OIXIO | Budgeting and prognosis
Is your company still doing budgets in Excel? How easy is it to track their fulfillment?
Budgeting and forecasting typically take several months for a mid-sized company. The larger the company, the more complex the budgeting process tends to be – sales budgets, production budgets, and then salaries, overheads, etc.
Our management reporting solution’s budgeting module allows you to create and import budgets or forecasts, manage them, and approve them through approval workflows. All of it is available in our cloud-based budgeting solution.
OIXIO BI Product advantages
Always accessible
Active users
Clicks per month
Dedicated BI gurus
Problems
Budget is difficult to manage
Excel becomes hard to manage when the budget needs to be consolidated from multiple spreadsheets. It’s necessary to manage different versions of the budget and different Excel files, which are being filled in by various people. Often, someone accidentally deletes something important.
No information on who made changes
In Excel, it is difficult to limit permissions to clearly define and configure who can modify what. It’s easy to accidentally overwrite data, and no one can later identify who made the mistake or when it happened.
Formula management is too flexible
Formula management in Excel is overly flexible and accessible to the end user. Moreover, this excessive flexibility often leads to errors that are difficult to detect.
Hard to consolidate data
Consolidating different Excel files always causes issues because someone always manages to slightly alter their Excel structure. Excel-based solutions generally lack real data for comparison and the comparison figures for other budget versions.
Solutions
Cloud-based budgeting solution
Creating budgets in Excel may be sufficient, but only as long as the company’s processes remain straightforward. At some point, there is a significant risk that things will start to break down and errors will arise. In a cloud-based budgeting solution this will not happen.
All data is saved
Budgeting solution is a secure, simple, and convenient product. All data is always stored, and nothing goes missing or gets lost. There is a log of user changes, and regular backups are made from the database.
Configurable formulas
The head user has the ability to adjust formulas, permissions, dimensions, and more from one central location according to the company’s needs. Each budget can have its own formula structure.
Automatic consolidation
Automatic consolidation and comparisons with other periods are ensured. Numbers are automatically compiled, and they can be analyzed by rows and teams, as well as quickly compared with previous years, budgets, and forecasts.
Simple and logical user interface
The user interface is straightforward and logical. Each user can customize their own view without needing assistance from IT. If desired, users can add comparative data from another budget or rearrange rows/columns within the budget view.
How to set up the budgeting solution?
1. ANALYSIS Let’s review which budget forms you currently use
2. PROTOTYPE We set up the sample budgets to simplify processes.
3. INTEGRATION We integrate the budgeting solution with your ERP system and import actual data.
4. USAGE We customize the solution to fit your company’s needs and provide training for users.
EXPLORE FURTHER!
Check out screenshots of the budgeting solution in our gallery—click on an image to view it in full screen
Watch the product video!
An overview video that highlights the features our budgeting solution offers.
Clients of OIXIO BI Products
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OIXIO Group