PROPHIX Budgeting makes it easier to control access to budget information anytime and anywhere. All stakeholders, executives and lower level managers, have access to information to make informed budget decisions instead of arbitrary estimates. With the budgeting capability, a safe, error free environment expedites the budgeting process while providing a comprehensive view of corporate data.
Visible & interactive supporting details
Quickly create or view budget details at any account or department level to illustrate reasoning and justification behind the budget estimates. Notes, comments and itemized supporting details can be imposed on budget contributors to improve accuracy and validation; with the opportunity to review prior year budget details when estimating or reviewing the budget data.
Integrated Top-down, and Bottom-up budgeting
PROPHIX Budgeting supplements bottom-up budgeting with a top-down approach through pre-built spread functionality within budget templates. Combining a Top-down & Bottom-up approach to budgeting allows companies to cascade corporate goals down through the organisation while still empowering departments to calculate the budget at their level. Guaranteeing complete buy-in and ensuring collaboration through the budget process.
Protected, flexible budget scenarios
PROPHIX safely and securely manages multiple budget passes or budget drafts to better align budgets to company goals. Each re-iteration of the budget is shared across the organisation or is kept for only budget managers to analyse and review. When budget structure changes occur, data integrity is maintained through automatic and dynamic updates to the budget templates.
Visually appealing budget status updates
PROPHIX workflow creates a multi-user budget forum providing a controlled environment to contribute, review, approve and reject budget passes. The visually appealing graphical display of budget status quickly informs budget managers when budgets are late and if action is required. The collaborative aspects of PROPHIX budgeting are emphasised through the offline capability, an alternative for remote users or individuals who are frequently away from the office to contribute.
Automatic budget to actual comparison
PROPHIX budget templates and reports automatically contain embedded budget to actual variance comparisons. Multiple formula methods can be applied offering flexibility to streamline formulas across budget drafts or create specific variance comparisons for a particular budget scenario.
"LWCC is currently saving $1,127,748 per year in operational improvements directly attributable to PROPHIX Software and Services."
- Angie Head, Senior Accountant