Take Control of Your Company’s Budget with Planning, Monitoring and Feedback Tools
Transforming the Budgeting Processes Within Company Departments
The Company Budget Challenge
At the end of each yearly quarter, companies go through the painful process of budget planning, monitoring, and feedback sharing. Without the right tools in place, the procedure can be very time-consuming and inaccurate. And since there are multiple departments in Scopic, there were too many employees who were involved in budget processes. So we needed a way that would simplify this. Here is what we were looking to achieve:
Budget Planning – different employees in each department needed to submit, modify or approve budgets according to their roles.
Budget Monitoring – department heads and employees needed to view the actual usage of the budgeted amounts on a daily basis and to be notified when reaching budget limitations.
Budget Feedback – at the end of each budgeting period, employees needed to assess variations in actual versus planned expenses and provide comments.
So there was a need for software that would streamline these processes and provide us with a more productive workflow.
Behind the Tools
Once Scopic realized the need for an automated company budgeting solution, we decided to build an innovative piece of software. Our mission was to create Budget Planning, Budget Monitoring, and Budget Feedback internal tools. These would be built to facilitate the communication between the heads of the departments and the CEO when it comes to the budgeting process.
Through the Budget Planning tool, users would be able to submit, change, and approve budgets. Once the budgets would be in place and approved, employees could view the actual usage of the budgeted amounts on a daily basis through the Budget Monitoring tool. The latter would also send reminders about reaching budget limitations to the point of contact which would allow for prompt interventions whenever necessary.
The Budget Feedback tool would be used at the end of each budgeting quarter and would help assess variations in actual versus planned expenses.
The Scopic Solution
Scopic, being a software development company, decided to take the initiative upon itself and build these tools. Our development team created these cross platform solutions from scratch using three Microsoft 365 products: Microsoft Flow, PowerApps and PowerBI. Some of our activities involved:
Cross Platform Solutions
After the creation of the budgeting tools, Scopic’s internal processes started to flow smoother and more accurately. Today, Scopic provides its custom software development services to our clients and has created custom budgeting tools for many of their organizations too.