The data gathering aspects of budgeting and variance reporting often require an inordinate level of effort, leaving little time for analysis. This means that each budget or reforecast iteration becomes a painful, expensive and error-prone process. The sheer effort involved in orchestrating these processes often means that the number of iterations performed must be arbitrarily limited, leading to unacceptable compromises.
FMW Web provides an effective and user-friendly interface to both financial and non-financial users of the system, meaning that it is easy for users to develop budgets, plans and forecasts, and to get up-to-date variance and management reports. Since all users update a central database, as many budget iterations as required can be performed, which are all updated and consolidated in real-time, eliminating the need to consolidate and re-consolidate input from multiple sources.
Full control over these processes is provided to the central budget administrators (usually the finance branch personnel) through tools such as a sophisticated security manager, multi-level workflow and full audit trails for every financial or statistical number changed in the system.
Finally, financial managers can utilize the powerful, fully integrated and non-technical report generator to roll-up and explore any data in the system from any angle required. Our typical customer has hundreds of reports generated with this tool, with no assistance required from Information Systems personnel. In addition, the extensible and industry standard architecture of FMW Web means that, if required, third party reporting and analysis tools can be easily integrated into the FMW database, as well as complex business logic specific to the organization.