Budgeting and Forecasting Software Module

Create budget approval workflows and compare budget to actual results.

Budgeting can be a moving target, and forecasts are rarely 100% accurate. However, going back to revise all the numbers can be a painstaking process. Finance teams either create workarounds or in a worst-case scenario, start over.  

The budgeting and forecasting software module is fully integrated into Multiview. It facilitates multi-year budgeting for capital projects as well as planning for short-term and long-term goals. The ability to forecast various multiple scenarios as well as budget allocations creates a single point of truth. With our budget and forecasting software module, you can even automatically decline purchases that blow up your budget.  

If budgets need to be revised, changes can be done in real time, with all approval requests automatically sent to the appropriate teams.

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  • Workflow approvals are built into the budgeting process:
    This function makes certain that the budgeting procedure adheres to a predetermined workflow including approval procedures. Before the budget is finalized, budget submissions must pass through a number of approval stages to ensure adequate assessment and authorization. This keeps financial accountability and control in check.

    Streamline budget approvals with our integrated workflow feature, ensuring faster sign-offs and increased financial control.
  • Multiple departments have the ability to contribute to the budgeting and forecasting tool:
    The module enables active participation from many organizational departments or stakeholders in the budgeting process. A more precise and thorough budget can be created if each department contributes information pertinent to their respective areas of responsibility.

    Collaborate effectively across departments, leveraging diverse insights for more accurate budgets and better financial decision-making.
  • Assumptions by percent, statistic, fixed dollar amount, etc., and allocations by department or organization can be built into the budget workbooks:
    With the help of this tool, customers can include several kinds of assumptions in their budgeting procedures. When constructing budgets, they are able to use percentages, statistical information, preset numbers, or any other pertinent variables. They can also assign budget amounts to particular divisions or organizational units, facilitating resource distribution.

    Create dynamic and flexible budgets by incorporating various assumptions, enabling adaptive planning to meet changing business conditions.
  • Human resource workbooks can be budgeted by employee, department, hourly wage, salary, benefits, etc.:
    This tool allows for detailed budgeting of HR-related costs. Users of the budgeting module can create budgets for specific employees, groups of employees, and various forms of compensation (such as hourly pay, salaries, benefits, etc.). Organizations may control staff expenditures more effectively thanks to this level of detail.

    Optimize HR budgeting with granular control, allowing you to manage personnel costs efficiently and align compensation strategies with organizational goals.
  • The budget module workbooks are secured, and access is granted for visibility and/or read/write privileges:
    A crucial component of the budgeting module is security. It guarantees that financial information is shielded from unauthorised access or change. Roles and responsibilities can be used to specify access privileges, allowing particular users to view, amend, or simply read the budget workbooks as required.

    Rest easy with robust data security, ensuring only authorized personnel can access and modify budget information, safeguarding sensitive financial data.
  • The planning, budgeting, and forecasting software module integrates directly into the reporting module, allowing for visibility of budget-to-actual, along with drill-back functionality to the budget workbooks based upon security:
    Effective financial analysis depends on the budgeting module and reporting module working together. Users can make decisions by comparing actual financial performance to projected amounts, giving them insight into any discrepancies. Additionally, the drill-back feature enables users to link certain numbers in the reports to the relevant entries in the budget spreadsheets, improving transparency and auditability. The access restrictions based on security ensure that only authorized personnel can perform these actions.

    Gain comprehensive financial insights at your fingertips with seamless integration, enabling real-time tracking of budget performance and easy traceability for informed decision-making.
  • “The budgeting and reports features are two of my favorite tools. Every month, we can run a comparison that’s integrated into our report feature. This monthly comparison report is already set up for us in Multiview. So it’s just a simple report refresh.”

    Jillian Green, Director of Accounting, Arnold Ventures

  • “We introduced Multiview’s budgeting product last year and it was great. This year, with additional data, staff are excited about being able to see the underlying transactions that influence their budget assumptions. They can make scratchpad notes and see their budgets change dynamically.”

    Theresa Tabor, Controller, Mt. Ascutney Hospital

Frequently Asked Questions

What Is a Budgeting and Forecasting Module?

A Budgeting and Forecasting module is an essential component of an ERP system that facilitates the creation, management, and analysis of budgets and financial projections. With the help of this integrated solution, businesses can efficiently arrange their financial resources while taking both short- and long-term objectives into account. It enables users to distribute budgets, run what-if analyses, and speed up approval processes. This module ensures precise financial planning and equips firms to make wise decisions based on current facts by offering a central platform for budgeting and forecasting.

What Are Budgeting and Forecasting Module Benefits?

The Budgeting and Forecasting module offers a multitude of benefits to businesses. It enables seamless collaboration among multiple departments, fostering collective input and enhancing budget accuracy. Adaptive planning is made possible by the flexibility to include a variety of assumptions and allocations to take into account shifting market circumstances. Data integrity is protected using secure workbooks and restricted access, protecting private financial data. The tool integrates with the reporting module and allows for quick drill-backs for analysis while also providing real-time visibility into budget-to-actual performance. Overall, the module facilitates data-driven decision-making, resource allocation, and financial control optimization.

What Challenges Does Budgeting and Forecasting Module Solve?

The Budgeting and Forecasting module addresses several challenges faced by organizations in the budgeting process. It streamlines approval workflows, reducing delays and bottlenecks. It fosters teamwork by allowing many departments to participate in the budgeting process, reducing silos. The formulation of a thorough and dynamic budget is facilitated by the inclusion of assumptions and allocations. Personnel costs can be effectively managed with thorough human resource budgeting. Data security features shield confidential financial information from unauthorized access. Integrating reporting improves openness and makes it easier to compare performance to budgets. In short, the module enables firms to successfully traverse financial difficulties by resolving complexity, improving accuracy, and doing so.

Multiview ERP

Multiview Financials ERP is built to deliver real-time, actionable data to finance departments.

Available as a fully-managed Cloud application, leverage your financial data more effectively and drive your business forward with better, faster insights.