September 22, 2022

It’s Time To Level Up Your Financial Modeling System

It’s Time To Level Up Your Financial Modeling System

Madison V.
September 22, 2022

Financial errors can have disastrous consequences for a business, and relying on Excel as a financial modeling tool is becoming increasingly risky. While their spreadsheets are practical for organizing and performing basic calculations, they lack the ability to perform multidimensional analysis to mitigate errors and give you assurance that all of your private information is secure, which is what financial modeling software was created for.

Finicast was created to provide users with the assurance that their data is accurate, scalable, and secure. Here are five reasons why Finicast is the alternative you need to future-proof your business and productivity: 

1. Minimize Error

It's no secret that 88-90% of Excel files contain errors, which skews the accuracy of the data contained within them. This means that finance teams are devoting significant time to tracking down and correcting these errors when they could be working on other projects. When you automate data entry, you eliminate the risk of human error, which reduces the risk of broken formulas and templates, as well as the likelihood of inaccurate audits and business liabilities.

2. Increased Security

Although Excel has some security features, many programs are capable of hacking passwords and sensitive data and duplicating files in seconds.

Distributing Excel files via email can be detrimental to security. If files with sensitive data end up in the wrong hands, the impact could be significant and costly. With Finicast, there is no longer a need for spreadsheets to be sent via email. You can share specific slices of your model with collaborators so that users can only access models and departments they manage, ensuring that users are not changing corporate numbers.

At Finicast, we have committed ourselves to the highest standards of security to deliver trust and assurance to customers. Our software is SOC 2, ISO 27001, and HIPAA compliant. We strive to continue improving our internal security controls and their effectiveness to give you confidence that your data is always secure.

3. Collaborative 

As mentioned before, there is no reason to send sensitive files via email to team members. Finicast allows you to be more collaborative across departments and deliver information fast and more securely.

Because Excel only permits single-user access, users are forced to duplicate models and email them to others before consolidating them. Excel doesn't provide details about the current projects being worked on by your team. You cannot see which teams have begun, which teams are waiting on more contributors, and which teams have finished the worksheet but have not yet returned it back to you.

Having a collaborative work space allows managers and colleagues to have access to the most accurate information and eliminates the need to track down the most recent and accurate version of reports.

4. Forecasting

Forecasting is essential to businesses because it gives them the ability to make informed business decisions and develop data-driven strategies for company growth.

Finicast’s software provides companies and analysts with various economic, financial, and operational scenarios, thus giving an insight into future business standards and planning making it easy to deliver and modify sales forecasts, territory plans, and commission calculations. Executives, business owners, and other leaders can use this information to make decisions for the upcoming months and years to maximize their growth and profitability. 

5. Integration

Finicast has the ability to integrate with a variety of source systems, such as Salesforce, allowing data to import seamlessly into budgets and reports, collect real-time data, and compile information.

With Finicast you can be assured that you are working in the most efficient way possible, keeping data safe, collaborative, and accurate. Contact us today to learn more about how you can use Finicast in your business.