EPM or Enterprise Performance Management software is a computer program that helps finance department of a firm in understanding financial data easily and it is used by HR, IT, sales and marketing for the purpose of planning, reporting and budgeting. This software is used due to the efficiency, speed and accuracy it provides to its users. With companies in market like Onestream consolidation of your firm gets easier with the use of their services.
Why businesses use it?
Helps to make the closing process smooth – it helps businesses to adapt to the new regulatory changes quickly and provide all the insights required without any delay and hindrance. It makes the whole process streamlined due to its pace and accuracy.
Helps in devising accurate and flexible course of action
EPMs provide Planning and forecasting solution that are accurate as well as flexible and can be modified without hassle in the future if the need occurs, EPM basically provides all the quantitative and qualitative information that is required for proper planning process which smoothens the process and makes it a bit more accurate.
Fulfils all the reporting needs
EPM provides all round work which fulfils all the reporting needs of the user. A company might need to fulfill many different reporting standards which are easy to do with EPM as if your company is using conventional methods you would need to create a variety of reports which is a time taking activity.
Helps in streamlining the reconciliation of accounts
Delays due to reconciliation have always been the top reason behind delayed accounting reports, but due to the sophisticated coding of EPM software, they are able to manage all the requirements easily due to automation while maintaining high standards of security due to the nature of the data.
Helps in managing and driving profitability
It helps in uncertain times when there is a need of managing and driving profitability, by providing users with vital insights on cost and profitability. This helps in determining where should the limited resources be invested.