Budgets - Forecasts - Actuals

This customer has numerous projects under their management. Finance receive project budgets at the start of each fiscal year and ongoing reforecasts throughout the year. They track accounting transactions to the project level and they use this data to report project P&L's on a monthly basis. The old MS Excel based system could not support these requirements. With the BFC solution: - Project budgets are loaded into a BFC Reporting database at the start of each fiscal year and reforecasts are loaded throughout the year - Actuals are extracted from the general ledger and loaded into the database on a monthly basis - Status reports are available to track when budgets, forecasts, and actuals were last loaded to identify stragglers - Project budget/forecast/actual reports are produced from the database on a monthly basis and fed back to the field and to management - Information is also summarized to the Client and Industry level for management review - Detailed substantiating data is included in each report on separate sheets in case it's needed, if not the sheets never need to be referred to - Existing budget and forecast capture processes were working well so they remained untouched meaning the field was not impacted at all - Budgets received from the field include resourcing info so product was eventually enhanced to support resource budgeting in addition to financial