Simplify your budgeting proces with InfoSuite

Author Sine Mølgaard


Most people would probably agree that the annual budgeting process is quite lengthy and requires a lot of time and resources.

But it does not necessarily have to be like that, as most of the process can be automatised.

In this article I describe how InfoSuite will help you to a streamlined process that reduces the resource consumption for budgeting in the company.

What is a budgeting process?

The budgeting process is basically about determining the company budgets over the next period. For most large companies it is an annual recurring event, starting typically four to six months prior to the beginning of a new fiscal year.

If you are used to working with traditional, annual budgeting, you will know that the budgeting process is extremely resource demanding. It requires more employees from different departments to solve several – often manual – tasks.

You can therefore with good reason search for ways to optimise the process; either by optimising the current budgeting process, or by investing in a dedicated budgeting tool.

Using a budgeting tool, such as InfoSuite, can automatise a large part of the budgeting process. First and for all, it will make budgeting easier, and spare time and frustration in the spreadsheets. It will also allow you to move focus from manual typing jobs to planning of the financial success of the company.

Learn more about how InfoSuite streamlines the different parts of the budgeting process – from set-up to follow-up.

Setting up the budget documents

InfoSuite automatically incorporates historical or statistical data as proposals to your budget entry. This means that you do not have to manually fill in the document fields with relevant data.

Also, we have predefined formulas and an established relation between your budgets, always making them coherent and mutually updated. You and the company spreadsheet expert will not have to spend time defining the formulas behind.

You are let off the spreadsheet trouble: no formulas, no chains to be updated and troubleshooted, and no manual updates of the budget basis.

Functions simplifying set-up

  • Use an optional number of entry fields
  • Simple definition of budget level and budget paths
  • Create budget proposals based on historical data
  • Manage budget periods optionally
  • Easy set-up of allocation keys and formulas
  • Create automatic correlation between budgets

Entry of budgets

InfoSuite provides the budget administrator with the best opportunities to create a streamlined budget entry throughout the organisation.

Authorisation management, databased proposals and text notes ensure that employees quickly can enter in the right places based on the right prerequisites.

This will spare the person entering in the budget from using unnecessary time keeping himself informed of non-relevant parts of the budget, and he or she can quickly be oriented in the relevant information.

Support functions, such as calculator, budgeting of residuals, and allocation keys, facilitates the entry procedure.

Functions simplifying entry

  • Easy switch between budget and historical period
  • Filter and select relevant budget data
  • Enter as total or in trend
  • Unlock budget on row or path level
  • Entry using copying or budgeting of residuals
  • Attach elaborating notes
  • Simultaneous entry in more levels

Consolidation of budgets

Consolidation is often a heavy part of a budgeting process, as it requires manual handling.

However, in InfoSuite the consolidation is completely automatic. Each time an entry is made into a budget, all related budgets are updated instantly.

Consequently, you do not have to waste time collecting partial budgets from departments and subsidiaries. Moreover, you avoid the errors that often occur when budgets are being brought together from various documents.

Functions simplifying consolidation

  • Choose between budget versions and models
  • Manage authorisations and approvals
  • Easy use of rolling budgets
  • Updated budgets on-the-fly
  • Automatic transfer of budgets to BI or ERP
  • Functions that simplify follow-up
  • Manage the budgeting process using the integrated workflow function
  • Budget follow-up in BI or ERP
  • Follow up on budgets from Mobile BI
  • Set up KPIs for the key indicators in your budgets
  • Monitor dashboards visualizing your results compared to the budget

Follow-up on budgets

From dashboards, InfoSuite provides the overview of your actual performance compared to the budgets. In addition, you can create weekly or monthly reporting telling the relevant employees in the company whether you are on track.

Thus, you will not have to compare data from different documents and systems each time you follow up on the budget.

The InfoSuite workflow function also helps you and your colleagues to manage the budgeting process and makes sure your follow up is on schedule.

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