What does it means?
The budgeting and forecasting software coupled with performance appraisal system will be equipped with a website which will run in the front end. The system will have a login panel to enable users to access the budgeting and forecasting software at the backend.
This web based application will be developed using the latest technology including flat UI design with mobile responsive attributes. The software which will function at the back end will have various modules to enable a company to notify the variances in their budget, reasons for the variations, help in make or buy decision using marginal costing and comparing variable costs to market prices. The software will also point out and flag out the variances department wise, ascertain the probable reason and give out a report to the administrator for the same. The administrator will also have the access to the reports employee wise to ascertain the efficiency ratio, cost to benefit ratio to aid in future performance appraisals of the employee/s.
Companies prepare budgets so they can plan the evolution of their business. Budgeted costs allow them to set prices, project sales and estimate profits. For a wide variety of reasons, costs and revenues can come in higher or lower than calculated. Budget variance analysis addresses these differences and helps companies adjust budgeting procedures to avoid similar discrepancies in the future. The software will take into account eh SWAT analysis helping the company to analyze the Strengths, weaknesses, opportunities and threats can be entered dynamically by the companies.
The software will aim towards performing certain tasks to aid a company to run their operations efficiently. The software can be broken down into modules which can be scalable to help the company infer the loopholes and plug them also check out the efficiency of the system and employees to take a better decision.
Unique Addons
A master budget is a comprehensive projection of how management expects to conduct all aspects of business over the budget period, usually a fiscal year. The master budget summarizes projected activity by way of a cash budget, budgeted income statement and budgeted balance sheet. Most master budgets include interrelated budgets from the various departments. (There should be considerations for number of users per number of services).
The operational budget covers revenues and expenses surrounding the day-to-day core business of a company. Revenues represent sales of products and services; expenses define the costs of goods sold as well as overhead and administrative costs directly related to producing goods and services. While budgeted annually, operating budgets are usually broken down into smaller reporting periods, such as weekly or monthly.
A cash flow budget examines the inflows and outflows of cash in a business on a day-to-day basis. It predicts a company's ability to take in more money than it pays out. Managers monitor cash flow budgets to pinpoint shortfalls between expenses and sales -- times when financing may be needed to cover overheads. Cash flow budgets also suggest production cycles and inventory levels so that a company's resources are available for activity, not sitting idle on warehouse shelves.
A financial budget outlines how a business receives and spends money on a corporate scale, including revenues from core business plus income and costs from capital expenditures. Managing assets such as property, buildings, investments and major equipment may have a significant effect on the financial health of a company, particularly through the peaks and troughs of daily business. Executive managers use financial budgets to leverage financing and value the company for Mergers and public offerings of stock
A static budget contains elements where expenditures remain unchanged with variations to sales levels. Overhead costs represent one type of static budget, but these budgets aren't confined to traditional overhead expenses. Some departments may have a fixed amount of money set in budget to spend, and it is up to managers to make sure such amounts are spent without going Over-budget.
For many businesses, including most small businesses, the most significant cost is labor. Salaries and wages comprise the major line-item expense for most retail and small-scale manufacturing companies, but labor also tends to be responsive to productivity improvements. To reduce labor costs, entrepreneurs should consider measuring employee efficiency and setting aggressive performance targets to get the most bangs for their labor buck.
- Database Table Design
- Cutting-edge forecasting analytics
- Multiple Methods — forecast using time-series, statistical, and model-based techniques
- Outlier Rejection and Level-shift Detection — adjust for changes in your business
- Spectral Analysis — identify seasonality and other business cycles
- Flexible Automation — balance automation with options for control: automatic, semi-automatic, and manual modes
- Adjustments and Overrides — add insight and knowledge to historical data
- Promotions and Events — model special patterns of any type
- Lifecycle Models — improve long-range forecasts
- Proxy-based Forecasting — forecast according to similar items
- Analysis — shows how forecasts change under various business scenarios.
- Support for overrides, adjustments, promotions and special events
- User authentication, access controls, and version controls
- Support for data and systems integration [Analyzed before]
- Filter & Search — quickly find forecasts
- Expiration Dates — notify users to update their forecasts
- Version Control — eliminate manual processing and version confusion
- Forecast approval
- Import sales prices as well as sales history, allowing for revenue forecasts aligned with demand forecasts for revenue planning.
- Database Table Design
- Product line expansions
- Go-to-market strategies
- Crisis remediation
- Fund-raising tactics
- Documents Download
- Database Table Design
- Timeline w/Critical Path (Gantt Charts)
- Resource & Workload Management
- Cross-Team Collaboration
- Real Time Status Updates
- Visual Dashboards & Reporting
- Tasks and Notes to track project progress, assign responsibilities to your team, and record milestones
- Real-Time Project Status Tools
- Planning software that tracks three types of budgets: Time (hours or days); Fees (billable work); and Expenses (non-labor costs). Easily track incurred and future scheduled costs to see how they align with your budget
- Expand plans to incorporate third-party contracted resources
- Automatic resource-capacity planning using multiple optimization methods
- Plan using the full resource profile of skills, calendars, locations and costs
