Forpoint Solutions Awarded DataBlend’s 2023 Accelerator Award

Forpoint Solutions Awarded DataBlend’s 2023 Accelerator Award

 

Forpoint Solutions Awarded DataBlend’s 2023 Accelerator Award

Melbourne, Australia — April 23, 2024 — Forpoint Solutions has been recognized by DataBlend with the prestigious 2023 Accelerator Award, a remarkable achievement that showcases the company’s dedication to driving innovation and excellence in finance and accounting technology.

This honor is reflective of the commitment that the team at Forpoint Solutions have to excellence and the forward-thinking ethos that is deeply embedded in the company’s culture. Through their leadership, Forpoint Solutions has significantly amplified DataBlend’s market presence in the Australian and New Zealand region and demonstrated unparalleled proficiency in delivering client-centric solutions.

David Furth, CEO of DataBlend told us this:

“Forpoint demonstrates all the qualities we look for in a partner. They are forward-thinking, embrace the role of technology to drive improvement across finance and accounting, and deliver quantifiable results for their customers. They are extremely deserving of our Accelerator Award. Their commitment and the increased level of activity over the past year have been truly commendable.”

The Accelerator Award is a nod to Forpoint Solutions’ success in not just meeting but exceeding the partnership goals with DataBlend, enhancing the scope of what is possible in the realm of finance and accounting through technology.

The efforts and achievements of Forpoint Solutions highlight a symbiotic partnership that thrives on innovation, collaboration, and a shared vision for success. The company has consistently leveraged its expertise to champion DataBlend’s solutions, fostering growth and pushing the boundaries of technological applications in business.

“We’re incredibly proud to receive this award. Our partnerships are the foundation of what we do here at Forpoint and Datablend are no exception. We see it as a privilege to work with innovative software and the technology behind it aids our customers to achieving seamless finance transformation.” David Shahinian – Director Forpoint Solutions.

This recognition is shared with the passionate team and valued clients of Forpoint Solutions, whose trust and collaborative spirit have been the driving force behind this accolade.

As Forpoint Solutions continues to set industry standards for excellence, this award from DataBlend stands as a testament to their outstanding achievements and the bright future of this partnership.

To speak to Forpoint about Datablend or any solution offering, please get in touch.

About Forpoint Solutions: Forpoint Solutions stands at the forefront of finance and accounting technology solutions, committed to empowering businesses with innovative tools and strategies to enhance operational efficiency and drive growth.

About DataBlend: DataBlend is at the cutting edge of data integration solutions, dedicated to offering platforms that enable financial leaders to optimize data management and analysis, fostering an ecosystem of innovation and partnership.

 

 

Limitations of Excel
10 Limitations of Excel for budgeting and Forecasting

10 Limitations of Excel for budgeting and Forecasting

As businesses evolve, the tools we use must evolve with them. For CFOs, one of the longstanding staples for budgeting and forecasting has been Microsoft Excel. While Excel is undoubtedly powerful and flexible, it’s not without its limitations—especially when it comes to handling the complexities of modern financial forecasting. Here’s why it might be time to consider alternatives.

1. Hitting the Scalability Ceiling Excel struggles when data grows, which is often the case in a flourishing business. Handling massive datasets or linking numerous spreadsheets can slow down processes and introduce inefficiencies that no company can afford in today’s fast-paced market.

2. A Breeding Ground for Errors The freedom that Excel offers can be a double-edged sword. Complex formulas are prone to errors, and even a tiny mistake can ripple through your data, leading to significant inaccuracies. These errors are not just common; they’re often hard to detect until they’ve done considerable damage.

3. Collaboration Complications In an era where collaboration is key, Excel falls short. Managing different versions of a spreadsheet among multiple stakeholders can lead to confusion and errors. This makes Excel less ideal for teams that need to work simultaneously on budget forecasts.

4. Data Integration Dilemmas Manual data entry is time-consuming and fraught with potential for errors. Excel doesn’t easily integrate with other systems, which means CFOs often spend too much time just preparing data rather than analyzing it.

5. The Need for Real-Time Data In industries where conditions change rapidly, the lack of real-time data updates in Excel can hinder decision-making. Modern businesses require up-to-the-minute data to make informed decisions quickly.

 

Limitations of Excel

6. Security Shortfalls The ease with which Excel files can be shared also makes them vulnerable. Sensitive financial information requires stringent security measures, which basic Excel files simply do not provide.

7. Limitations in Advanced Analytics Excel’s capabilities in predictive modeling and scenario analysis are limited unless supplemented with external plugins or tools. CFOs seeking to leverage advanced analytics may find Excel frustratingly inadequate.

8. Reporting Rigidities Anyone who’s tried to pull a report from a complex spreadsheet knows it’s no small feat. This process often requires significant manual effort, which can be both time-consuming and prone to errors.

9. Absence of Audit Trails For finance professionals, the lack of comprehensive audit trails in Excel is a serious concern. These trails are critical for tracing the history of changes and ensuring compliance with financial regulations.

10. The Expertise Gap To effectively use Excel for complex forecasting requires deep knowledge and significant training. This creates a gap where only a few individuals can participate meaningfully in the forecasting process, limiting collaboration and innovation.

For CFOs considering a move away from Excel, there are numerous sophisticated budgeting and forecasting tools available. These tools are designed to handle the demands of modern finance functions, offering better scalability, real-time data integration, and enhanced security features, among others. When choosing a new tool, consider your organization’s specific needs, including data complexity, team size, and desired forecasting capabilities.

While Excel has served many businesses well over the years, its limitations are becoming more apparent as the financial landscape becomes more complex and collaborative. It’s time for CFOs to explore more robust solutions that can propel their companies forward in an increasingly competitive market.