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Budget
Management plans the SP funds received from the ODPM and from other funding
sources. It will help the Supporting People team determine the level of funding
they require and manage the data effectively to determine the subsequent year's
budget.
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Features and Functionality:
- Maintain budget -
Provides the ability to create and maintain budgets,
ensuring all funding steams are taken into account
during the budgeting process and the relevant approval
is achieved.
- Budget Modelling - With
a very large number of projects and properties, each
organisation needs to model its budgets with a
complete set of properties, staff and central costs.
With the use of modelling tools and "What-if"
scenarios, projections are made for the subsequent
years and planning procedures carried out
accordingly.
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- Funding Management - Information
from the funding bodies, existing contracts and budgetary
information is utilised to plan the financial requirements
for the year(s). A clear record of the amount and the period
for which the funding is available is kept to be able to
make comparisons with the budgets set.
- Production of Annual
Statements - Information on the revenue, budgets, strategies
and any revisions made are collated to produce a report.
This will also include scenarios of outcomes when budgets
are increased or decreased.
- Update Contract Schedules -
The impact of any changes, as a result of the approved
budget, are updated within the contract schedules as
appropriate.
- Benchmarking - Historic and
current data is analysed to set benchmarks, which can then
be used to guide the budgeting process.
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Archive - Previous
year's budget and associated financial data will be
archived. The information is easily accessible to the user,
especially when determining the subsequent budgetary
requirements.
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Benefits
As a result of
this new system greater level of efficiencies are
delivered through:
Tighter
planning processes - Immediate data consolidation
enables the user to make effective decisions and adopt
the necessary processes required.
Reduced
turnaround time - The financial information will
be held centrally with the ability to upload static
data where necessary. By facilitating this and
avoiding the re-keying of information, processing
times will be reduced.
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More efficient
budgeting process - The user can account for the funds as
information on the projects, performance and activity of each
department is at hand.
Greater control
over spend - The ability to set limits and priorities
ensures that the essential areas are effectively governed.
Readily
integrated - with existing solutions in the organisation,
removing the need to replace entire new
systems.
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