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On this page, you will find five short videos that provide insight into how the cloud-based budgeting tool Workday Adaptive Planning can help you eliminate five typical time-wasters in the budgeting process.
We review the time-wasters video by video, so you can simply watch the ones that resonate with your company's situation. Each video takes about a minute, which means that whether you watch one or all five, you will gain a better understanding of how systematizing your budgeting process can create business value – in about five minutes.
In the videos, Sylvester Hesseldal presents various features. He does so in English, so feel free to tip off your English-speaking colleagues.
Prepare your budget
You undoubtedly know the feeling. The task of preparing complex Excel models in the budgeting process with actuals and last year's budget data is incredibly time-consuming.
Therefore, in the first video, you can see how, with Workday's "Versions" feature, you can always compare your current budgeting process with actuals and previous budget and forecast versions.
Add actuals for the month in the middle of the budgeting process
As you know, the budgeting process can span one or more month-ends, making it frustrating to add a month's actuals to the budget after each month-end close.
Therefore, in this second video, you can see how Workday has a layer of actuals over the budget, allowing you to easily add actuals with just a few clicks.
Add new departments and products/dimensions to your budget
In Excel, adding a new department or a new product category to all your budget models can be time-consuming. Besides being a time-waster, it can lead to errors in the budget if not updated correctly.
Therefore, in this third video, you can see how a cloud-based tool ensures quick and error-free additions of dimension values to your budget. This means that when you need to add, for example, a new department, it will be mirrored in all models, reducing the time you spend and minimizing the risk of errors.
Budget consolidation
If you are a group containing multiple companies, you know that it takes quite a bit of time to consolidate all the different budget files before you can begin the controlling and analysis part.
Therefore, in the fourth video, you can see how Workday consolidates all data as soon as you save your budget sheet. All models, all reporting and all dashboards are therefore dynamic and live-updated in real-time.
Scenario planning
Do you find that you want to work with scenario planning, but the process becomes unmanageable in Excel?
In the fifth and final video, we show you how you can work with scenario planning using the "Scenario" feature. This feature allows you to create scenarios of your budget and change the assumptions, after which you can compare your scenarios across or with other versions, as we saw in the first video.
Break free from the Excel tyranny and move to a cloud-based budgeting tool
Cloud-based financial planning and analysis tools can help the finance function's planning and analysis department achieve their ambitions of delivering quality work that elevates the overall business.
So if you are considering breaking free from the Excel tyranny and moving to a cloud-based budgeting tool, feel free to reach out to Partner Morten Boldsen for an informal talk about what we can do for you and the technological foundation of your finance function.
