Budgeting in corporations is often a cumbersome and time-consuming process. With colea you can improve your process by automating data collection, review and consolidation processes.
colea allows you to create flexible budgeting templates that can be used for creating your group wide budget. At all times you are able to see the status of your user’s submissions. The data reported by your entities can be extracted to Excel or Business Intelligence and Reporting systems. Data is stored in a multidimensional format, which means that your budget can be collected in whatever detail is necessary for your use case.
What to collect?
This use case describes the collection process of a budget that consists of a Profit and Loss (P&L) statement.
We assume our budget is collected per legal entity. That means one or more employees are responsible for one or more legal entities.
Our entry mask will have the following features:
- Data entry of a P&L structure.
- Information is entered Month To Date (MTD) for all 12 months of the year.
- Each legal entity should comment the budget in a comment field.
- The P&L structure is entered per legal entity and business segment.
- Two versions (original and revision) of the budget are submitted. The revision uses the original budget as a basis.
- The budget is collected once every year.
How to build?
For this use case we take advantage of the Matrix and Comment widget.
In the Matrix widget, we use a custom P&L structure in the rows and a predefined “Month” list in the columns.
The Comment widget is placed beneath the P&L Matrix.
As we want to collect data by legal entity, we define a list representing all legal entities. To each legal entity we assign one or more of our users (global employees). These users will be able to submit the budget.
Sometimes the budget doesn’t end after the first draft is being reported by your entities. You might want your entities to incorporate feedback from top management. For this purpose, we set up a pre-population job that copies data from one version of your budget to the next.
Point of View
We need to define which POV (Point Of View) lists are selectable at the top of the budget entry mask.
How it looks like for your users
As you can see, the data entry mask for users has Point Of View selections at the top. Each selection shows users an independent data entry mask that can be filled according to the requirements. Furthermore, mappings between the reporting unit (legal entity) and segments may be defined. These mappings can be used to limit the segment selections for specific legal entities. For example, a head office unit might only need the “Corporate” segment.
The submission dashboard shows which entities have already submitted the budget. It distinguishes between the actual data (Matrix widget) and the corresponding comment (Comment widget).