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DFS choose CFMS for their Financial Planning and Reporting solution

The team at CFMS are delighted to announce that DFS has chosen CFMS and BOARD to implement class-leading solutions for their financial planning and reporting, in a three-year cloud deal.

DFS is the clear UK market leading retailer of upholstered furniture with a portfolio of over 110 stores and a comprehensive online offering. The company has almost 50 years of experience in designing, manufacturing, selling, delivering and installing an extensive range of sofas and other upholstered and general furniture products.

CMFS Commercial Director, Richard Keizer, had this to say about the agreement: “I would like to thank the entire team at CFMS, BOARD and indeed DFS themselves for bringing this deal together. We look forward to working in close collaboration with DFS to implement their solution and to further develop the company’s financial planning and reporting processes”.

Nicholls & Clarke Choose CFMS & Jedox for Their Planning and Reporting Solution

CFMS are delighted to announce that The Nicholls & Clarke Group has chosen CFMS and Jedox to implement class-leading solutions for both their financial and sales reporting and planning.

The Nicholls & Clarke Group, founded in 1875, is a business dedicated to the manufacturing, distribution and retailing of quality building products. Originally servicing just the capitals’ building trade, their continued growth has seen them become the largest privately owned national manufacturer and distributor of quality building products throughout the U.K and internationally.

Nicholls & Clarke are also nationwide retailers of quality tile and bathroom products with 18 stores located in the UK, specialising in the retailing of tiles, bathrooms, wet rooms and related products. Furthermore, Nicholls & Clarke also operate a commercial and domestic tiling contracting arm under N&C Moderna, one of the largest, award-winning, commercial tiling contractors in London and the South East of England.

As global markets become increasingly more competitive, the pace of strategic planning is accelerating and driving the need for deeper, more effective information management. These changes have quickly outpaced traditional software’s ability to monitor and predict business performance.

The solutions that CFMS and Jedox can offer provide intelligent business and financial performance management capabilities, so businesses can drive overall performance more effectively. With Jedox, users have greater insight, allowing for more informed decisions across the enterprise.

4 reasons you need to upgrade from Excel to financial planning software

As a company grows it keeps hold of legacy systems. When entrepreneurs start out, they build a business using Excel – and for small companies, it can work.

After a while, however, it’s time to consider specialist financial planning software. Excel works fine for a small business that’s just starting out, but as financial transactions become more complex, it’s important to keep up with the ability to manage processes efficiently and error-free.

Here are three reasons why you should make the transition from Excel to financial planning software…

1. Be more productive in less time

Excel works well for simple formulas. A master can even set up complex spreadsheets with lots of autofill rules.

However, that all takes time. More importantly, it relies on someone knowing exactly how to make the most out of Excel.

As your business grows and you take on more staff, more suppliers, and more customers, the data you’re required to handle becomes simply too big.

Cross-referencing spreadsheets is time-consuming. Advanced financial planning software helps you to quickly and easily access any data you seek.

In addition, financial planning software can run advanced analytics for quick and visual reporting. This can save significant time for financial management meetings, and also provides a clear at-a-glance overview of a company’s financial status at any time.

2. Prevent costly human errors

Spreadsheets are often saved to a desktop as a new version, or errors are saved into a master sheet with no audit trail to recover the original.

A simple additional ‘0’ here and there can significantly change the outcome of an Excel spreadsheet, and all it takes is human error. It’s easy to miss small things when you’ve been looking at spreadsheets all day, but the information handled in Excel is too important to risk.

Financial planning software retains version control and keeps everything in one place. There’s no possibility of different versions of spreadsheets: it’s all in the same document.

Set algorithms will also highlight significant errors caused by manual input, so your financial information is protected from human error.

3. Be audit-ready at any time

As companies grow it is inevitable they will undergo an audit. This could be a government audit for tax reasons, or a supplier request to ensure quality and transparency.

Audits with Excel typically take huge amounts of time to compile, taking hours away from core business duties for all staff involved.

An audit with financial planning software, however, can be done in a very short amount of time. Fast reporting and clear record change tracking enable anybody to trace transactions or budget forecasts with ease.

4. Increase security with financial planning software

The security of an Excel spreadsheet is very low. Even password-protection won’t prevent someone from copying the files or giving the password to someone who shouldn’t have it.

Financial planning software is ideal for maintaining the confidentiality of business transactions, employee files, and supplier contracts. Tiered access means staff can only see what they’re authorised to see, and yet everyone can still operate from within the software at any time, unlike a spreadsheet which allows just one user.

For more information on how the right financial planning and analysis software can help your business grow, contact our helpful team of experts today.