7 reasons to integrate your FP&A software with your ERP solution

In today's business landscape, an accurate and reliable financial planning and analysis (FP&A) process is essential for achieving growth and profitability. FP&A helps businesses to analyze and forecast financial performance, enabling informed decision-making and better resource allocation. With the rapid advancement of technology, businesses can now benefit from sophisticated FP&A software solutions that are seamlessly integrated with their enterprise resource planning (ERP) system. This integration can help to streamline financial processes, eliminate manual errors, and ensure data accuracy and consistency.

As the importance of data-driven decision-making continues to grow, organizations need a comprehensive financial planning and analysis (FP&A) solution that can keep up with their changing needs. However, with so many different providers offering FP&A solutions, it can be challenging to determine which one is the right fit for your business.

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Reasons why your ERP provider's FP&A solution is the better choice:

1. Single source of truth - When you choose an FP&A solution from your ERP provider, you are leveraging the same data source as your other business functions. This means that your FP&A team has access to the same data your sales, manufacturing, and supply chain teams use. Having a single source of truth ensures that everyone is working with the same data and reduces the risk of errors due to data inconsistencies.
2. Seamless integration - An FP&A solution from your ERP provider will also seamlessly integrate with your other business functions. This means your FP&A team can easily access data from other departments and systems, reducing time spent manually gathering data. As a result, your team can focus more on analyzing the data and making informed decisions.
3. Existing knowledge - Choosing an FP&A solution from your ERP provider allows you to leverage existing technology investments. If you already use an ERP system, you likely have a team of IT professionals familiar with the technology. By choosing an FP&A solution from the same provider, you can leverage your IT team's existing knowledge and resources. This can result in a quicker implementation process and a smoother transition for your team.
4. Industry-specific features - Your ERP provider has likely worked with other companies in your industry and understands the unique challenges that your business faces. As a result, their FP&A solution will be designed to meet the specific needs of your industry. This can include features such as forecasting models, industry-specific metrics, and customized reports.
5. Scalability - As your business grows and your needs change, your FP&A solution will be able to keep up. This means you won't have to worry about outgrowing your current solution and starting over with a new provider.
6. Ongoing development and support - Your ERP provider is invested in your success and will work with you to ensure that your FP&A solution is meeting your needs. This can include regular updates and new features based on feedback from customers. Your ERP provider will also have a team of support professionals who can help you troubleshoot issues and answer any questions you may have.
7. Cost saving - While choosing a standalone FP&A solution may be tempting, the costs can quickly add up. In addition to the upfront costs of purchasing the software, you must also factor in implementation, training, and ongoing maintenance costs. By choosing an FP&A solution from your ERP provider, you can avoid many of these costs and get a more comprehensive solution at a lower cost.

Unit4 Financial Planning and Analysis

Unit4 offers a comprehensive FP&A solution that leverages cutting-edge technology to provide businesses with advanced financial planning and analysis capabilities. The product's capabilities include budgeting and forecasting, financial consolidation, analytics and reporting, scenario planning, and predictive modeling.

Integrated Financial Planning (IFP) solution covers all aspects of planning. It gives you a clear overview of your actual figures, as well as forecasting capabilities, analytics, and reporting customized to different target groups.

A single integrated solution

• Integrated P&L, balance sheet & cash flow data.
• Integrated view on actuals, medium- & long-term planning, and forecasting.
• Multidimensional views, e.g., according to regions, products, customers, etc.
• Planning for the entire group, as well as its individual entities.
• Powerful management consolidation, including reconciliation, intercompany rules & audit trail.

Budgeting and forecasting

• Bottom-up and top-down planning.
• Integrating operational budgets (e.g., HR, cost center, investment planning, intercompany relationships, allocations).
• Strategic planning.
• Financial scenario planning based on sales, costs, financial data, and KPIs.
• Modern methods such as rolling forecasts, value-driver-based planning, and frontloading.
• AI forecasting and automatic data-entry checks.

Reporting and analysis

• Standard and ad hoc reporting.
• Covering local GAAP and IFRS accounting standards.
• Individual reports for different user groups are available at any time.
• MS Office add-in to automatically fill in and update board presentations.
• Automatic report distribution via email.
• Deviation analysis and commenting on effects.
• Variance analysis, including conditional formatting to help highlight deviations.
• Visualization of scenario impacts on the income statement, balance sheet, and liquidity.
• Ad hoc analysis, hit lists, and benchmarks.

Easy-to-use tools

• Workflow-supported planning for both the FP&A department and the business.
• Status checks during the planning process.
• Process documentation and budget comparisons across several planning cycles.
• Easy management of individual user rights to ensure shared but controlled access to a “single source of truth.”

With these tools, organizations can streamline their financial planning processes, improve data accuracy, and gain real-time visibility into their financial performance. This enables them to make informed decisions, respond to changing market conditions, and drive business growth.

Unit4's FP&A solution is fully integrated with other ERP modules, such as accounting and supply chain management, allowing businesses to leverage a holistic view of their financial and operational data. This integrated approach also eliminates data silos and reduces the risk of errors, providing businesses with consistent and reliable financial information.

Overall, Unit4's FP&A solution offers businesses a powerful combination of technology, expertise, and customer support to meet their financial planning and analysis needs. With these capabilities, businesses can confidently make decisions that drive growth and success.

You can find more information on our suite of solutions here.