Solutions » Financal Management » Budgeting

The Financial Information Budget System (FIBS) is designed to replace the majority of individual spreadsheets and databases held on personal computers that are often used in the budgeting process. It has comprehensive inbuilt control mechanisms to ensure the accurate and timely production of budgets.

A budget supervisor controls the process and can see at a glance the status of all parts of the budget preparation process.

It is designed as a standard solution to the company’s financial budgeting requirements. FIBS provides the complete cost budget modelling and co-ordination role between Production, Financial and Maintenance systems. Budgets can either be formulated within FIBS or updated directly from specialised feeder applications.

FIBS provides a corporate solution for all users that conforms to the organisation policies, requirements and procedures. It replaces multiple spreadsheets and 3rd party database systems for multiple users that by their nature risk duplication, errors and have a high cost of maintenance due to their differing individual development process.

A budget hierarchy is established allowing each person responsible for a budget area to prepare their budget and forward the completed budget to the next level in the hierarchy for approval and modification.

Budgets are rolled into the next higher level upon sign off, with the original details being stored for the life of the budget. Once signed off the original data is saved. Subsequent changes at a higher level are incremental with the original data integrity remaining.

Users are locked into their own allocated budget areas (Budget Responsibility Levels). The sign off mechanism for each budget level allocates required dates and generates warning e-mails based on those critical dates. This gives a tighter level of control to the budget development process.

The system uses e-mail to alert relevant personnel on assignment of budgets, overdue completions, budget sign-offs and addition of new accounts.

Unlimited budget levels and revisions are available. These are all self contained and can be built from existing data.

Multi year budgeting and forecasting is catered for, easily allowing for the creation of capital budgets over a number of years.

The system enables user definable formulas. This provides the benefits of a spreadsheet but within a standard system environment. This ensures higher levels of internal control over the process.