other planning domains—such as workforce planning, sales, operations and marketing. Solutions that enable xP&A help organizations exploit the challenges faced when introducing new cloud-based business processes and navigating economic uncertainties. In other words, this tech-powered planning approach enables finance teams to build agility, resilience and alignment into financial, strategic and operational planning. What other solutions does Vena provide? Vena offers solutions across FP&A, sales performance management and financial close management. We also have pre-configured industry solutions designed specifically for banking and credit unions, SaaS, insurance, manufacturing, real estate, hotel and lodging, higher education, healthcare, professional sports, not for profit and professional services. Ready to start your own growth journey?  

As a finance professional or business owner, scenario planning plays a big part in the future success and well-being of your organization. For this reason, it’s critical to understand the ins and outs of scenario planning, ranging from why it’s important to the tools you can use to complete the process. What Is Scenario Planning? Scenario planning is a method of financial planning with which you mitigate future risk by identifying assumptions and determining in advance how your company will respond. For example, projecting estimated future cash flow allows you to plan for all scenarios, including both an increase and decrease. Scenario planning can be completed across your entire company or within individual departments. For example, finance departments often run scenario planning on their own. However, there are times when they’ll collaborate with other departments to better understand the potential impact of business decisions, such as expanding a product line. Why Is Scenario Planning Important? Scenario planning helps organizations adapt and be prepared for change. Scenario planning gives executives and business leaders insights into different situations an organization might find itself in. Being able to plan for different scenarios enables executives to make decisions more effectively.  4 Key Steps Of The Scenario Planning Process It’s been said multiple times in this guide, but it’s worth mentioning again: the scenario planning steps that one company takes won’t be identical to the next company. Don’t make decisions based on what your competitors are doing. Make decisions based on what’s best for your organization. Here’s a four-step scenario planning structure to help guide the process: 1. Identify the Questions You Want To Answer This varies from company to company and from model to model. Identifying the questions you want to answer sets the table for the steps to come. Common questions include: What technology is needed to remain relevant in three years, five years or 10 years? What’s the best way to plan against a changing economic climate? How can your company prepare financially for another pandemic? Even if you start with a list of defined questions, your approach could change as you get started. You may find that there are additional questions to address. 2. Determine Who To Involve The first question to answer is this: Does scenario planning involve your entire company or only one (or several) departments? Once you answer that question, you can more easily determine who to involve. Even in the smallest of companies, scenario planning isn’t generally a one-person task. It takes several individuals—or more—to manage and carry out this process. 3. Make Note of External Factors Scenario planning isn’t all about what’s happening internally. Sure, this is a big part of the process, but you should also consider external factors. These can include details such as: Technology Economics Political  Social  While you have control over what happens internally, external factors are likely to come into play over the long run. 4. Choose the Right Type of Scenario Planning There are four general types of scenario planning: Normative scenario planning Operational scenario planning Quantitative scenario planning Strategic management scenario planning You can’t get started with the actual scenario planning process until you know which type you’re using. Tip: don’t force yourself to take steps that don’t align with your company, its goals and/or the resources available to you. These four steps can act as a framework, but make adjustments as necessary. What Are The Benefits Of Scenario Planning? Gives you the confidence that you’re prepared for anything and everything that could happen Helps you understand the key components of organizational performance Reduces bias Helps you manage uncertainty more effectively  Produces more accurate budgets, forecasts and strategic plans Enables collaboration between departments  Creates new (and potentially better) ways of doing things Also, scenario planning provides an advantage over the competition as you’re able to react quickly, concisely and decisively because you already have a plan. You’ve thought through your options and documented them accordingly. This reduces panic and poor decision making should a crisis move to the forefront. Are There Any Disadvantages of Scenario Planning? This is a legitimate question that you need to address before getting started. The biggest drawback is that scenario planning can eat up a lot of company resources. It’s a lengthy process that generally involves a large number of people. You can expect it to take several months from start to completion. Scenario planning isn’t something you do once and forget about until you need to take action. Constant reviews and updates are required. Even with these potential drawbacks, the benefits of scenario planning far outweigh the disadvantages. 5 Different Types of Scenario Planning There’s no one-size-fits-all solution to scenario planning, but there are four distinct types to consider: Normative Scenario Planning Normative scenarios focus primarily on the statement of goals, as opposed to objective planning. These goals don’t have to correspond with your company’s vision. Instead, they’re based more on how you want to operate over the short and long term. On its own, normative scenario planning isn’t as powerful as some of the other types. However, when combined with other scenarios, it’s a solid choice. Operational Scenario Planning Operational scenario planning is one of the most common types of scenario planning, as it touches on the direct impact of a specific future event. It allows you to better understand strategic implications and to plan accordingly. Quantitative Scenario Planning It often helps to look at future situations from a best and worst-case point of view. And that’s exactly what you get with quantitative scenario planning. It also allows you to make quick adjustments by altering a variety of variables. This form of scenario planning is most common when creating budget forecasts. Strategic Management Scenario Planning This type of scenario management focuses less on the company itself and more on the manner in which products and/or services are used. This is among the most challenging types of scenario planning as you must have comprehensive knowledge of your industry, local and national economics and the global landscape. Sensitivity Analysis vs. Scenario Analysis It’s a common misconception that scenario analysis and sensitivity analysis are one and the same. We’ve talked about scenario analysis and planning to this point, so let’s dive deeper into sensitivity analysis. Here’s a definition shared by Paro: “Sensitivity analysis can also be helpful to quantify and analyze different outcomes. However, it differs from scenario analysis because sensitivity analysis only alters one input. It then shows how sensitive the projections are to that variable.”   There are times when scenario analysis is all you need. The same holds true of sensitivity analysis. However, there are also situations in which it makes sense to use them both. Best Practices for Scenario Modeling Don’t go into scenario modeling with the mindset that you have to do things a certain way. This can back you into a corner, making it a challenge to maximize your efforts. A better approach is to rely on best practices, all while taking your company’s individual needs into consideration. Here are four best practices to guide you: 1. Use Data to Your Advantage Without the right data, executing on agile planning is an impossibility. Sure, you could make educated assumptions, but that’s not what scenario planning is about. Every decision you make should be backed by accurate data. Some examples of data include sales volume data from your customer relationship management (CRM) software, headcount data, sales pipeline health and historical data.  You won’t use every data point at your disposal, but it doesn’t hurt to closely review it to determine what you can employ. 2. Choose the Right Variables There are two things to remember here. First and foremost, you have to choose the right variables. Secondly, you don’t want to overdo it. For example, here’s an excerpt from our best practices blog post: “Identify your levers from all of the metrics at your disposal. Then start with the plan and execute with the budget or forecast. When making decisions about financing, operational changes and more, consider your values and strategic priorities. Then work to remodel your KPIs, business assumptions and expected business performance accordingly.” Just because you have a particular metric at your disposal doesn’t mean you need to work with it. You need to choose the right variables at the right time. 3. Run Three Basic Scenarios This is based largely on the old saying “hope for the best, but plan for the worst.” The only difference is that you’re adding another scenario: status quo. Your three basic scenarios should include: Low: Consider this the worst-case scenario. It shows that sales and revenue are dipping and you need to examine your business model to improve the likelihood of turning things around in the future.  Medium: This is “business as usual”, such as if your growth remains the same as the last quarter. Identify what business as usual entails so you know how to run this scenario.  High: This scenario is based on sales and demand increasing, resulting in additional revenue. Of course, it also has the potential to bring challenges to your organization, such as those with staffing. 4. Use a Break-Even Analysis The goal of break-even analysis is to determine what you need from each variable to continue performing at the same level. You can use it to answer questions such as: What sales volume is required to continue operating in the same capacity? Do you have variable costs that are likely to change in the near future? What about fixed costs? What steps can you take to lower your break-even point? Break-even analysis is a useful tool for scenario modeling as it can help you better understand your company’s required performance in relation to the three basic scenarios as detailed in #3 above. Common Questions Associated With Scenario Planning  It doesn’t matter if you’re new to scenario planning or have gone through this process several times in the past, you may have questions. It’s best to address any questions and concerns as they arise, to avoid future complications. Here are 10 common questions associated with scenario planning: Who needs to be involved with scenario planning? What’s the best way to plan for external factors over which you have no control? How much will scenario planning cost? How long will it take to complete your scenario planning? What’s the best way to measure scenario planning success? How will scenario planning change your company’s day-to-day approach to business? How will you know if a particular scenario that you planned for is playing out? How will you know which plan of attack to roll out to deal with a specific scenario? How often should you review your scenario plan?  What are your primary objectives? Maybe some of these questions have been bogging you down. Or perhaps all of them have been on your mind. Even if you only have one or two questions to answer, address them as quickly as you can. Summary By now, it’s our hope that you have a thorough understanding of all things related to scenario planning. With this knowledge, you can take the steps necessary to plan for any situation your company could face in the future.  And remember, there’s no “exact science” to scenario planning. A lot of what you do comes down to the specific requirements of your organization. The more time you spend on scenario planning the more comfortable you’ll become.  If you’re ready to get started with scenario planning, contact us online to request a free demo. We’ll walk you through our scenario planning and analysis software to help you better understand the way it can positively impact your business. Agile Scenario Modeling Mitigates Risk See how the decisions you make today will affect your bottom line tomorrow, with Vena.

What does a truly data-driven business look like and how do you achieve it? That’s what the most recent installment of Vena’s The Exchange explored. Hosted by Nadia Petkova, Senior Director of Enterprise Information Management at Vena, the session gathered data experts to ask what obstacles are getting in the way for businesses looking to build data-driven cultures—and how to get past them. “We are operating in a different world today. As business leaders, keeping our business agile requires us to anticipate problems, make decisions and take actions in real time,” Nadia told the event’s audience. “To do this our companies must use data to drive strategy and make decisions throughout its whole operations. Yet surprisingly, for many companies, a strong data-driven culture remains elusive, and data is rarely the universal basis for decision making.”  To dig deeper into this topic, Nadia brought together Paul Barnhurst, Founder of The FP&A Guy; Will Garza, Business Intelligence Analyst for the Kansas City Chiefs; and William Liang, Managing Director of ProLytics Consulting Group. The session, How To Align Fragmented Operations with Data-Driven Insights, is now available on demand on Vena’s Plan To Grow platform. Here are some insights the panelists offered:  💡Key Takeaways: Creating a data-driven organization takes work—but for finance teams, it’s key to working faster, staying agile and being a better strategic partner to the rest of their organization. For some teams, there are obstacles getting in the way of building a data-driven organization—including a lack of support within their organization, inaccessible and unreliable data or an over-complicated data environment. To smooth the way and overcome those obstacles, finance teams should advocate for a single source of truth, effective data governance and the right technology to support their efforts—and embrace data storytelling to create a clear message and build the organizational support they need.  3 Challenges Getting in the Way The Office of Finance has “changed dramatically” in recent years, William Liang, Managing Director with ProLytics Consulting Group, said during The Exchange panel. Today, finance is expected to close quicker, report faster and provide more guidance to other departments at every step along the way. Data is integral in supporting all of those efforts. “I think there's clear understanding among finance teams and finance leaders that data has been critical for business planning, forecasting and analysis,” William said. “We're becoming more and more data driven and less process driven.” For many organizations, though, there are still obstacles getting in the way of fully putting that data into action. Those include: 1. Lack of Support The panelists agree: You’re not going to get far in building a data-driven business without the culture to support it. A lack of support from the rest of your organization—especially higher-ups—can be a major obstacle to creating the infrastructure and environment you need. “If I look back at my career, to the different companies I’ve been with, really the ones that have leveraged data started with culture,” said Paul Barnhurst, Founder of The FP&A Guy. “It starts with … leadership recognizing that data should drive decisions most of the time, not gut. We are all occasionally going to rely on our gut, but if that's the predominant means you’re using, there's a problem. You really need to focus on building that culture. And it starts with the CEO and the leadership at the top.” With the right support from the top, you can start to weave data through all your decision making and put a foundation of tools and processes into place to support a business-wide culture shift that’s focused around data. 2. Inaccessible and Unreliable Data Even if you have the culture to support your efforts, though, you’re not going to get far if you can’t get to the data you need—or can’t rely on it. “From the technical side, definitely you will need to be able to have access to that data,” William said. “So that may involve building data automations—extraction routines—and really bringing all those different sources of the key raw data together.” And inaccessible or unreliable data can be a struggle for anyone. Even the most data-driven companies will need to continue to put the work in as they try to do more and more with their data. At least that’s been the experience of Will Garza, Business Intelligence Analyst for the Kansas City Chiefs. “You can have data silos, multiple sources of truth, data integrity [issues], you name it,” he said. “Fortunately, I'm in a great environment here where we do have the people and culture in place, people who are very data driven. We have the tools in place, the systems are there. So we don't have a lot of these challenges, fortunately, but one that we are focused on now, as we look to reforecast on a more frequent basis … we're going to need a lot more timely inputs across the entire organization, reliable inputs to be able to get more precise with that forecasting and so on.”    3. An Over-Complicated Data Environment “The simpler the better,” Will told audience members during the panel. Having a data environment that’s overly complicated can be another obstacle when it comes time to analyze the data and use it to fuel agility in your organization. No matter how much data you have available, then, choose a handful of key metrics to run your core business by.  “There’s just so much information, so much data, out there today—it can be very easy to overwhelm your audience,” Will added. “So it’s crucial to distill all those metrics to just a handful of KPIs to focus on. And a lot of times that list will be under 10, which doesn’t sound like a whole lot but it’s easier to focus on those key metrics and come up with a game plan and strategize and execute in that way.”   4 Ways To Overcome Them So how do you start overcoming the obstacles, to get your people on board and build the culture and processes of a truly data-driven organization? According to our panelists, here are  four key ingredients any organization aiming to be data driven should consider: 1. Build a Single Source of Truth “Having a single source of truth is huge,” Paul told audience members of The Exchange. A single source of truth that you know is both clean and trustworthy will ensure the data you draw on is always accessible and reliable. It will also go a long way in empowering a culture that can make decisions based on data—and trust that they’re getting those decisions right. And when there are data discrepancies, you’ll quickly be able to sort out why. “I still remember early in my career—it was one of my first roles out of grad school. We had run some numbers and I think the number was something like five billion and I was talking to my boss about it, who showed me another report that had a number of like four billion,” Paul added. “It was eye opening to me to realize how different it can be depending on the source. Now there were some reasons why it was different and we worked through those, but really understanding that is so important to working toward that source of truth and leveraging your data.” 2. Put in Place Effective Data Governance Effective data governance and management will help you manage your data availability and integrity, and ensure it stays secure. That makes it a critical step for creating a strong data-driven business—even if sometimes data governance can be time consuming and work intensive. Having support for your efforts from leadership will help ease the way. “I think it’s really important to get that organizational buy-in and ultimately prove that it’s worth going through the pain of the access controls and all of the things you have to do with the systems,” Will said. “If you can convince your stakeholders that the return you're ultimately getting of going through the pain of data governance management is worth it—the pros outweigh the cons—then I think that makes your story a whole lot easier and it makes it a lot easier to ultimately lead your organization into more of a data-driven mindset.” 3. Embrace Data Storytelling “Obviously the analysis is really important, but that last mile of figuring out what you need to present to the business is [also] so important,” Paul shared during the panel. That’s where data storytelling comes in. An integral part of any data-driven culture, it helps you hone and simplify your message, to get people on board with the data-based decisions you make. It also lets you communicate that data effectively to a  specific audience. Telling the right story, then, means understanding your business communicating that story to the right people—and employing the soft skills that will let you truly put your data-driven decision making into action. “You can be the smartest person in the world, you can have all the technical skills, but if you don't have the non-technical skills—like the ability to … communicate in a succinct manner—you won't be able to get your point across. You won't be able to ultimately accomplish your goals,” Will said. “So I think that's super important. I can't emphasize communication enough…. It's crucial.”  4. Put the Right Technology in Place Finally, the right technology will help ensure your entire data machine runs smoothly—empowering a single source of truth, enabling your data storytelling and ensuring you’re using clean data and consistent KPIs. The right technology can also help all your data processes run more smoothly and allow for better data collaboration—so that you can get your entire organization on board. How To Be the Best Strategic Business Partner For modern finance teams, having a data-driven business is key to strong, agile decision making and being the best strategic business partner you can be. And according to our panelists, while it takes work to put in place the data infrastructure you need to fuel your entire business, they all agree it’s worth the effort. Want To Learn More? Watch The Exchange: How To Align Fragmented Operations with Data-Driven Insights—now available to members of Vena’s Plan To Grow platform on demand.  .      

Do your legacy systems use on-premises data servers? If so, it may be time for your organization to move your data to the cloud.  From 2019 to 2020, data breaches decreased by nearly one-third, from 1,479 to 1,001 reported cases. Experts cite cloud migration as one of the key factors. A decrease in data breaches is one reason to migrate from an on-prem to a cloud-based data center. 💡Key Takeaways: You have two options for data storage, on-prem servers or a cloud-based solution. Increase agility with on-demand IT resources that enable files, data and applications to be readily available, whether an employee is in the office or working remotely. Enhance data security, reduce IT costs, support scalability and facilitate digital transformation when you use cloud-based data solutions. Cloud-based data centers are more environmentally friendly. They reduce energy usage by eliminating the need to house servers in temperature-controlled environments.   Source: YouTube   What Is a Data Center? Data centers are large groups of computer servers networked together for remote data storage. There are two types of data centers: On-premises (or on-prem) Cloud-based  Cloud-based data servers are either public networks or private servers owned by the organization that uses the server. Sometimes private servers are third-party service providers who maintain servers privately for the organization.  10 Reasons To Store Your Data In the Cloud   For decades, businesses worldwide only had access to on-prem servers. In today's digital age, we can access zettabytes of storage space available on the cloud.  The wide open storage space of a cloud-based data repository isn't the only reason to move your data to the cloud. Check out these 10 reasons we recommend for making the switch.  1. Increases Agility The current global economy requires business agility. This entails flexible, on-demand IT resources that keep pace with your competitors and rapidly changing business dynamics.  When you move data to the cloud, more than 99% of the data, files and applications you need are available on demand.  That is especially essential for firms with remote or hybrid work models. Crucial data is as close as logging into the cloud solution from the nearest computer or laptop. 2. Enhances Data Security According to recent studies by Tech Beacon, 34% of business executives state that data privacy and security have become one of the core responsibilities of cybersecurity teams. The rise in cybercrime drives these changes.  By migrating data to cloud servers, you implement IT infrastructure best practices to improve data security and big data visualization to thwart malicious hacking attempts. Cloud solutions gives teams the tools necessary to implement a strict security approach to data collection, storage and access.  But don’t make the mistake of thinking the cloud itself is what makes your organization's data secure. Security comes from how it enables organizations to implement data security governance, protocols and compliance policies.  3. Reduces IT Costs Experts projected that by the end of 2020, the cloud market value would reach $500 billion. Not only did it meet these expectations that year, but it also did in 2022. Furthermore, researchers discovered that 72% of organizations have at least one cloud-based application in the tech stack. Reduced IT costs are why we see this increase in cloud adoption.   Source: International Business Times Companies embark on cloud migration to reduce costs to their IT infrastructure by eliminating rigid on-prem assets and unnecessary hardware. On-prem data centers require additional space, temperature-controlled environments and personnel to maintain the physical servers. 4. Consolidates Data Centers While reducing the operational costs of eliminating on-prem data centers is one reason to move data to the cloud, consolidating data centers provides a single source of truth (SSoT) for your firm's data. This central database enhances data security and data accuracy while also improving efficiencies.  5. Supports Scalability Migrating data to the cloud allows your firm to scale to meet your operational needs. Since most cloud applications offer a "per user" option as part of their monthly subscription costs, you won't have to purchase a specific number of software licenses. Add or delete users when necessary. For example, accounting firms often face seasonal workload increases around tax time. CPAs can ramp up their cloud-based services for increased staff onboarding and client data storage needs. 6. Improves Data Backup and Recovery Attempting to back up data on multiple mobile devices and computers can be time consuming, tedious and fraught with issues. Cloud-based data solutions improve your data backup and recovery by automating backups in the background of any device you set up. Store data on easy-to-recover and keyword-searchable online databases. 7. Facilitates Digital Transformation According to IBM, only 20% of organizations have moved all workloads to the cloud. These companies are undergoing digital transformation due to the more recent advancements in cloud computing, creating incremental value out of existing assets.   Source: IBM You can digitize your core functionalities, including SAP, CRM, data analytics and more. If you are migrating from legacy systems, it will increase your teams' productivity and unlock potential new revenue sources.  8. Environmentally Friendly Moving your data to the cloud creates less carbon than a physical on-prem server. We already mentioned the cost savings of not housing on-prem servers.  However, for the same reasons cloud services save money, it also is better for the environment. For example, you reduce energy usage when you are not maintaining temperature-controlled rooms for servers. 9. Real-Time Integrations and Automation You will find that most cloud-based platform developers design their services to integrate seamlessly with other systems. These "works well with others" functionalities mean time-saving integrations. For example, you can connect a cloud-based CRM with your cloud-based budgeting and forecasting software to make automating invoicing, following up with clients and other essential tasks easier. 10. Accelerates Growth Organizational growth today requires integration. Whether by expanding organically or through a merger or acquisition, organizations that move data to the cloud can integrate new assets into legacy systems more easily. This enables rapid scalability when needed using flexible data management services and auto-scaling functionality. Organizational Growth Today Requires Integration Vena  Complete Planning enhances financial leadership and growth. Bring data from your existing systems and stop worrying about data integrity. Your data will remain synchronized and fluid in our Excel-based platform built for Microsoft 365 with Power BI Embedded.     “Excel-erate” Growth With Vena Our Complete Planning platform is your strategic data hub connecting your business-wide data with your source systems, all from an Excel-based program designed for growth.      

Financial planning isn't as simple as moving your business from point A to point B because multiple variables, departments and players can drastically affect your business and its revenue throughout the year. Therefore, what you have on paper and what occurs rarely match up. Thankfully, there are solutions to the most common financial planning challenges to help you predict and prepare for changes in the most efficient and organized way possible. Learn how to overcome the thirteen top financial planning challenges of 2023 so you can experience more significant business growth with fewer wasted resources. 💡Key Takeaways: Disconnected departments can lead to data silos, poor data quality and inconsistent information when analyzing your financial health. Unpredictable consumer behavior makes predicting future financial needs difficult. Using a unified financial planning software unites your data and allows you to make adjustments in real time to account for changes in consumer behavior and business needs. Adopting new technology that works with the system of spreadsheets you already use reduces costs in training and increases the efficiency of your processes. Top FP&A Challenges 1. Disconnected Departments Disconnected teams often lead to data silos which negatively affects your financial planning as you won't have access to all the available information. Data silos most often occur in larger companies that have several moving parts. Each department has its budget and goals, but without proper communication and connected systems, those might not align with other departments, which can cause contradictory strategies. Disconnected departments can lead to: Incomplete data: You can't see the complete financial picture of each department Inconsistent data: The information you receive might not match the reality of the situation Duplicate data: You end up performing tasks twice and overspending on the budget Limited collaboration: Departments aren't able to work together towards the same financial goals Our Solution The root of the problem lies in disconnected systems. Each department has its programs and data management systems, so no one has a complete picture of the company's financial health. Instead of every department purchasing its software separately, you can unify your departments by using a consistent and centralized financial planning and analysis system where everyone can import or input data directly into the same database for a single source of truth. To avoid data silos, look for the following signs and quickly address them so you can continue running smoothly as a unified whole. Some of the primary signs of disconnections in your departments include: Inconsistent data Missing information Multiple out-of-budget costs Address these issues by implementing a unified data system everyone can access and use. Find out how Active Exhaust breaks down international data silos with greater agility and smarter growth with Vena. Read this Customer Story. 2. Lack of Communication Roughly 86% of employees say poor communication is responsible for most errors in the workplace. In contrast, businesses with effective communication see an increase in productivity by 25%. A lack of communication will hinder effective financial planning as it prevents you from aligning your financial goals between departments, learning each team's challenges and addressing issues quickly to stay on track with the budget. One example of poor communication in the workplace is long response times. If your departments are looking for feedback or approval for spending, this can set them back in their schedule. It might also cause departments to make financial decisions on their own to avoid the wait time, which can cause an imbalance between your financial plans and actual spending. Our Solution Connect your teams through software integrations that automatically upload information into a centralized system for everyone to see and work from so all departments are on the same page.  In addition, using collaboration platforms such as Slack, Microsoft and Asana will significantly improve your cross-departmental communication to ensure your company's financial plans align with each department's goals so you all move towards the same objectives. Discover how Boskalis harmonizes its financial and operational reporting by implementing Vena as a single source of truth. Read this Customer Story. 3. Limited Data One of the most significant sources of data for planning for the future is looking at the past. What worked the last few years and how can you build on that for the future and prepare for potential changes? However, that isn't possible if there isn't available data. This can occur when you're trying a new business model, launching a new product or service or making another change that would significantly affect your future financial plans. In those cases, you might feel like your financial planning relies on guesswork or depends on third-party research from other businesses that adopted similar models or changes. However, no two companies are alike, so you're still left with many potential financial outcomes with little data to guide you. Our Solution Use scenario modeling to predict the future and take some of the guesswork out of your financial planning.  For example, you can ask endless "what-if" questions and run a scenario analysis in minutes with Vena's Scenario Planning and Analysis Software, which visualizes how potential changes might affect your revenue and expenses. To understand the ins and outs of scenario planning, read our Ultimate Guide to Scenario Planning. 4. Poor Data Quality Most finance professionals know the feeling of performing account reconciliation just to run into a discrepancy. While minor differences are often easy to resolve, major ones can throw your entire financial plan into disarray. Discrepancies often occur because of poor data quality. For example, individual teams may have recorded their spending in their accounting applications but haven't sent the data to the finance department. Another example of poor data quality is multiple errors. When you enter the same information in various databases, there's a greater chance of introducing errors in the data, which will cause inconsistencies with your numbers. Our Solution Connecting all your databases to a centralized database ensures you have the most updated and accurate information. For instance, when each department records its spending, it is updated in the master database in real time so your accounts always match,  reducing discrepancies during account reconciliation. For example, you can connect your HRIS data and payroll information by integrating your applications, such as Paylocity or Peoplesoft, into your master database. As HR inputs information in their system, that data is uploaded to your centralized database for the financial team to track and analyze with minimal errors in the transfer process as no re-entering is necessary for the transfer. Learn how data consolidation drives growth for ACME Lifts. Read this Customer Story. 5. Too Many Manual Tasks Repetitive manual tasks are when you complete the same action several times in a row, such as inputting numbers into a spreadsheet, which has enough repetition and predictability that you can program a computer system to replicate those same actions. Not only do manual tasks take your team away from other essential tasks, but it also increases your error rate. For example, errors can occur either during the initial data entry process or when someone manually transfers that data between systems by re-entering the numbers and information on a new spreadsheet. The average error rate from manual data entry is 1%. However, that varies drastically depending on the format of manual entry. For example, if someone is entering data from a written form, there is a higher chance of errors. This is because when transcribing written information, you must account for handwriting that's difficult to read. Our Solution Thanks to the latest advancements in automation and artificial intelligence, computer systems can perform many error-prone tasks that take up so much time. Automation can save your company resources by removing those cumbersome and repetitive manual tasks that steal valuable time. Instead, your employees could use that time growing your business in other ways. Some examples of tasks you can automate include: Collecting data Approving requests Updating systems and information Looking for errors Entering data Learn more about FP&A automation. Read our Complete Guide to FP&A Automation. 6. Multiple Security Risks and Breaches Security risks are on the rise. The number of data compromises rose from 419 instances in 2011 to 1,862 in 2021. One of the main contributing factors to the increase in data breaches is the advancement of technology which gives hackers the tools they need to break into company websites and financial databases that aren't adequately secured. There is a cyber attack every 39 seconds. In addition, 23% of data breaches are due to human error. When you perform all your financial tasks online, you also open the door to data breaches if you don't have a system to secure that data. For example, payroll information is at significant risk of a security breach. When dozens of employees can access the system to view and adjust the payroll, you also increase the chances of information being altered, stolen or misused. Data breaches can be disastrous for businesses. First, you will face financial ramifications due to lost trust from customers and employees. However, you can also face legal ramifications from those impacted by the security breach. Our Solution While hackers have the technology for accessing data, businesses have even more advanced technology for securing their information. Many data breaches are avoidable by taking the proper steps to secure passwords, limit access and control your financial data flow. For example, Vena limits access to data on the central database so employees can access just what they need, such as payroll data, without putting other financial information at risk. Another way to reduce your risk is by performing regular security training. The training will alert your employees to all potential risks so they can take necessary steps to avoid putting data in vulnerable situations. Training will also teach them the proper way to enter and store data in your systems to ensure it remains secure. Read this blog to learn how to keep sensitive Microsoft Excel data secure. 7. Drawn-Out Planning Stages A thorough business will create an annual financial plan that covers the entire year. It should include detailed reports and budgets, such as forecasted profit and loss, for each month over the next year. However, the challenge of creating a detailed report is the time it might take. While you might want to start earlier to ensure your plan is complete before the next fiscal year, you risk working with outdated information. However, if you plan at the last minute, you might be more rushed, increasing the number of errors. Our Solution Working with financial planning software dramatically reduces the time it takes to plan for the year. You won't have to start as early and risk working with outdated data months in advance. Instead, you can work with the most updated information and create detailed reports on your projected spending and profits. For example, Vena software streamlines payroll and benefit planning by using pre-built calculations that can prepare for benefit changes, salary increases and bonuses, which reduces the amount of time you have to spend on those calculations. Learn about Vena’s workforce planning tools and capabilities to help you grow by visiting our Workforce Planning Software page. 8. Lack of Scalability Your financial planning tools should grow alongside your business. For example, while a traditional spreadsheet might have worked when you were a small business of fewer than 100 employees, you will reach a point eventually when you can no longer perform the same tasks on that spreadsheet. Financial planners struggle with keeping up the same detailed financial plans while working with outdated budgeting tools and software that didn't grow along with their business. However, they also aren't ready to adopt new software because they are comfortable and familiar with spreadsheets. This can cause delays, inefficient processes and errors. For instance, if your business hired a dozen new employees over the next year, how easily can you add those new payrolls into your financial plan? If you're working with outdated systems or manual spreadsheets, it might be a very tedious task as you would need to adjust your numbers and perform calculations by hand, increasing the chances of errors. Our Solution Finding financial planning software that can scale your spreadsheets up or down is essential for staying on top of your business needs. Instead of spending hours manually entering tasks, you can easily import new data into a familiar system. For example, Vena allows you to add to your spreadsheets to make them scalable, so you don't have to abandon your current system when growing your business. As a result, you can update your financial plans in real time as you enter new data into your HR system. Because each department is integrated into your financial planning software, that data is updated in your centralized system for everyone else to see. In addition, your platform will perform any reconciliation necessary for adjusting to the new data to take that task from your plate and ensure you have the most accurate information. Over 1,300 leading companies grow with Vena. Learn how they are growing a healthier business through a smarter approach to planning by reading our Vena Customer Case Studies. 9. Accounting for Unexpected Occurrences Your financial plans are projections, but rarely will they match your actual numbers each month because business is full of the unexpected. COVID-19 reminded many companies of the potential challenges a sudden and unexpected change could cause. Even those with contingency plans in place still struggled to adjust their plans. Unexpected changes are more likely to disrupt your long-term financial goals as you have to forecast two to five years in the future and struggle to plan for the following year. For example, will gas prices rise over the next year? Will there be a supply shortage for something you need? Will your business see a sudden boom in sales, or will a new competitor cause a sudden dip? Our Solution While you can't predict the unpredictable, you can build a flexible financial plan that allows you to adjust as new challenges arise, equipping you with the financial tools necessary to take on any new hurdles in your way. Agile project management has come onto the scene since businesses have shifted to more dynamic models. Gone are the days of setting up one plan that will last over several years. The large amount of available information, advancing technology and increased power in the consumer's hands fuel today's fast-paced market. It's constantly changing, which requires businesses to change along with it. Agile planning accounts for changes as it doesn't rely on a set plan. Instead, it uses a probabilistic financial plan. You then receive frequent feedback from employees and customers so you can adjust that plan in real time to meet needs as they arise. One example of agile financial planning in action is budgeting each team for the long term rather than accounting for every small project. This allows teams to adjust their budgets to meet customer and staff needs rather than feeling tied to the original plan. Today, about 71% of companies in the U.S. use Agile project management. Those that use it saw a 60% growth in revenue. The best action plan for the unexpected is a proactive plan. Preparing before significant changes occur will help you quickly make the necessary business adjustments to meet the challenge instead of scrambling after it happens. Find out why finance teams need agile forecasting to plan through uncertain times. Read this blog. 10. Factoring in Unknown Consumer Behavior Financial planning would be much easier if you could climb inside the consumer's mind and predict their behavior over the next year. For example, if you plan to release a new product, you might want to account for growth in sales in your financial planning. However, what happens if consumers don't respond favorably to that product? Another scenario is predicting how a price change might influence consumer spending. Because of the increase in raw materials, gas prices and other supply chain costs, businesses also increase the price of their products. When you do so, you can't always predict the impact this will have on whether your customers will continue using your product or whether they will look elsewhere. Economic uncertainty can cause a host of new behaviors. For example, it might drive consumers to rely more on credit, which often causes them to spend more as they don't feel the financial impact as strongly. However, it might also cause consumers to reduce spending because of economic uncertainty. Those are just a few samples of ways consumers have reacted in the past, which will influence your financial plan for the year. Our Solution While you can't read the future of consumer behavior, you have the next best option. You can see the impact of consumer behavior in real time. Adopting financial planning software that integrates with your other systems allows you to track and manage financial changes due to consumer behavior as they occur. For example, you don't have to wait till the end of the quarter to look over your accounts and realize consumer spending is down due to economic factors. Instead, you can see the slow changes in real time as your central database collects data from all your other integrated software. Therefore, you can react faster and adjust your spending so you still come out at the end of the year with a profit. In addition, you can use financial forecasting to look at potential scenarios. For example, you can see how your budget will be affected if there's a boom in credit card spending versus if consumers cut back on their purchases so you can have plans for either scenario in place. Find out how to use the scenario planning process to navigate business uncertainties. Read this blog. 11. Migrating to New Technology Excel spreadsheet software is a versatile tool for financial planning that still holds a prominent place in businesses today. Even though it has been around since 1985, it still manages to stay up with the times and allows users to perform similar tasks as more complex technologies. However, the system does have its limits, which is why financial planners look to other software to create their annual budgets and predictions. Despite introducing new technology, businesses still incorporate Excel in their tasks because it's easier to understand and use. Meanwhile, many of the latest financial software options take weeks to learn and adapt and migrating all your data from Excel to the new software is time-consuming. Our Solution While financial planning software might ask you to choose between your familiar spreadsheets and their new tech, Vena says you can keep both. Vena is built for Microsoft 365, allowing you to continue using the already familiar platform instead of spending hours training on new technology. Through Vena, you can integrate your other platforms into Excel and turn an ordinary spreadsheet into a centralized financial planning database for storing and updating information in real time. In addition, we offer Excel templates to save you time so you can perform even more tasks with greater ease. Jumpstart your growth with our library of free Excel templates. Get started by visiting our Free Financial Excel Templates page. 12. Lack of Organization When Planning Disorganized businesses cost employees six hours a week. In contrast, companies with organized systems see a jump in their revenue from increased productivity and efficiency. There is a wide gap between having a system and an efficient financial planning method. For example, your system might include entering numbers into a spreadsheet. However, that system can end up being counter-productive if very few other employees understand what each number means and how they connect. Disorganization is a nationwide challenge as employees work with different systems or don't have any set standard for entering information. It can cause delays as other employees have to search for the data they need. They also can't make immediate decisions because they often need to reach out to those in finance for clarification on the budget or financial plan. Our Solution Switching to complex software might only add to the chaos if your employees don't know how to use it. That's why sticking with a system they already understand, then standardizing their use of that system is far more efficient. For financial planning, that system is Excel. Most finance teams are already familiar with Excel and use it regularly. What's missing is standardizing the data you input during financial planning so everyone is on the same page and can access the information they need when they need it. Vena offers templates that set a standard for data entry. In addition, you can lock and secure the template to limit where employees can enter new information to guarantee consistency in data entry and create an organized system for recording and storing financial data.  13. Reliably Measuring Results The most crucial piece of your financial plan is real-time reports that allow you to reconcile your finances and compare them to your plan to see whether you're on track. Compiling comprehensive reports takes time as you sift through paperwork from dozens of departments and databases. In addition, you don't always know whether your data is reliable. These challenges can cause unneeded stress during reporting. Our Solution Automated reports relieve that stress by performing those tasks for you. For example, Vena integrates with all your systems, allowing you to pull data from each department's software in real time, so you have the most updated financial reports. In addition, it compiles that data into an easy-to-read and understandable analysis of your financial health to save time in gathering and organizing that data. You are in control of the reporting template and can choose from various reports depending on the time of year, use or detail,  ensuring you always have the data you need for every situation. In addition to easy reporting, you can also share those reports with others through our secure system. In one easy step, you can import your Excel files to your favorite cloud storage so all relevant parties can see the numbers. Learn how you can create accurate reports in less time with Vena. Visit our Financial Reporting Software page. Overcome Your Financial Planning Challenges With Vena Growth is achievable, even amid economic uncertainty and overwhelming technological development. However, changing with the times doesn't mean you have to throw out all you know and are comfortable with.  Vena makes it possible to keep your Excel spreadsheets while also adopting new technological advancements that allow for advanced data entry, forecasting and analysis to ensure you're always on top of your financial goals.     Boost Your Business’s Financial Growth With Vena See for yourself how Vena transforms Excel into a Complete Planning platform for your business.  

Financial professionals have had only two options when managing FP&A spreadsheets for decades. They can stay the course and continue to use Excel as a stand-alone manual solution for financial planning and analysis.  Alternatively, they can replace spreadsheets with newer technology that presents long, disruptive integrations requiring extensive training.  Isn't there a better option? Yes there is. Check out these integration suggestions if you're looking for ways to integrate your existing FP&A spreadsheets into a new financial planning and analysis solution. 💡 Key Takeaways: On their own, developers did not design Excel spreadsheets to generate analytics. Excel sorts data, but without further integration, analytics is not possible. Integration doesn't have to create more issues than it solves. However, it will require that you keep it simple, document the process and take measures to secure data. Consistency is key when integrating your existing spreadsheets into an FP&A solution. Consistent formulas will simplify the integration process. Approximately 63% of companies in the U.S. rely on Excel as the primary tool they use for budgeting and planning—and most finance professionals are familiar with it How To Integrate Spreadsheets Into an FP&A Solution In FP&A, working knowledge of Excel is a must-have skill. Finance teams perform financial analysis, modeling and reporting in Excel because of its unmatched mathematical capabilities in formatting, calculations and VBA/Macro tools.   While some organizations have attempted to move away from Excel, 82% of organizations with an FP&A software solution will return to using Excel. Why force financial professionals to adjust to a new application? Integrate an FP&A solution that works with your current spreadsheets, not against them. The result will be a more efficient finance team and happier finance folks. Let's look at the steps you should take to integrate spreadsheets into an FP&A solution. 1. Document Processes, Procedures and Objectives Documentation is key for obvious reasons, including troubleshooting during the integration process y to determine which steps your integration team took. Consider outsourcing integration so it isn't something you or your internal teams have to worry about managing. Furthermore, document the processes, procedures and objectives, along with change logs in the model. Separate into different tabs such as: Instructions Inputs Outputs Summaries Drivers Scenarios Calculations Change Logs Assumptions Source Data Error Checks 2. Avoid Externally Linked Worksheets  Avoid externally linking workbooks or worksheets. If it is truly necessary, communicate all changes. Do not create a daisy chain of information. Refer directly to the data source for input instead of from cells that reference that input. 3. Prevent Unauthorized Access Excel's security is extremely limited. Data security will require that you encrypt the model to prevent unauthorized access and set permissions to keep unauthorized users from obtaining information outside the scope of their duties. Prevent fraudulent characters (internally and externally) from manipulating data. 4. Create Consistent Formulas You streamline integration by creating consistent formulas, such as model layouts, standardized naming conventions and structure. Do this for a range of mixed and absolute references. 5. Prevent Further Changes  Avoid inadvertently referencing incorrect data by pressing “Enter” after completing every entry into a cell. Don't simply click away from the cell. Also, mark "Final" on the final version to prevent further changes making the file read-only. Why Organizations Choose Excel Over Conventional FP&A Solutions Approximately 63% of companies in the U.S. rely on Excel as the primary tool for budgeting and planning and most people are well-versed in using the program. Spreadsheets are still our favorite for standard data entry or quick ad hoc tasks. Excel is straightforward to use and most people learn how to use it in their early secondary education classes.  More importantly, you can find free online how-to instructions, tips, and videos on social media platforms such as YouTube that discuss the effectiveness of spreadsheets. Spreadsheets are inexpensive. Proprietary spreadsheet programs like Excel (part of the Microsoft Office suite) are available as part of your Microsoft 365 SaaS subscription.  In 2016, Microsoft introduced Power BI tools. These tools allow spreadsheet users to manage a more extensive volume of data and enhance user experience with improved data visualization. Drawbacks To Using Spreadsheets Alone  Many agree that Excel is obsolete, or at the very least, quickly becoming outdated. While people tend to exaggerate these claims, we base them on the undeniable truth that standard Excel alone is unfit as a total FP&A solution.  That's not to say that we don't believe that Excel has its strengths. There's a reason firms use spreadsheets to collect and store data.    However, modern FP&A teams require a toolkit that supports flexibility, scalability and collaboration. Standard desktop Excel falls exceedingly short, offering unreliable, chaotic and often siloed datasets.  Excel is also susceptible to human error. Data entry mistakes wreak havoc on even the best-built models and can lead to catastrophic circumstances.  Excel data is also susceptible to fraudulent manipulation and a lack of necessary security controls. Other issues include: Complex models are challenging to troubleshoot Linked spreadsheets could be in various sites and folders Risks associated with links not updating It's not ideal for collaborative work, nor is it agile Developers did not gear spreadsheets for scalability Can be difficult and time consuming Processing speeds are proportional to the scope and complexities of the models More importantly, developers did not design spreadsheets alone for generating analytics. Further integration is necessary for your financial team to perform business analysis. The Only Native Excel FP&A Solution  Excel is here to stay. Overcome Excel's limitations by adding data integrity, version controls and up-to-the-minute updates with Vena—empowering.   your finance teams to obtain the data they need and perform the analysis you hired them to do without needing to teach them an entirely new way to manage spreadsheets.   Vena is Excel, but Better Integrate your existing spreadsheets into Vena's Excel-based FP&A solution to ensure all your data is in one central database with all the necessary functions. It's like Excel, only better.

Black Friday and Cyber Monday are almost here. The two biggest shopping days of the year are just around the corner. For consumers, it’s a great opportunity to save big—and for businesses, it’s a chance to drum up sales and finish the year on a high note. And although inflation has led to higher prices among most goods and services in 2022, this year’s Black Friday and Cyber Monday are still poised to be huge revenue-generating opportunities for businesses. With 88 million consumers spending a cumulative total of $8.9 billion during Black Friday 2021 in the U.S. alone, it is once again expected that Black Friday and Cyber Monday will be big events—despite inflation and economic downturn.  To capitalize on consumers’ willingness to spend over the American Thanksgiving weekend, businesses need to be prepared. And leading the charge to help their organizations succeed are FP&A teams. So we’ve put together this blog to help finance teams like yours best prepare for Black Friday and Cyber Monday 2022. We’ve got tips, best practices, free Excel templates and more so let’s get started. When Is Black Friday 2022? This year, Black Friday will take place on Friday, November 25. As is tradition, Black Friday in 2022 will occur on the day after U.S. Thanksgiving, which is Thursday, November 24. For many, Black Friday marks the beginning of the holiday season—although you may have heard Mariah Carey’s “All I Want for Christmas is You” at least a dozen times by the time Black Friday rolls around. Since retailers typically discount their products and services heavily on Black Friday, it can be a great opportunity for consumers to complete a lot of their holiday shopping ahead of time—and save money while doing so. Or you can wait until December 23 to do all your shopping and hope that Amazon Prime follows through on its “next-day delivery” guarantee (warning: this can cause a lot of stress). We recommend the former. When Is Cyber Monday 2022? Cyber Monday will take place on Monday, November 28 this year. Cyber Monday falls on the Monday following U.S. Thanksgiving and although its roots aren’t as old as Black Friday (the term Cyber Monday was first used in 2005), it has quickly become one of the biggest shopping days of the year. Similar to Black Friday, Cyber Monday is both a great opportunity for businesses to boost their bottom line and for consumers to save on products and services.  So what is the difference between Cyber Monday and Black Friday? About 72 hours, for one. But in reality, the events are quite similar in that businesses typically discount their products and services heavily on both days. Historically, the main difference between Black Friday and Cyber Monday has been that Cyber Monday sales were typically only available online, not at brick-and-mortar stores. But with most businesses giving consumers the option to purchase products online, there is very little difference between Black Friday and Cyber Monday in 2022. Why Black Friday and Cyber Monday Are Vital for Your Business Black Friday and Cyber Monday are important for businesses because they are golden opportunities to cash in on the buying frenzy. Consumers are eager to spend during Black Friday and Cyber Monday, the two biggest shopping days of the year. To illustrate just how big Black Friday and Cyber Monday are, check out the following stats: In the U.S. alone, consumers spent $10.7 billion during Cyber Monday in 2021 In 2021, American consumers spent $8.9 billion on Black Friday In the U.K., consumers spent a total of 9.42 billion British pounds over the course of Black Friday weekend The average discount during Cyber Monday 2021 was 26% So if you work in the finance department at a company that will be participating in Black Friday or Cyber Monday deals, it’s important to be able to plan for the potential impact that sales can have on your bottom line. To that extent, there are two important tools to have at your disposal: 1. Scenario Analysis Performing scenario analysis (also referred to as what-if analysis) allows your finance team to model different scenarios so that you can understand the impact of these scenarios on things such as revenue, expenses and cash flow. For example, you could model 3 different scenarios: Scenario 1: You discount your products by 25% on Black Friday and Cyber Monday and expect to see a 250% increase in sales. Scenario 2: You discount your products by 40% on Black Friday and Cyber Monday and expect to see a 300% increase in sales. Scenario 3: You discount your products by 60% on Black Friday and Cyber Monday and expect to see a 400% increase in sales. Each of these scenarios will have a different impact on your bottom line and with scenario analysis tools, you’ll be able to project how each scenario will affect your business so that you can make the best possible decision. 2. Revenue Planning Planning your revenue for the next month, quarter and year is a crucial part of just about every FP&A team’s job. After all, revenue is a key indicator of an organization's financial health—and understanding your revenue metrics in detail allows you to make decisions around product lines, marketing spend, hiring and much more.  And whether you’re in the sports industry, retail sector or any other business that expects to participate in Black Friday and Cyber Monday, it’s important to have revenue planning tools that can bring data from all your sources together to give you a complete picture of all your revenue sources. Tip: To stay agile, be sure to implement rolling forecasts as opposed to the older, more traditional static forecast model. FP&A Tips To Prepare Your Business for Black Friday and Cyber Monday So how can your finance team help prepare your organization for Black Friday and Cyber Monday? We’ve put together a list of tips and best practices for FP&A teams—and included free Excel templates to help with your planning:  1. Project Your Revenue As was mentioned earlier, it is important for FP&A teams to track, project and report on revenue. Missing revenue targets are not good for any business, especially those that are publicly traded where not hitting quarterly or yearly revenue targets likely means a decline in share value and increased scrutiny on the company’s leadership team. FP&A teams need to be able to project revenue with confidence, not just for events such as Black Friday or Cyber Monday, but for every month throughout the year. To help you, we’ve created an Excel template for revenue projections that you can download today for free. 2. Create a Detailed Expenses Budget From increased marketing spends to additional advertising dollars, your organization is likely planning to spend money on promoting your Black Friday and Cyber Monday deals. To keep track of everything, you’re going to want to create a detailed expense budget. Doing so will ensure that you know exactly how much money you’re spending and where the money is being allocated. This will help you calculate things such as ROAS (return on ad spend) and understand which marketing levers you pulled generated the most revenue and best ROI. Download our free Marketing Campaign Report Template for Excel today to track the performance of all your ad campaigns. 3. Plan for Staffing Costs While most companies focus on expenses for marketing and advertising for Black Friday and Cyber Monday, they sometimes forget about the increase in staffing costs during these busy shopping periods. Maybe you need to hire additional staff to work your retail stores or hire an additional developer to ensure your website is ready for Black Friday and Cyber Monday. Whatever the case may be, engaging in workforce planning allows you to understand how your labor expenses, among other costs, will affect your business’s bottom line. If you’re looking to manage all your labor expenses in one place, download our free Workforce Planning Excel Template today. 4. Prepare for Multiple Outcomes Hope for the best, prepare for the worst. It’s a good mentality for FP&A teams who are in charge of helping guide the business into the future. While Black Friday and Cyber Monday can be a huge boom to an organization's revenue, it’s also important to prepare for a scenario in which your sales don’t quite hit expectations. As discussed earlier, this is where scenario analysis comes in handy. Modeling out best- and worst-case scenarios helps your business stay agile and prepared for whatever the outcome may be. Get your free What-If Analysis Template for Excel so that you can forecast your financial future with confidence. The Biggest Retail Event of the Year Is Nearly Here In summary, Black Friday and Cyber Monday are the two biggest shopping events of the year and by incorporating these best practices and taking advantage of our free Excel templates, your FP&A team will be able to prepare your business to the best of your abilities. Whether it’s projecting revenue and marketing expenses or modeling different scenarios, finance teams should be at the heart of every business’s strategy for Black Friday and Cyber Monday.   Plan for Black Friday and Cyber Monday With Vena See for yourself how Vena—the only native Excel Complete Planning platform built for Microsoft 365 with Power BI Embedded—can help you plan for Black Friday, Cyber Monday and beyond with confidence. Request a Demo

Every organization uses data.  Financial professionals arguably manage the most sensitive data in the world—the information involving someone's personal and financial identity. That's why these companies especially need to consider adopting the single source of truth methodology. What is a single source of truth (SSOT)? Let's take a moment to review what it is and how implementing SSOT principles to your data collection and storage will benefit your business.  💡 Key Takeaways: Single source of truth refers to the philosophy that an organization must have a central repository for data storage, collection and analysis. Benefits of SSOT include better data for decision making, less time searching for correct data and overall increased productivity. Boost your team's productivity, ensure data security and increase transparency for stakeholders, employees and the public using the SSOT methodology. The principles of SSOT determine that all data should be reliable and consistent, accessible to all who need it and updated promptly. What Is Single Source of Truth (SSOT)? SSOT is a philosophy for data collection, storage and analysis within an organization that then aggregates that information into central repositories. Extrapolating data from a single source increases the accuracy of statements, budgetary forecasting and various other FP&A reports.  A search engine is the most common use of the SSOT methodology. Software programs, databases, platforms and websites are other common examples of how the SSOT philosophy works. A digital experience platform (DXP) is an excellent single source of truth. Depending on the information you are looking to obtain, your SSOT could be any of the items listed above. It could also include (but is not limited to): Cloud-based applications E-commerce sites Dashboards CRMs CMS ERPs Financial systems Document management systems  DevOps programs                                                                                              Source: HubSpot Top 4 Benefits of SSOT  - Single Source Of Truth Advantages When your organization employs the SSOT methodology, they prosper from these four benefits:   1. Obtain the Right Information at the Right Time Stop hunting for data. Next to revenue, information is the lifeblood of any organization. When that information spreads across the organization in multiple databases, you get data silos. They are a nightmare for anyone responsible for data collection and reporting. Implementing SSOT principles ensures that your company has the information to make effective business decisions. It also gives them the confidence to take action on an account or with a client knowing they have all the correct information when needed.  2. Spend Less Time Identifying Correct Data Poor data quality costs companies $15 million a year. Roughly 20% of lost business is due to inaccurate data. SSOT reduces the amount of bad data because data accuracy is a key principle of this methodology.  When all your organization's data is in one location, error-free data is readily available.  You have billable hours to worry about. Don't waste time making sure you have the right information. Feel confident knowing that the data you need is available, accurate and only a few clicks away. 3. Increase Your Team's Productivity Your teams are more productive when information is readily available, easy to access and straightforward to analyze. A central database allows you to obtain the most up-to-date information whenever you need it without wasting time searching. 4. Ensure Data Security Data repositories not only ensure the accuracy and availability of data. It also guarantees data security. A cybercrime occurs once every 39 seconds.  Having a central database with state-of-the-art security technology ensures that you, your firm and your clients don't fall victim to a cyber attack due to your company's approach to data storage. SSOT also ensures data compliance with the strict regulations surrounding an organization's data collection, management and storage.   Principle of SSOT Software     There are three basic principles of SSOT: Reliable and Consistent When your organizations apply the SSOT methodology and work to move your data into one central repository, the integration must ensure the reliability and consistency of the data. For instance, if multiple users can add new clients to the database, you'll want to ensure that the system flags duplicate entries. If the client gets entered twice, there is no way of knowing whether you are viewing the most accurate and up-to-date information about that client.  Data from their last interactions with someone from your office could be in either location in your database. That data will be incomplete when you filter data for insights and reporting. Accessible Accuracy is as vital as those who have access. Let's use the example above again. Imagine you have two clerks who enter data into your system, but neither have access to uploaded documents (because of the sensitive nature of the information included).   One clerk earns a promotion and now needs access to documentation within client files to do their job. However, the admin never upgraded the clerk's permissions and now they can't do their job because no one granted access.  Reports do not get filed, deadlines become overdue and clients are less than pleased. Lack of access is as detrimental as inconsistent data.  Up to Date The final principle is one of the most essential in finance. Financial information is extremely fluid and can change (literally) at any moment. Waiting to update data in your system can make that information obsolete by the time it makes its way into a budget, report or statement. Where the Finance Finds Its Single Source of Truth   Accountants, CPAs, and other finance professionals spend approximately 2.5 hours working billable hours each day, meaning that the work you do during non-billable hours needs to be as productive and your time well managed. Having a reliable SSOT makes obtaining the data you need as straightforward as possible.  With Vena, you can collect, store and analyze your data to make well-informed decisions for your organization and your clients. Harness the power of Excel and get the information you need from one central location. “Excelerate” Disruptive Leaders Give your organization's financial professionals the tools they need to balance traditional and disruptive leadership methods as we move into the future. Request a Demo