Finance Budgeting

The solution includes a Finance Budget module where the finance budgeting takes place at least once a year.

This is typically done by the executive management, as they set strategic goals for the upcoming fiscal period. Based on these goals, the Department Managers are responsible for creating detailed budgets to match the strategic goals. The budget is typically revised on a quarterly basis.

The Finance Budget module is not meant to be used for simulating data. Spreadsheets like MS Excel are much better tools for that purpose. Accordingly, the Finance Budget module is mainly used for storing budget data after the budget has been approved by management and the board.

Typically, most companies provide the finance budgets in Excel and import them into Maconomy’s budget module using standard APIs.

In the Finance Budget module, the Finance Department can handle the following processes:

• Create budget models (for example 2013, 2014)
• Work with budget types such as Forecast 1 - 2014, Forecast 2 - 2014, and so on
• Budget on all dimensions
• Import/export data using spreadsheets
• Print standard reports for budget inspections and so forth
• Look up budget entry history

Reports are then available for tracking performance against the set budget as shown in the following figure, which displays a P&L for a department by month, quarter, and year-to-date.