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What are the best technologies for tracking KPIs and metrics in your budget?

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Tracking key performance indicators (KPIs) and metrics is essential for any corporate finance professional who wants to monitor and improve the financial performance of their organization. However, with so many data sources, tools, and formats, it can be challenging to find the best technologies for managing your budget effectively. In this article, we will explore some of the most popular and useful technologies for tracking KPIs and metrics in your budget, and how they can help you achieve your financial goals.

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Brian Munga

Financial Planning and Modelling |Management Accountant |Commercial Analyst|Lion enthusiast

1 Spreadsheet software

One of the most common and versatile technologies for tracking KPIs and metrics in your budget is spreadsheet software, such as Microsoft Excel, Google Sheets, or Apple Numbers. Spreadsheet software allows you to create, edit, and analyze data tables, charts, graphs, and formulas, and to customize them according to your needs and preferences. You can also use spreadsheet software to import and export data from other sources, such as databases, web services, or accounting software, and to automate tasks and calculations with macros and scripts. Spreadsheet software is ideal for creating and updating simple and flexible budget models, and for performing basic data analysis and reporting.

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Brian Munga

Financial Planning and Modelling |Management Accountant |Commercial Analyst|Lion enthusiast
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In my experience, I have encountered the use of spreadsheet and budgeting software specifically Board Software as some of the best technologies in tracking metrics and KPIs.It is essential to adopt both technologies as they tend to complement each other.Excel is compatible with diverse and ad-hoc KPI tracking however it is subject to human error. On the other hand, budgeting software tends to assure accuracy however it is rigid to special requests in terms of tracking the KPIs

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CA Neelam Mehndiratta

CA l Business Finance Manager I Financial Planning and Analysis l Finance Controller Manager I USGAAP l IFRS l IGAAP l Wipro l Credit Suisse l Infosys l Mentor l Motivational Speaker l Group Finance Leadership
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The choice of technology often depends on the size of the organization, its specific needs, and the level of sophistication required. Yes, spreadsheet softwares are widely used for budgeting and tracking KPIs due to its flexibility. Advanced users may employ Excel or Google Sheets for financial modeling. Examples: Microsoft Excel, Google Sheets.

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Stefano Passarello

Accountant and Tax expert | Crypto Tax Specialist | Board Member | Co-founder of The Kapuhala Longevity Retreats
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A company uses Microsoft Excel to create a budget template that includes key performance indicators (KPIs) and metrics, such as revenue, expenses, and profit. The company can use Excel's formulas and functions to automatically calculate the KPIs and metrics based on the data entered into the spreadsheet. Spreadsheet software is versatile and allows for customization, making it suitable for creating and updating simple and flexible budget models.

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2 Dashboard software

Another popular and useful technology for tracking KPIs and metrics in your budget is dashboard software, such as Tableau, Power BI, or Qlik. Dashboard software allows you to create, share, and interact with visual representations of your data, such as charts, graphs, maps, gauges, and indicators. You can also use dashboard software to connect and integrate data from multiple sources, such as spreadsheets, databases, web services, or accounting software, and to apply filters, calculations, and transformations to your data. Dashboard software is ideal for creating and presenting dynamic and interactive budget reports, and for exploring and discovering insights and trends in your data.

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CA Neelam Mehndiratta

CA l Business Finance Manager I Financial Planning and Analysis l Finance Controller Manager I USGAAP l IFRS l IGAAP l Wipro l Credit Suisse l Infosys l Mentor l Motivational Speaker l Group Finance Leadership
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There are many softwares including Power BI also dedicated dashboard and scorecard solutions provide a visual representation of KPIs, making it easier for stakeholders to understand performance at a glance. Examples: Klipfolio, Geckoboard, Cyfe.

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Stefano Passarello

Accountant and Tax expert | Crypto Tax Specialist | Board Member | Co-founder of The Kapuhala Longevity Retreats
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A company uses Tableau to create a dashboard that displays real-time data on KPIs and metrics, such as sales, marketing, and customer service. The dashboard can be customized to show different views of the data, such as by region, product, or time period. Additionally, dashboard software can be integrated with other data sources, such as spreadsheets and databases, making it easy to consolidate data from multiple sources into a single view.

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3 Budgeting software

A third option for tracking KPIs and metrics in your budget is budgeting software, such as Adaptive Insights, Planful, or Anaplan. Budgeting software allows you to create, manage, and monitor your budget plans, forecasts, and scenarios, and to align them with your strategic objectives and KPIs. You can also use budgeting software to collaborate and communicate with your stakeholders, such as managers, employees, or investors, and to collect and consolidate data from various sources, such as spreadsheets, databases, web services, or accounting software. Budgeting software is ideal for creating and executing complex and comprehensive budget processes, and for tracking and evaluating your budget performance and outcomes.

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CA Neelam Mehndiratta

CA l Business Finance Manager I Financial Planning and Analysis l Finance Controller Manager I USGAAP l IFRS l IGAAP l Wipro l Credit Suisse l Infosys l Mentor l Motivational Speaker l Group Finance Leadership
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There are multiple options available with features & capabilities. As a cloud-based FP&A software that provides features for budgeting, forecasting, and reporting. Allows collaboration and scenario planning for better decision-making. An enterprise planning platform that supports budgeting, forecasting, and performance management. Enables real-time collaboration and dynamic modeling. Examples: Anaplan, IBM Planning & Analytics, Quickbooks Online etc.

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Stefano Passarello

Accountant and Tax expert | Crypto Tax Specialist | Board Member | Co-founder of The Kapuhala Longevity Retreats
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A company uses Adaptive Insights to create a budget plan that includes KPIs and metrics, such as revenue growth, cost reduction, and return on investment (ROI). The company can use Adaptive Insights to track and monitor the budget plan, and to make adjustments as needed.

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4 Cloud computing

A fourth technology that can enhance your tracking of KPIs and metrics in your budget is cloud computing, such as AWS, Azure, or Google Cloud. Cloud computing allows you to access, store, and process your data on remote servers over the internet, instead of on your own devices or networks. You can also use cloud computing to leverage various services and applications, such as data analytics, artificial intelligence, machine learning, or automation, that can help you analyze, optimize, and improve your budget data and decisions. Cloud computing is ideal for scaling and securing your data infrastructure, and for accessing and utilizing advanced data capabilities and solutions.

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CA Neelam Mehndiratta

CA l Business Finance Manager I Financial Planning and Analysis l Finance Controller Manager I USGAAP l IFRS l IGAAP l Wipro l Credit Suisse l Infosys l Mentor l Motivational Speaker l Group Finance Leadership
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Cloud-based accounting solutions offer real-time access to financial data and provide features for tracking budgeted vs. actual performance. Examples: QuickBooks Online, Xero, FreshBooks.

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5 Mobile devices

A fifth and final technology that can improve your tracking of KPIs and metrics in your budget is mobile devices, such as smartphones, tablets, or laptops. Mobile devices allow you to access, view, and update your data anytime and anywhere, using apps or web browsers. You can also use mobile devices to communicate and collaborate with your stakeholders, such as managers, employees, or investors, and to receive and send alerts and notifications about your budget data and status. Mobile devices are ideal for increasing your productivity and flexibility, and for staying connected and informed about your budget data and performance.

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