We all know that re-forecasting frequently isn’t feasible if you’re relying on many Excel spreadsheets. Reassessing your forecast often is important to keeping on track with your key strategic goals.
So how can you fit in forecasting on top of your daily activities?
Collaborate your data
Forecasting relies on many elements from different key budget holders. From what sales are achieving to operating cost changes and even outside marketing influences.
To make this easy to keep track of, you need one communal area to access the latest data you need. This will allow you to gather your forecasting information quickly and easily.
Leverage a cloud-based finance platform
In line with the above, use a cloud-based financial system that can update financial reports across the business. This will make it easier to deliver a detailed forecast that is as accurate as possible with the most up-to-date data.
It will also allow you to align your daily financial tasks with your forecasting report.
Review your forecast often
With one platform that consolidates your data and aligns your forecasting, you can review your forecast when you need to. Measuring its trajectory against what’s happened with your recent figures, you’ll be able to see in a ‘snapshot’ view of how on target your forecast is. If the results differ from what you expected, you can review your forecast before it becomes a major issue.
Forecasting has, in the past, been a time-consuming process. With the right tools in place and a strategic mindset that streamlines your budgeting, planning and forecasting processes together, tackling forecasting on top of your daily activities will be achievable without adding extra work to your workload.