Traditional budgeting becoming obsolete, unable to adapt to changing market conditions

IRVINE, Calif., March 18, 2021 /PRNewswire/ -- Business owners and CFOs are reconsidering their traditional ways of budgeting and reporting due to the unprecedented business conditions of 2020 and 2021. Business leaders want to understand financial performance and stay on top of cash flow in real-time. Recognizing the shift, Phocas has released a new budgeting and forecasting solution for mid-market businesses that brings these critical financial processes into the modern age, allowing finance teams to create budgets in a live environment.

Phocas Budgeting and Forecasting with built-in forecasting helps finance teams estimate a company's future revenue by reviewing past financial, sales and purchasing information at a granular level.

Success for mid-market businesses — today — is watching the numbers. Budgeting and forecasting are traditionally a once-a-year undertaking because of the required time and resources, but it doesn't have to be, according to Jay Deubler, President of Phocas America.

"Phocas cloud-based Budgeting and Forecasting makes critical financial planning processes easier," said Deubler. "Our goal is to make budgeting more dynamic and live on a monthly basis, rather than as an annualized event. Executives and business leaders can use Phocas to quickly pivot and drive on-the-fly micro-adjustments throughout the year as social, economic and business environments change."

Phocas Budgeting and Forecasting allows finance teams to combine disparate data and budget from one source of information. Phocas protects the integrity of the legacy data while giving other budget stakeholders the freedom to manipulate and share financial information, helping everyone to better understand the numbers and be more accountable. 

Other key features of the new budgeting software include:

• built-in workflow tools allow subject-matter experts to engage in the process
• worksheets help navigate the budget, add commentary to cells, and provide visibility to other users' changes in real-time.
• access to non-financial and operational data already in ERP or other transactional systems to facilitate driver-based planning.

The self-service add-on solution to Phocas Business Intelligence (BI) and Financial Statements software integrates with various top ERP systems, including Acumatica, Infor, Eclipse, IFS, Microsoft, Oracle and SAP. 

Billy Hart, Group CFO for HG Group, was part of Phocas Budgeting and Forecasting's development and initial testing.

"We were looking for a faster and simpler way to budget to replace spreadsheets," said Hart. "The first impression with Budgeting and Forecasting during testing and working with the Phocas team was enlightening. We believe Phocas will help us implement the great game of business methodology within HG Group, getting more of our team engaged with budgeting, forecasting and understanding 'the financials,' — the true language of business."

For more information, visit www.phocassoftware.com

About Phocas
Phocas Software (www.phocassoftware.com) provides a company-wide and industry-matched SaaS data analytics solution. Phocas makes it easy to drill down from high-level visual summaries into the underlying data and arrive at insights to make better decisions in manufacturing, distribution and retail businesses.

Phocas provides a consistent user experience centered around simplicity, usability and performance. From day one with Phocas, users get tracking and reporting on essential KPIs and metrics that are specific to role and industry. Users can also add custom measures, dimensions, dashboards and scorecards to meet the unique reporting needs of their businesses.

Phocas raised $45 million in 2021 to continue to add predictive analytics to core products and build value-add financial solutions for modern finance teams.

US media, Kevin Wilson, [email protected]
International media, Katrina Walter +61 402-703-708

SOURCE Phocas Software

Related Links

https://www.phocassoftware.com/