Basic budgeting process and expenditure management has always been a challenges for many Ministries, Departments, and Agencies (MDAs) in Africa, Nigeria inclusive. At this time of the year when the budget is been planned for the new fiscal year, the challenge of eliminating human errors such as implementation, wastages and timeliness in delivery becomes imminent. These few attributes are the things that various MDAs have as a challenge. Seeing these loopholes in the budgeting processes Fintrak Limited, an indigenous software development and Financial Technology firm is bringing innovative solution known as FinTrak Budget Planning & Processing Control software to make work easier for many offices in the public sector.
Financial data and management are very important to effective health governance. Access to this and the use of timely and accurate budgeting and expenditure data are key to public health officials’ capacity to make future investment decisions. Though, over the years, this has posed a serious challenge in Nigeria. In budget planning cycles, decision-making authority at all government levels most times does not align with demand for, or usage patterns of the standard procedures, Thus, from the outset, budgets are not well crafted to achieve their objectives.
With tools like FinTrak Budget solution, a lot of these challenges affecting full-budget implementation can be corrected. The improvements in technology would make things more transparent and monitoring easier. Technology can be said to be the solution to budget implementation problem. The Fintrak Budget solution aids MDAs with improved integration of planning/budgeting with robust reporting and analysis. It also brings competitive advantage to the office. This process justify the budget request in the long run by completing accounting processes and bringing accurate data that clearly predicts the oncoming expenses such as pools of stock and giving the top executives an insight of future expenses limiting wastage.
Speaking on the importance of Fintrak’s budget solution, Bimbo Abioye, the Group Managing Director of Fintrak Software Limited said,” FinTrak Budget software offers customization to suit your unique business environment and seamlessly integrates with your existing platform. FinTrak Budget software is an online, real-time fully integrated system with the ability to support multiple users with many budget versions. The solution also accommodates the preparation of budgets using the Bottom-Up, Top-Down, and Hybrid models as well as Zero-based and Incremental Based Budgeting.”
Bimbo added that “Designed with a rich set of functionalities like Self Service and Budget Simulations, scenario based versioning, seemless spreadsheet and application interchange, our clients will enjoy the best value on their investment. When deployed, many offices and MDAs with Clients will benefit from a 90% error reduction in Budget preparation and consolidation process. Unproductive activities like tracking down numbers and debugging spreadsheets will be totally eliminated. Collation of data across the enterprise for cross-functional communication becomes easier. It comes pre-built with over 20 reports. It is fast and offices can enjoy Life-Time Support and Cloud subscription options.”
Fintrak Enterprise Budget Solution is a centralized Budget processing software that automates the present manual processing and approval of budgets for various organizations especially the public sector. The solution has the capacity to automatically generate pre-built reports that can be obtainable across various levels of the organization.
The Budget solution has many features such as the ability to establish a variety of roles within a workflow process. Ability to develop the projections and base budget directly in the system, ability to copy and use prior year’s budget or actual amounts as a starting point. Ability to develop the projections and base budget directly in the system, ability to copy and use prior year’s budget or actual amounts as a starting point. Support the automated roll up and consolidation of budget