Forecasted prepaids can be easily removed by the user when the actual prepaid is executed and loaded into the system

Description

Reducing maintenance for forecasted prepaids within a Corporate Performance Management (CPM) system involves allowing the user to easily remove the forecasted items when the actual prepaid is executed and loaded into the system. For organizations with a long list of prepaids, this ability is invaluable.

Example Use Case

Scenario: A mid-market company uses a CPM software for its financial planning and forecasting. It has forecasted prepaids for certain business expenditures and these anticipated costs are included in their financial reports and projections.

Solution: Once the prepaid activities are executed and their actual costs are loaded into the system, the user can effortlessly remove their forecasted counterparts. This removes any redundancies in the system and ensures that the financial reports reflect the most accurate data.

Considerations

This is like workforce planning, where a TBH is converted into an employee. That TBH needs to be converted automatically to an employee, and adjust the forecast accordingly with the actual values. For a prepaid, the amount, asset type, date of purchase and so on would need to be easily updated. Ideally this does not involve deleting and re-adding, but instead is either automatic or only requires a few fields to be changed.

Questions to Ask a Vendor

• Reconciling Planned vs Actual: Will the system detect when purchased prepaids are imported that match planned prepaids?
• Editing Planned: Is it simple to edit a planned prepaid and turn it into an owned prepaid? What fields need to be edited?