Streamline your budgeting process

Many organisations use Excel as a budgeting system, but budgeting in Excel can take so long that it leaves no time over for analysis. To streamline and improve the budgeting process and avoid risks, more and more companies and organisations are implementing budgeting systems.

Many companies and organisations spend a very great deal of time on the annual budgeting process. Most of these have Excel models developed in-house to manage budgets. Preparing, maintaining and compiling budgets often requires a great deal of manual work. In many cases the Excel model is managed by one person or a small number of people, which creates a high level of dependence on individuals.

What is a budgeting system?

A budgeting system contains functions for different kinds of planning. The major benefit of a budgeting system is that users have their budgets in a system that has a shared database. This gives you control over how the budget is developed and enables you to produce reports and charts.

This is what a budgeting system should contain:

  • Central template management that facilitates administration
  • Workflow that distributes templates and provides an overview of the process
  • Support for a driver-based budget that makes easier planning possible
  • Version management that gives you control
  • Authorisation management that gives the right users access to the right figures

Effectplan is a powerful, user-friendly budgeting system

Effectplan is a web-based budgeting system based on the latest technology. Effectplan has been developed based on the notion that you should avoid being dependant on consultants. With the aid of the unique interface and ‘drag & drop’, you can create your own templates, calculations, reports and logic that support an advanced budget model. During an ongoing budgeting process you have continuously updated and consolidated figures and relevant key indicators available.

Effectplan gives you functions including the following

  • Template management – In Effectplan you can build your own templates using ‘drag & drop’
  • Workflow – In Effectplan you can create workflows based on roles and schedule different steps in the workflow. Emails are sent to users who have tasks to take care of and when tasks are not completed on time.
  • Driver-based budgeting – In Effectplan you have the opportunity to also budget with a number of different categories. This can then be translated into money using calculations and price lists.
  • Version management – In Effectplan you collect all the information about a budget in one version, which gives you control over the templates included. You can also easily copy one version to a new budget version or forecast.
  • Authorisation management – Authorisation in Effectplan is controlled by means of relationships. These can be transferred from other systems such as a business system, for example, which reduces the need for manual processing.

Additional benefits and functions that Effectplan gives you

  • Group management
  • Currency management
  • Comment management with the facility to attach files
  • API (Automatic Programming Interface) that facilitates integration
  • Support for allocating central expenses
  • Support for internal trade
  • Support for linking together different templates
  • Opportunity to update outcomes during an ongoing forecast
  • Opportunity to manage template changes during an ongoing process
  • Opportunity to run Effectplan as SaaS (Software as a Service), avoiding investment and maintenance of your own infrastructure

Feel free to read more about Effect Plan as a budgeting system here.

Feel free to contact us if you’re wondering whether Effectplan is the right budgeting system for you and your business.