A business is preparing to close its books — be it for a quarter, year, or another key milestone. After countless hours of consolidating and re-checking data in Excel spreadsheets, the finance team is left with a “final” budget version that has gone through as many iterations as the year is long. Reports are based on outdated actuals, with zero visibility into real-time organizational performance.

When these obstacles bog down the finance team, it becomes nearly impossible for an organization to swiftly pivot or effectively plan for unforeseen situations. This, in turn, hinders the ability to support strategic decision-making.

Fortunately, corporate performance management (CPM) software solves these obstacles and more.

With so many available choices of software platforms, finding the right CPM solution can be overwhelming. Below are considerations to help evaluate options and identify a platform that fits the unique needs of a business.

Become acquainted with performance management software

A corporate performance management software, like Vena Solutions, can make a crucial difference for businesses looking to streamline financial management and ensure accurate budgeting, forecasting, and reporting. Effective software provides real-time insights into the financial health of a business, enabling informed decision-making and strategic planning.

The best software options reduce manual errors and save time, allowing business owners to focus on growth and efficiency. The chosen platform should also integrate seamlessly with other systems, ensuring consistency. The difficulty lies in finding the right solution for the unique needs of the business.

One way to address this is to look for a prominent financial planning and analysis (FP&A) software that combines the familiarity of programs already being used (such as Microsoft Excel) with the power of a complete planning platform, ensuring the chosen solution is unique to the needs of the business and user-friendly at its core.

For many companies, finding a solution that excels in budgeting, forecasting, financial close management, and reporting is a top priority. Given today's technologies, these key features should also include workflow automation, version control, and data consolidation, maximizing the accuracy and efficiency of financial processes.

Enjoying the add-ons

Some performance management software goes beyond a basic implementation of an idea. For companies that rely on Microsoft foundations, it is essential to find solutions that integrate seamlessly with key tools like Excel.

If this resonates with a business owner, they should look for a program whose strengths lie in an Excel-native environment, such as Vena. Operating directly in Excel, these solutions provide a seamless experience for users familiar with the interface. These integrations reduce the learning curve, enabling finance teams to get up to speed quickly without learning an entirely new software system.

Furthermore, the right platform will not only offer add-ons but will provide a comprehensive range of features addressing various aspects of business finance. These include preconfigured templates and reports for standard financial processes, web portal interfaces for managing connections to source systems, and the ability to handle a broad spectrum of industry-specific financial models and scenarios.

Focusing on intuitive reporting

Modern solutions can provide real-time insights into the sales funnel, allowing a business to plan effectively for the future. Companies should seek a sales performance management solution that offers robust data visualization tools and user-friendly dashboards, allowing them to quickly understand the impact of sales performance on revenue and make informed adjustments moving forward.

Optimizing agility

Agile performance management is a modern approach that significantly differs from traditional methods. Instead of relying on annual or semi-annual reviews, it emphasizes regular feedback and continuous improvement. This aligns with the fast-paced nature of today's workplace and encourages adaptability and flexibility.

A critical difference between agile and traditional performance management lies in goal-setting practices. Conventional methods typically involve setting goals at the beginning of the year, which are rarely revisited. In contrast, agile performance management acknowledges that goals may need to evolve as circumstances change. It promotes setting short-term objectives that can be adjusted as needed.

Given this, it is essential to have solutions that can deliver this type of up-to-date information to the leadership team enabling them to view the company from a broader perspective. Disparate systems and one-off spreadsheets on an employee’s desktop do little to propel the company forward.

Connect with Citrin Cooperman

Unlock your business's full potential with performance management software that enables rapid adaptation and effective planning. Our Digital Services Practice at Citrin Cooperman can guide you through implementing a solution that provides real-time insights, streamlined workflows, and enhanced decision-making capabilities.

Keep outdated processes from holding your business back. Contact us today to learn how our performance management solutions can drive your organization forward and help you stay ahead in a constantly evolving market.