In today’s uncertain financial landscape, proper budgeting and business forecasting have never been more important. In other words, CFOs and finance leaders must develop future-facing strategies to ensure their businesses adapt to ever-changing markets. Future of Planning, Budgeting, Forecasting, and Reporting Global Survey Highlights 2022 First, explore the results Take a tour Firstly, in today’s uncertain financial landscape, proper budgeting and business forecasting have never been more important. In other words, CFOs and finance leaders must develop future-facing strategies to ensure their businesses adapt to ever-changing markets. This year’s Budgeting, Planning Forecasting and Reporting Global Survey Highlights 2022 provides food-for-thought that can help leaders strategize. It’s a global survey of senior finance professionals from 450 of the world’s leading companies, conducted by Financial Services Network (FSN) in partnership with Sage. Dive in to learn more about dependable business forecasting, optimizing resources, and steering your business to new heights. Let’s go 1 Finance turns to IT to fix problems with data Where are finance leaders looking to invest according to the survey highlights? Firtsly, finance turns to IT to fix problems with data How leading businesses are challenging the status quo and shifting from spreadsheets to strategic solutions. All the data in the world is no good if you can’t organize it well and interpret it correctly. In other words, businesses need fit-for-purpose IT and automated work processes to gather, analyze and understand data. Select an icon below to explore the key areas IT and senior finance professionals will invest in by the end of the decade. 33% of finance functions have made significant changes to their Planning, Budgeting, and Forecasting process in the last three years 2 Making time for transformation Why can’t finance teams commit? Finance teams are constantly being asked to do more with less – so finance transformation should be a no-brainer. However, many feel they’re unable to commit the time and resources to make it happen. Survey highlights respondents were asked to say how much time they considered feasible to devote to finance transformation in a typical year, given their current resources. Moreover, what do you think they answered? 3 Taking full advantage of AI What needs to happen to implement AI? 71% of senior finance professionals expect to use AI before 2030. However, there are conditions they consider to be essential in order to implement AI successfully. Finance professionals are adamant that IT must not be a ‘black box’ of indecipherable algorithms understood only by systems analysts and data scientists. They want ownership of the systems that they will use for planning, budgeting, and business forecasting, and be able to change and flex them within the function itself.” Ben Collins Senior Director of Financial Services, Sage Intacct Gary Simon CEO, FSN and Leader of the Modern Finance Forum on LinkedIn Only 43% of organizations can forecast revenue to within +/-5% 4 Forecasting What does the future of reporting look like according to survey highlights? Business Forecasting Finance professionals know that careful planning and thorough reporting go hand in hand. In addition, the types of reporting may require most investment by the end of the decade than others. 70% View compliance and risk reporting as needing the most investment 90% Want to invest in business forecasting the most 50% Want to invest in financial/statutory reporting 73% Say budget reporting requires the biggest investment 68% Say sustainability reporting (ESG) requires the biggest investment per survey highlights 69% Want to invest in self-service reporting the most 68% View regular management reporting as needing the most investment Our current finance landscape is more dynamic than ever and forward-thinking leaders are increasingly turning to solutions that will future-proof their businesses. 5 Scenario planning according to survey highlights What tools are best for getting the job done? Scenario planning Finance professionals are always looking for the right tools to help them plan in an ever-changing world. Which accounting technique do leading finance professionals describe as the most valuable when it comes to the agility of their budgeting and business forecasting? xP&A Scenario planning Rolling forecasts Zero-based budgeting Take a guess Select your answer above Only 19% of organizations have moved to rolling planning Making a difference with Sage Intacct From a strategic information point of view, we’re in a better position to manage through something like a pandemic.” George Lawton CFO, The Answer Company 1 / 5 Interested? In conclusion, if you’re looking to see how the right digital tools can help you transform your planning, budgeting, forecasting and reporting, book a tour of Sage Intacct and see how we can help. Take a tour Recommended Next Read March 28, 2024 Top qualities to look for in your SaaS startup’s first CFO Subscribe to our Sage Advice Newsletter Get our latest business advice delivered directly to your inbox. 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