Budgeting & Forecasting
Management is about taking active control of your business. To achieve this, you need a clear and accurate understanding of your situation, as well as access to the right tools to implement your plans – when you need them and wherever you are.
Your key people’s time is costly and should be spent on business improvement, not manual data gathering, error handling or collating versions of files. To enjoy the benefits of a fact-based management approach, it is vital to have the right data easily available in the right format and quality. The integrated analysis, budgeting and reporting components in Business World, support the whole management cycle and ensure maximum efficiency and quality.
When you use a single system to support the whole management loop, you always work with accurate and up-to-date data and the whole process remains transparent and agile.
What will it do for you?
Business World Budgeting and Forecasting assists organizations in the areas of: financial planning and budgeting, resource planning, project planning, and forecasting.
Who is it for?
Unit4 business Worlds budgeting and forecasting provides invaluable support for all participants in the planning and budgeting cycles, of even the largest, most complex or fast-changing businesses.
It brings together information from across the organization and key systems to provide a “single version of the truth,” from which to plan and make decisions. For example, it:
- Assists financial managers who need to gain control over the accuracy, completeness and timeliness of their budgeting process;
- Enables planning departments to create forecasts and perform “what-if” analysis.
Controlled, efficient, self-service budgeting
With our combination of self-service facilities (allowing access from disparate locations) and workflow (to tightly control the data flow into the budgeting process), you can easily move from centralized to devolved budgeting.
A clearer picture of day-to-day operations
Budgeting and forecasting automatically generates supporting transactions from income and expense postings, to support more complete day-today operational reporting. So, for instance, a sales entry may trigger an automatic commission entry, which gives rise to changes in the employer’s contribution and vacation pay.
Enabling data entry and collaboration from many sources
Budgeting and forecasting can integrate data from a wide range of sources, including: existing spreadsheets, thanks to dynamic links into Excel, external programs, and user-defined, web-based direct data entry screens.
So, several business divisions or data sources can contribute to the planning and forecasting process, with effective change tracking and control over the data inputs.
Better data security, control and visibility
Sharing the core Business World ERP system administration and security infrastructure, ensures that user permissions, audit controls, validation and security features are tightly managed and consistent throughout:
- Controlled user access, even when data is entered via Excel, to ensure accuracy and security of the underlying database.
- Complete audit trail for all data changes, user name and time of the change.
The best of both worlds – simplicity and power
A simple book format allocates pages to all your budget elements, e.g. cost, resource and revenue plans. If you make a change in one of the book templates, it will recur in all future books. So now there’s no need to change countless Excel sheets to modify a single calculation or add a new department.
You can define the content and layout of every page, choosing exactly what to include – whether that’s last year’s numbers, KPIs, charts or relevant instructions. You can also add your comments to pages, or discuss the report in real time with your colleagues. This means that everyone in the budget process will be able to complete the required actions instantly and correctly, reducing time to completion and increasing the quality of your plans
- Unlimited number of budget versions for analysis, simulation and budget modelling
- Analysis of Budget vs Actuals
- Automatic calculation of amortization and depreciation on assets and investments
- Multi currency budgeting
- A range of user defined features, including
- Period definition – to determine the starting date and period type of the budget version
- Budget periods in weeks, months, quarters and or years
- Budget accounts plus 11 additional analysis categories
- Accounting rules enforcement, driven by account code or other user defined criteria
- Reporting across multiple years
- Ability to attach comments
A broader, integrated solution
The strengths of the Budgeting and forecasting tools are multiplied, when used as an integrated part of the broader Business World ERP solution. For example:
Core Financials – common account and transaction posting rules; shared access to actuals.
Fixed Assets – consolidated forecasts based on asset accounting depreciation schedules.
Project – common project masterfile and shared access to project definition details.
HR – budgeting, including position percentage.
Payroll – automatic generation of payroll budgets, to predict future staff costs with a high level of accuracy.
Performance Management – takes advantage of all the standard Business World reporting, business process automation and analysis tools. For example, users can create and access their own maintainable library of custom reports to match their reporting needs.
You Make the Rules with Unit4 Business World
Unit4 Business World is a cloud ERP solution that enables service-centric organizations in the public and private sectors to gain a significant advantage over their peers. Its leading-edge architecture facilitates faster innovation at a lower cost and with less disruption. The result is more opportunity and smarter operations.
- Easy Growth – Business World customers have the ability to scale up quickly and easily.
- Effortless Innovation – Experimentation and innovation are built into Unit4’s flexible finance and accounting structures.
- Seamless Mergers and Acquisitions – The system supports a streamlined integration of acquisitions, as it establishes controls and compliance without disrupting operations.
- Efficient Divestiture – In times of change, you can scale back quickly and smoothly, as you effectively manage divestment scenarios.
- Reduced Operational Costs – Users eliminate inefficiencies and spend more time and money on the customer and addressing risk.
Business World customers enjoy business flexibility in addition to a lower total cost of ownership because they need a fraction of the usual resources required to operate and evolve the system.