Budgeting set-up
Budgeting set-up is the process of creating forecasts for income and expenses, along with auxiliary tools to monitor indicators of income, expense, and profit centers. A budget serves as the core financial plan, controlling income and expenses to ensure financial stability and growth of the organisation.
FBK offers industry-leading practices for set-up, modernising, and optimising budgeting systems. The service comprises comprehensive development of budget accounts, reporting templates, internal policies, and analytical frameworks. FBK’s seasoned consultants will structure your budgeting system by responsibility centers and provide recommendations for aligning goals across revenue, expense, and profit centers.
- Collection of internal documents, reporting and data analysis. The initial stage comprises a review of organisational structure, business processes, structure of financial results, and significant accounting workflows.
- Development of budgeting methodology. Management requirements for the budgeting process are defined, budgeting goals established, descriptions for document approval formulated, treasury reporting templates and algorithms for their formation, approval and control are developed. Methodologies for budget KPIs are designed.
- Budget template design. The stage involves developing interim and auxiliary budget templates for responsibility centers, integrating controls for KPIs, seasonal factors, cash flow plans, and other parameters. Final forms of budget of income and expenditure, cash flow, investments, working capital, and other client-approved forms are created.
- Budgeting system automation. Solution design (which includes modelling of business processes, identifying functional gaps and providing a list of recommendations, drafting technical specifications, and planning system enhancements), development (which includes report layout, configuration of functional and technical architecture, system set-up, customisation of integrations), system testing and handover.
- Commissioning and ongoing support. Launching the system in a live environment, providing technical support, refinements, and parameter adjustments.
The scope of tasks at each stage is specified and agreed with the client during diagnostics and budgeting system design.
- Structured framework of analytical accounts, templates, and budgeting policies.
- Core (financial) budgets.
- Operational budgets.
- Auxiliary budgets.
- Step-by-step guidelines for the preparation of budget of income and expenditure, cash flow, investments, and other budget forms.
- Regulations for budget approval and protection.
- Developer-ready instructions for system automation.
- Automated budgeting system implemented with minimal staff disruption.
- Real-time monitoring of the company’s income and expenses.
- Tools to anticipate risks and avoid ill-conceived actions, which may pose a threat to the company’s financial position.
- Optimisation of the company’s resource allocation, reducing general costs and boosting profitability.
