5 Instances When a Standalone Forecast is a good idea

When it comes to planning and forecasting in a business, integration across all areas is usually seen as the most beneficial option. It makes sense; why waste time moving information from one system to another or running separate processes if you can have everything streamlined? But there are occasions where using standalone forecasting software can provide advantages that integrated solutions cannot. Maybe you have a start-up business and need to forecast quickly. Maybe you work in a senior role and need to ensure complete confidentiality. In this blog post we will explore when opting for standalone finance software is preferable, outlining some reasons why this could be the best choice in certain situations.

1. Helping Startups get off the ground quickly

Starting a business can be an uncertain undertaking, and this is especially true for start-ups that are yet to establish the very basics. You have a great idea but may not even have agreed on a name, never mind agreed a set of processes. Setting up integrated accounting software is very far down the to do list, but you do need to forecast your finances for further funding or planning. However, with the assistance of forecasting software, the challenge of predicting future sales and improving forecast accuracy becomes significantly easier. In fact, the accurate prediction of future sales is crucial when setting sales targets and making informed business decisions, making it a top priority for businesses. Financial forecasting and cash flow analysis can be incredibly complex, but with stand-alone forecasting software, businesses can make decisions quickly and implement them in super-quick time.

2. Ensuring confidentiality

Ensuring confidentiality is crucial when it comes to compiling a forecast for something that is highly sensitive and confidential. There are several instances where confidentiality is crucial, such as when a management buyout is being planned or when the business is being restructured. Tough decisions like redundancies may also need to be made, and confidentiality is paramount in such situations. Standalone forecasting software can speed up the process of financial planning and ensure complete confidentiality since it is not integrated into the accounting software. As a financial professional, scenario planning and financial modelling will help prepare for different eventualities, but you need to keep everything contained within a small team. With careful planning and the right tools, you can ensure your business stays on track without compromising on confidentiality.

3. Working on a special project

Working on a special project often requires additional resources and a focused approach. When it comes to financial planning, having a separate forecast for a project outside of your core business can provide invaluable insights. Whether you’re launching a new product or negotiating a partnership, revenue projections, decision support, and trend analysis are key components for success. With confidential and conflicting information at stake, relying on accurate and isolated projections can provide peace of mind and confidence in making strategic decisions. A standalone forecast ensures you are not comparing apples with pears. You can make sure the market insight and data aligns with your standalone predictions and isn’t influenced by your current business offer and what might be a very different set of circumstances including geography, product type and target audience. By investing in a separate forecast, you can ensure that your special project is given the attention and resources necessary to achieve your desired outcomes.

4. Sharing Data

When it comes to sharing data, the risks are high and the stakes can be even higher. While excel forecasts are useful, sharing them can lead to potential data corruption if formulas are changed. Additionally, clients may be hesitant to grant access to their accounting systems unnecessarily, especially when dealing with external advisors or consultants. Fortunately, Clearview offers a sharing system that ensures the confidentiality of three way forecasts while still facilitating real-time sharing. With this powerful tool, strategic planning and cost control become more efficient and effective, making Clearview the go-to solution for anyone looking to share data without compromising security or privacy.

5. Managing multiple accounts

Managing multiple accounting systems can be a challenging task for accountants and advisors alike. With the need to log in to various systems continuously, it can be a time-consuming and frustrating experience. Fortunately, integrated forecasting can make this process more manageable. The ability to have a single forecasting platform to work from, such as Clearview, can save time and reduce stress. Clearview’s rolling forecasts, capital expenditure planning, and KPI tracking all contribute to a more comprehensive and streamlined approach to forecasting. With Clearview, accountants and advisors can set up a forecast for multiple companies efficiently and use data to make more informed decisions. These forecasts can even be shared directly with the client for review. Streamlining the forecasting process not only saves time, but it can also provide greater accuracy and insights into company performance.

When it comes to financial management, integration may seem like the most practical solution. But sometimes, standalone forecasting software can be just what you need. This is especially true if you are managing multiple businesses, working on a one-time project, or requiring maximum confidentiality. Clearview is a powerful forecasting tool that allows finance managers, business owners, accountants and advisors to create accurate and integrated cashflows, profit & loss statements and balance sheets with a few clicks. With Clearview’s guidance, you’ll have all the business-ready information you need in no time. It’s the perfect solution for those who need flexibility, security, and speed.

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