Simplifying Property Expense Management with AP Automation Software
In the fast-paced property and construction industry, staying organized and efficient with expense management can be a daunting task. Body corporates through to property development companies often find themselves grappling with a pile of receipts, invoices, and expenses, making it challenging to keep track of financial data accurately, especially when it comes to multi-entity and multi-currency assets. Forpoint brings, a machine learning, expense management software designed specifically for accounts payable. We’ll explore how our tools are revolutionising expense management and streamlining financial processes, making it an indispensable tool for property industry professionals.
What is AP Automation Software?
AP automation software comes as a cloud-based expense management software tailor-made to cater to the complex needs of property & construction ( or anywhere there are high volume accounts payable receipts, either internally or from suppliers). Its cutting-edge technology provides a seamless solution for recording, categorizing, and analyzing expenses, helping property & construction companies and real estate professionals stay on top of their financial game.
The Power of Automation
One of the most significant advantages of AP Automation software is its automation capabilities. Traditional expense management methods often involve manual data entry, leading to errors and wasted time. Tasks such as scanning receipts with OCR technology, extracting information, and categorizing expenses are automated using advanced machine learning algorithms. This not only minimizes the risk of human errors but also allows CFO’s to focus on more strategic aspects of their work.
Integration with Existing Systems
Property & construction companies already have a swathe of ERP technologies that the industry relies upon to manage projects and the business. Forpoint has chosen their software as the preferred AP automation tool because it seamlessly integrates with popular platforms, avoiding duplication of data and reducing the chances of discrepancies. The software acts as a centralized hub for expense management, making financial data easily accessible and facilitating informed decision-making.
Real-Time Insights and Analytics
In the property industry, making informed financial decisions is crucial. Analytics and reporting features provide real-time insights into expense patterns, cash flow, and budget utilization. With comprehensive data visualization, CFO’s can easily identify trends, monitor spending, and optimize their financial strategies accordingly. This level of transparency and control helps businesses become more agile and adaptable, a vital advantage in the ever-changing property landscape.
Personable Customer Support
In an increasingly digital world, customer support can sometimes feel distant and impersonal. However, the Forpoint team understands the specific needs of property and construction and we partner with you for the long term to ensure we can help your finance team become more efficient as your company grows. Whether it’s setting up the software, resolving technical issues, or providing training, we ensure a smooth transformation period and usage into the future.
Using customisable workflows develop granular controls that suit your business to increase the security of sensitive financial data, ensure ongoing compliance, and improve management oversight. Whether you’re a tech-savvy professional or someone who prefers simplicity, Forpoint understands the need to be able to view large amounts of data quickly and reliably, so the company can make informed decisions any time of the month.
Forpoint has been implementing software solutions for more than 20+ years. Our highly experienced team are the best people to have by your side as your company grows. We have end-to-end software solutions for every part of your financial process and can stack specific software into your existing tools for a tailored solution.
Talk to the team today to understand what finance automation would look like for your finance team
As a key partner in the APAC region, there are many reasons why Forpoint choose Planful as their preferred FP&A solution. The strength and flexibility of the platform has key benefits to any mid- enterprise market finance team looking to gain visibility and powerful planning capability – but today, we’re going to explore what makes this software stand out from the rest. Planful, has been ahead of the game in this area for some time with the investment of artificial intelligence (AI) and machine learning. We’ll explore what Planful Predict is, its impact on financial planning, and why it is a game-changer for businesses of all sizes.
What is Planful Predict?
Planful Predict is an advanced AI technology integrated into Planful Inc.’s financial planning software. It is designed to empower organizations with data-driven insights, allowing them to make more accurate, timely, and strategic decisions. At its core, Planful Predict leverages machine learning and AI algorithms to analyze historical financial data, forecast future trends, and provide actionable recommendations.
The technology is built on a foundation of machine learning, which enables it to continuously learn and adapt as it processes more data. And, as a result, becomes increasingly accurate and valuable over time, making it an indispensable tool for financial professionals.
Enhancing Financial Planning
Financial planning is the backbone of any successful business. It involves budgeting, forecasting, and making informed financial decisions to achieve strategic objectives. Traditional financial planning methods, while effective, often require significant manual effort, are prone to errors, and may not adapt quickly to changes in the business environment. Planful Predict addresses these challenges and elevates financial planning to a new level.
1. Data-Driven Insights:
It takes advantage of AI’s analytical capabilities to scrutinize historical financial data, identifying patterns, trends, and anomalies that might be overlooked by human planners. This results in more accurate forecasts and deeper insights into the financial health of the organization. By harnessing the power of data, businesses can better anticipate future challenges and opportunities.
2. Continuous Forecasting:
In dynamic business environments, the ability to adapt quickly is essential. Planful Predict continuously updates its forecasts based on incoming data, providing real-time insights into the financial outlook. This feature allows businesses to make agile decisions and pivot as needed to achieve their goals.
3. Reducing Manual Workload:
One of the most significant advantages is its ability to automate time-consuming financial planning tasks. This not only saves time but also reduces the risk of human error, which can be costly in the world of finance. Financial professionals can focus on more strategic, value-added tasks, while Planful Predict handles the number-crunching.
4. Scenario Analysis:
Scenario planning is a vital aspect of financial strategy. With Planful Predict, businesses can easily create and analyze various “what-if” scenarios to assess the potential impact of different decisions. This empowers them to make well-informed choices, minimizing risk and maximizing opportunities.
Who Benefits from Planful Predict?
Planful Predict is not limited to specific industries or business sizes. Its flexibility and adaptability make it a valuable tool for a wide range of organizations, including:
1. Large Enterprises:
Large corporations with complex financial structures and extensive data sets can benefit immensely. It helps them streamline their financial planning processes, gain better insights, and ensure that decision-makers have access to accurate and up-to-date information.
2. Mid-sized Companies:
For mid-sized companies it can be a game-changer by simplifying financial planning and allowing them to compete more effectively in their respective markets. It empowers them to make informed decisions while reducing operational costs.
3. Small Businesses:
Small businesses can gain a competitive edge by harnessing AI technology that was once reserved for larger enterprises. The automation and data-driven insights provided by Planful Predict help small businesses navigate their financial challenges and opportunities more effectively.
4. Financial Professionals:
CFOs, financial analysts, and other financial professionals can enhance their decision-making capabilities. The tool allows them to provide strategic guidance to their organizations, ultimately driving financial success.
Why Planful Predict Stands Out
While there are various AI-powered financial planning tools in the market, Planful Predict stands out for several reasons:
1. Seamless Integration:
Planful Predict seamlessly integrates with Planful Inc.’s comprehensive financial planning software, offering a holistic solution for organizations. The synergy between Planful Predict and Planful’s other features enhances the user experience and the overall effectiveness of financial planning.
2. User-Friendly Interface:
Planful Inc. has designed Planful Predict with a user-friendly interface that caters to both finance professionals and business users. This ensures that AI-driven insights are accessible and understandable for a broad audience.
3. Predictive Accuracy:
Planful Predict’s machine learning algorithms continuously refine their forecasts, resulting in a high degree of predictive accuracy. This precision is invaluable in planning, where even small errors can lead to significant consequences.
Planful Predict is scalable, accommodating the needs of businesses of all sizes. Whether an organization is a startup with limited data or a multinational corporation with vast datasets, Planful Predict can adapt and provide value.
Real-World Success Stories
To understand the real impact of Planful Predict, let’s look at some success stories:
1. A Global Retail Chain:
A global retail chain used Planful Predict to improve its inventory management. By analyzing historical sales data and external factors such as seasonal trends and economic indicators, the retailer was able to optimize its inventory levels, reducing carrying costs and minimizing out-of-stock situations. As a result, the company saw a significant increase in profitability and customer satisfaction.
2. A Financial Services Firm:
A financial services firm incorporated Planful Predict into its portfolio management process. The technology enabled the firm to identify trends and potential market shifts, allowing them to make more informed investment decisions. The result was improved client returns and a competitive edge in the market.
3. A Startup in the Tech Industry:
A tech startup with limited historical financial data used Planful Predict to forecast its growth trajectory. The AI technology helped the startup secure investment by providing compelling financial projections backed by data-driven insights. This is just one example of how Planful Predict empowers small businesses to thrive.
Planful Predict by Planful Inc. empowers businesses of all sizes to make data-driven, accurate, and agile financial decisions. By automating manual tasks, continuously updating forecasts, and providing deep insights, Planful Predict is a game-changer for financial professionals and organizations. Its seamless integration, user-friendly interface, and scalability make it a powerful tool for a wide range of industries. With real-world success stories to back it up, Planful Predict is undeniably unlocking the future of financial planning. We’re excited to be APAC partners for Planful now and into the future, Book a Demo to understand if the Planful platform is right for your business.
Original Press Release Aug 23, 2023
Financial Performance Management Cloud Software Leader Continues to Excel, Reports Record Expansion and Innovation
SAN FRANCISCO, Calif., August 23, 2023 — Planful Inc., the pioneering force behind financial performance management cloud software, proudly announces exceptional growth in revenue and profitability for the first half of 2023. This outstanding achievement is attributed to the continued expansion of the customer base and increased adoption of Planful’s versatile solutions.
Throughout the first half of the year, Planful experienced remarkable growth across numerous critical metrics, exemplified by a 26% year-over-year surge in customer expansion bookings. The company’s international presence also flourished with an astonishing 71% year-over-year increase in international customer expansion bookings, fueled by the escalating global demand for Planful’s Financial Performance Management platform.
One of the remarkable highlights of this growth was the adoption and expansion of Planful’s solutions across diverse business functions. Notably, the company’s marketing budgeting and planning solution, which became possible due to the strategic acquisition of Plannuh in 2022, experienced substantial growth. Among Planful’s new clientele in the first half of 2023 are industry leaders such as World Business Council for Sustainable Development, Collingwood Lighting, Steiner Electric Company, and Envision Radiology LLC.
In May, Planful successfully hosted Perform23, its renowned annual user conference, attracting over 1,500 attendees, both in-person and virtually. The event celebrated the induction of new members into the esteemed Champions Club, while also recognizing the outstanding accomplishments of several customers with awards. During Perform23, Planful unveiled an array of product innovations, expanding the capabilities of Predict, the company’s proprietary embedded AI and ML solution.
Luis Martinez Luna, Senior Manager FP&A at Rocket Software, praised the transformative impact of Planful Predict, stating, “Because the technology is embedded in the platform, there aren’t any additional technical skills required to use it. I’m excited for budget managers across the company to take advantage of these AI capabilities and make financial decisions with greater speed and accuracy.”
Further bolstering its success, Planful’s partner network has expanded to include Novus Proximus, Blue Noda, Kloo, Postal, Elevate IQ and in the APAC regions of Australia and New Zealand, Forpoint Solutions.
“We are thrilled to be part of the Planful partner network, delivering budgeting and forecast solutions across Australia and New Zealand. We are also excited to now be deploying Planful software for our own internal use at Forpoint. We’re really excited to jump in and use the software first-hand” Micheal McGindle- Solution Director, Forpoint Solutions, Australia.
The company acknowledged the invaluable contributions of its partners through its annual Partner Award program, recognizing excellence in sales, implementation quality, and exceptional value delivery to mutual customers. The 2022 Partner Award winners included Workiva, Bakerfield Solutions, CFO Solutions, KeenVision, and Wipfli, LLP.
During the first half of 2023, Planful received numerous accolades from top industry analysts, solidifying its position as a market leader:
- Named to the Constellation Research ShortList™ for Cloud-Based Planning and Performance Management Platforms for the 11th consecutive year.
- Earned a Dresner Advisory Services 2022 Technology Innovation Award in the “Financial Consolidation, Close Management, and Reporting” category.
- Received the Business Intelligence Group’s 2023 Excellence in Customer Service Awards.
- Garnered high rankings in G2’s Best Accounting and Finance Products for 2023 report and the G2 2023 Spring Report across multiple categories.
- Achieved Great Place to Work certification in the US, UK, Canada, and India for the second consecutive year.
- Included in Fortune’s Best Workplaces in the Bay Area 2023 list.
- Recognized as a leader in the BPM Vendor Landscape Matrix for Performance Management Solutions.
- Awarded a Bronze Stevie® Award for Customer Service Department of the Year, with Planful CEO Grant Halloran earning a Gold Stevie® Award for Maverick of the Year.
- Named a finalist in the 2023 Lattice People Success Awards and the CHRO of the Year Awards.
Grant Halloran, Chief Executive Officer of Planful, expressed his enthusiasm, stating, “Global demand remains high for our software, as companies seek greater automation of their financial performance processes, not only to make them more productive but also to make faster course corrections as they navigate dynamic business conditions.”
For more information about planful solutions in Australia and New Zealand please contact us.
About Planful Inc. Planful Inc. is the vanguard in financial performance management cloud software, enabling companies to automate and accelerate budgeting, planning, and reporting. With an unwavering commitment to innovation and customer success, Planful empowers both finance and business teams to generate insights, drive efficiencies, and adapt to change with agility.
Want to see how Planful’s award-winning planning and forecasting software works? Speak to our team and organise a demo today
Melissa Dreuth, Senior Vice President of People and Culture at Planful, talks to her counterparts in the Finance team every day… and looks forward to it.
“Human Resources – also referred to as People Operations – tends to either love or hate the Finance department. Personally, I absolutely love my Finance colleagues.”
And while the Planful HR team might have an unfair advantage by virtue of working at a financial planning software provider, Dreuth has several thoughts on how to improve HR-and-Finance relationships in every company.
Finance and Human Resources Have A Universal Interdependence: Payroll
“Collaboration between every company’s Finance and HR departments sprouts from a bedrock foundation: payroll,” explains Dreuth.
The fact of the matter, she says, is that neither department can function without the other. “I can’t make any org changes without Finance’s blessing, and Finance can’t do the number one thing that all employees care about the most – paying them – without making sure they have the correct information from HR.”
From this inherent touchpoint, Dreuth recommends, start building a cadence where both sides are often communicating, erring on the side of “over-communicating” and prioritizing this constant flow of information.
“It’ll be readily clear, early on, how interdependent both sides are with this critical responsibility. Use that as a springboard and you’ll see that relationship further evolve when it’s time for workforce planning.”
What Matters More: People Or Numbers?
“In environments where there are challenging dynamics between Finance and HR, I’ve noticed there’s a battle for control: is it the financial numbers or is it the people that matter more to the business? The healthy partnerships understand that it’s both — the right people in place will generate better numbers, and those better numbers will put those people in a better position for success.”
Workforce planning is the perfect example of when Finance and HR need to be speaking the same language — because the impact of those decisions has huge ripple effects on the entire business.
“Having the right people in the right place at the right time is critical to hitting revenue targets. Add salespeople to the wrong territory too early, for example, and you just wasted resources on areas that aren’t ready to generate enough revenue… which inevitably leads to the poor performance management data pointing toward performance management plans, when in fact they may have been the right person, at the wrong time.”
And that’s where Continuous Planning comes into play.
Continuous Planning Elevates The Conversation Between HR and Finance
“We use Continuous Planning to forecast our headcount, and then as hiring rates change, we update our models so Finance can seamlessly adjust their operating plan and course-correct,” Dreuth explains.
This numbers-driven dialogue helps Dreuth get on the same page much faster with her Finance colleagues. A Continuous Planning platform — which allows for real-time collaboration and dynamic collaboration — makes it much easier for Dreuth’s team to utilize financial insights in their own decision-making.
“When we have those financial insights at our fingertips, we’re able to start those conversations at a higher level. Finance doesn’t have to push back and explain the numbers because we’ve already factored that in, and we can think much more strategically and long-term about our organization and where it’s going.”
Dreuth continued: “Ultimately, all of our goals have less to do with making better sense of the numbers and more to do with making the numbers better so we can make financially smarter decisions. Continuous planning allows us to minimize the former and maximize the latter.”
With consistent communication habits in place, a mutual understanding of each other’s perspective, and a Continuous Planning platform elevating their conversations… it’s no wonder that Planful’s HR and Finance teams have nothing but love for each other.
Article originally posted by Planful.com
Forpoint are Planful partners and represent Planful in the APAC region.