Budgeting Application can be created with simple spreadsheet tools (Excel or Google Sheets) or fancy enterprise software (Cognos Planning Analytics, Oracle Hyperion, SAP BPC, Anaplan). Irregardless of the tools, you must have a proper Financial Model that fit into your industry business model. We believe you can have effective and efficient Budgeting Application, if you already implement “best practices” on your Financial model. We had developed several Industries Budgeting Applications (Manufacturing, Plantation, Insurance, Consumer Loan) that are ready to be configured. We can help you jump-start implementation of Budgeting Application from requirement analysis up to application support. Should you unsure where to start, you can try out our Cloud Budgeting App solution, to minimize your Capex spending and get the quick wins.
Make sure your Budgeting Application has 3 keys factors:
- Functionality (fulfill all your business requirements)
- Maintainability (application can be modified and maintain by available resources in suitable cost)
- Performance (application response time can be accepted by the users and management)
Don’t reinvent the wheels
Pick the Budgeting Application that adopt best practices on your industry financial model
Collaboration (version control)
Ensure your budgeting application has “single version of truth
- Spend time in creating business requirements document. Get key users involved and focus on business objectives. Please go over our Financial Modeling page for Financial Modeling suggestions. If the business requirements are complex, involve external helps with Industrial knowledge.
- Spend time in building and audit the right Financial Model. Create the model in spreadsheet first if time permits.
- Select the right tools or applications can determine project success. Options are available from simple Excel till fancy enterprise application. Combining these tools (ex. Excel for data collection and enterprise application for consolidation and simulation) could be an option too.
- Allocate enough time in testing, training and rollout. Last minute design changes will happen and have to be prioritized. Allocate time for these must have changes that still can meet project timeline.