4 reasons to rely on Vena for budgeting
The downside of this approach? It’s difficult to set up through a simple spreadsheet. “While Excel is a powerful tool, it’s not designed to support comprehensive budgeting that involves several departments,” says Ben’s colleague Michael De Meyere, business controlling expert. Enter the Vena platform. During the Vena webinar, Michael and Ben illustrated how Vena supports – and improves – the budgeting exercise.
1. Consolidating all information to uncover insights
Vena offers a series of Excel-based templates for specific processes, including budgeting and forecasting, which users can tailor to their needs. The templates automate data transfer, input and validation checks, which helps finance teams save time and ensures control, standardization and consistency in calculations, formulas and methods. “Vena budgeting templates integrate with source systems to bring company-wide budget figures into one secure platform, in the cloud. As a result, data is no longer spread across spreadsheets and folders, but available in one central location. In this way, you get a single source of truth. That makes it easy to update the drivers in real time and then automatically apply the impact of those adjustments to the forecast, all in the familiar Excel environment,” Michael explains.
2. Ensuring solid budgets and forecasts
In the first Vena webinar, our experts demonstrated how Vena helps users easily calculate cost to serve (CTS), i.e. what it truly costs to deliver a good or a service based on cost drivers and activities. The cost and margin insights and calculations resulting from the CTS exercise can be used in the budgeting exercise. By combining them with planned volumes, you can create solid budgets and forecasts.
3. Facilitating smooth collaboration across departments
Vena software provides a centralized platform for workflow management, which makes collaboration between people from different departments easy. “You can easily create smart workflows to map out the process, assign tasks, define role-based permissions and set up notifications and alerts,” says Ben. “In the case of budgeting, for example, the business can fill out the data needed, after which the controller gets notified that the task is done and the input needs their validation.”
4. Maintaining a full audit trail
To allow budget owners to keep track of the budget process, Vena provides a complete audit trail. Controllers get complete visibility into the process: they can view who did what and when and even go back and view numbers or budgets from an earlier moment in time.