In today’s dynamic business environment, accurate and efficient planning and budgeting are essential for success. Solver, a cloud-based extended financial planning and analysis solution (xFP&A), can help businesses streamline these critical processes.
This article explores how Solver’s core functionalities—planning templates, workflow, input flow, and process manager—can help improve your organization’s planning and budgeting processes.
Solver Planning Templates
Solver replaces traditional spreadsheets with web-based planning templates. These templates will be familiar to users as they are designed using Microsoft Excel and an Excel add-in. However, Solver offers a key advantage over traditional Excel models in that data is stored in a secure, central data warehouse. This storage eliminates the need for linking sheets and files, multiple versions, and inconsistencies that can plague spreadsheet-based planning.
Benefits of Solver Planning Templates
- Improved Accuracy: Data is stored in a central location, reducing the risk of errors and inconsistencies.
- Enhanced Scalability: Solver’s data warehouse can accommodate large data sets, making it suitable for businesses of all sizes.
- Simplified Collaboration: Multiple users can access and update planning templates simultaneously.
- Familiar Interface: The Excel-like interface can make it easy for users to learn and adopt Solver.
Solver Workflow
Solver’s workflow functionality helps ensure that planning and budgeting tasks are completed on time and by the appropriate people. Managers can assign tasks to specific users and track task progress in real time, promoting accountability and helping to eliminate bottlenecks that can delay the planning process.
Benefits of Solver Workflow
- Improved Visibility: Managers gain visibility into task completion, allowing them to identify potential roadblocks and course correct as needed.
- Enhanced Accountability: Assigning tasks to specific users fosters a sense of ownership and accountability.
- Streamlined Processes: Workflow automation ensures tasks are completed in the correct order and within deadlines.
Input Flow
Solver’s input flow feature helps users save time and improve efficiency during the planning process. The input flow eliminates the need to open templates by automating the completion of templates when another template is used. For example, an assumptions template, when saved, can trigger the system to run another template and save its results.
Benefits of Solver Input Flow
- Increased Efficiency: Templates can drive other templates and automate processing.
- Improved Performance: Input Flow will automate the use of templates, saving users time from opening them.
Process Manager
The process manager helps organizations define and document planning and budgeting processes. This is particularly beneficial for complex processes or when onboarding new employees.
Benefits of Solver Process Manager
- Improved Consistency: By clearly outlining the steps involved in planning and budgeting processes, Solver can help ensure consistency across the organization.
- Simplified Onboarding: Processes can help new employees quickly understand their roles and responsibilities in the planning and budgeting process.
- Enhanced Efficiency: Clearly defined processes help to eliminate confusion and wasted time.
How Forvis Mazars Can Help
Solver’s suite of planning and budgeting functionalities can help significantly improve your organization’s efficiency and accuracy. By leveraging planning templates, workflow, input flow, and process manager, Solver can streamline processes, boost collaboration, and empower businesses to make data-driven decisions for the future. Connect with us to learn more about how Solver can help you revolutionize your organization’s financial planning. Our experienced technology consultants can walk you step by step through the process of streamlining your financial planning and reporting.