Why should I invest in a forecasting tool?
Forecasts are often crucial for anyone looking to run an efficient and successful business, regardless of the industry in which the company operates. Thanks to forecasts, it is possible to make decisions about purchases, recruitment, and investments, and be prepared for various types of events and scenarios.
A forecasting tool provides an assumption of what the future may look like, based on historical data, patterns, trends, and competition in your field.
Which forecasting tool is best for your business depends on your needs. A good starting point is to assess your needs before comparing forecasting tools. How large is your company? What industry do you operate in? What are your goals for the business?
At BusinessWith, we have extensive experience supporting companies in choosing the right forecasting tool. With our comparison service, you can get an overview of the options available on the market.
How do budget forecasting tools work?
Many choose to invest in budget forecasting tools. Excel and Sheets are beloved by many business owners, and it is common to use homemade or modified professional templates to keep track of the current situation as well as to predict the future. However, the market offers many other budget forecasting tools.
Many programs for managing budget processes are cloud-based and seamlessly integrate across different devices and users. Budget forecasts are updated in real-time, making it easy to follow the flow.
Whether the company is small or large, it is wise to invest in a forecasting tool. It helps you and your team plan for the future. BusinessWith helps you choose the best forecasting tool for your needs. Feel free to filter and compare right away.
Quick Guide
Quick Guide
What can I expect from a budget and forecasting tool?
A budget and forecasting tool is often comprehensive and can offer you and your company a lot. Parts of it you probably already have in Excel files today, while other parts you may not have even considered needing. Here we summarize some of the components found in a modern budget and forecasting tool. Many of the tools on the market have been around for a while and have developed in line with companies' demands and needs. The foundation has often been to clarify the process of budgeting, finance, and planning, which is why the tools are often good at budgeting, forecasting, and tracking key performance indicators, known as KPIs. These KPIs should be easy to follow, as they compare a company against the rest of the market and help the organization or company achieve its goals.
Depending on the size of your company or organization, you should consider whether you want to divide forecasts into different groups or categories. Many systems excel at this.
A budget and forecasting tool naturally does not do all the work, but it helps you work with goal management if you wish.
Reports, charts, and analyses are essential elements, and it is important that you take the time to follow up on these, so that you as a company have the opportunity to learn from your mistakes and achieve success in the future.
The tools often deliver significantly more than what we have mentioned here, such as commenting features, benchmarking, and integrations with other systems. It is up to you to choose a budget and forecasting tool that includes as much as possible of everything you need and have the capacity to utilize. Clarify how many people may need to use the system and what needs the different roles have. After that, you can filter in our system guide to find out which tool suits you best. Contact us at BusinessWith if you have any questions.
Description of product features
Benchmarking
Comment
Dashboards
Invoice information
Key figures analysis
Modelling
Multiannual planning
Rolling forecast
Work process control
