Creating and Using Budgets in .CONNECT FINANCE

Jul 24th, 2014 | by Tope Olutola

Budgeting is obviously a very important aspect of any organization. Its needed for proper planning and estimation of both inflows and outflows. .CONNECT FINANCE does a wonderful job of simplifying the process and allowing different budgets to be evaluated with real-time data to give the decision maker a clear view of the status of the business.

What this means is that, one can create multiple budget scenarios which can then be evaluated with true data during the year. You are not stuck on just one budget. With .CONNECT FINANCE, budgets can be filtered meaning, you can choose to prepare budgets only for some few account heads while ignoring the rest thus, allowing you to focus specifically on things most important to you.

How to create a budget:

1. First you add a budget year and budget name.



2.  Populate the different account heads with values for the appropriate months. Remember the values will be attached to the year you previously chose. Once done, press the  Load Data button. Once the screen refreshes, you will be presented with a page like below. Guess what!! You are done!!




3. Evaluating your budget against actual result values is a breeze. Once you are in the reports module, you can choose to compare with any budget values set by simply selecting the budget name. As you can see below, once a budget is selected, it will compare it againt actual values to give the variance. It does this on both the monthly as well as the yearly levels. It also gives you other analysis like the run rate.



Using this simple process solves the problem of all the hard work associated with company budgeting.

.CONNECT FINANCE is a software written from the ground up by seasoned programmers with a particular focus on the African market.

Contact a sales rep today at 0803.192.0068 and follow us on Twitter at @etnconnect