Budget follow-up, budget-catalog, management information
Prisme (Dynamics AX), MS Excel, KOMLIS
Streamlining manual, cumbersome and time-consuming work processes. Jedox has been chosen as a strategic and user-friendly platform, to eliminate the municipality's many manual work processes in connection with various tasks in both the Group and in subject areas.
Budget, forecast and planning solution at Faxe Municipality - “Forventet regnskab”
Faxe Municipality chooses Jedox to automate and streamline the municipality’s processes and improve the ease of use of the recurring budget follow-up, which is called “Forventede regnskab” at the municipality.
It’s complicated and hassle with the many spreadsheets
Faxe municipality has trough many years build a complex spreadsheet model to collect the municipality’s “forventede regnskab” for the rest of the year. A process for each budget manager is going to forecast the expatiations for the rest of the year. All forecast expectations are collected, validated, consolidated and eventually loaded into the financial system. This concludes by making special reports containing key figures and explanations which together must be reports to the executive board and the politicians.
A task with many manual and labor-intensive processes that contain many error options when retrieving/ updating data and spreadsheets. There is also a great deal of work in preparing and adapting spreadsheets for a new budget for a new budget follow-up round for “Forventede regnskab”
At the same time, the Excel models present challenges in managing budget follow-up versions – for example, who has changed what and when and what and what explanations and comments belong to which versions. What was commented on 6 months ago? This is not something that is directly accessible if it is to be analyzed on history (previous performance)
New digital and automated solution with Jedox, helps to streamline the process and makes it easy for users
The purpose is that the budget managers in the individual centers can easily estimate and explain their expectations of the total annual consumption of costs – operation, financing and facilities. An exercise like Faxe Municipality carries out 3 times a year.
Jedox ensures that budget managers have access to budget sheets, with updated data and explanations for the user’s responsibilities, and when entering changes and explanations, the status of the screen is displayed and saved automatically.
The solution makes it easy for the budget managers to review status and correct it, and makes it easy to supplement the various deviation explanations with attached appendixes. The individual budget managers also have the opportunity to categorize explanations between internal and explanations that must be used for a political presentation.
Why Qbit believes in Jedox implementations
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Updated data is delivered automatically
Jedox gives users access to an updated economy status and easy-to-use input sheet. All estimates and explanations are automatically consolidated in Jedox, which remembers versions, users (audit trail) and explanations.
The “MFR” process is associated with an approval process, so that center managers approve MFR input from the individual budget managers before it is digitally and automatically delivered to the Group Finance.
Automatic consolidation and reporting to management and politicians
Once the MFR process is completed and when all budget inputs are approved, it is automatically consolidated. The Group Finance, via standard templates, can automatically report to the Executive Board and to the political level.
Jedox provides the basis for a total budget follow-up case, for case presentation and for processing at a political level.
History is available - adjustments and explanations
All history is preserved in the solution and users can look back on their own versions, which have previously been reported, with all explanations. The Group Economy can do the same for the entire municipality’s consolidated expectations and explanations across.
In addition to MFR/ Municipal budget follow-up, Qbit also offers modules for the following:
Budgeting and Budget Catalog
Asset Management/ Asset Catalog
Forecast and Simulation
Monthly and Quarterly accounts
Management Information and Dashboards
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Solutions that make sense
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