Jack Henry & Associates, Inc.’s ProfitStars division introduced PROFITstar Budget Manager, a browser-based distributed budgeting tool that enables financial institutions to gain greater control of the budgeting process by receiving continuous accountability and buy-in from all individuals throughout the organization.

Budget Manager allows financial institutions to meet both tactical and strategic budgeting objectives. It facilitates improved business workflow as budgets are submitted and assessed in complex approval hierarchies. Now, financial institution budget administrators can more easily obtain input from all required employees, minimizing delays with intricate consent review chains and enhancing overall process visibility. Having a dynamic, network-driven budgeting tool that draws input from branch and departmental managers also allows for sharing of actual results throughout the budget year.

According to David Foss, president of ProfitStars, "Cumbersome budget spreadsheets and input forms make it difficult for financial institutions to effectively evaluate their budgets against strategic plans and performance on an ongoing basis."

Designed with front-line budgeters in mind, Budget Manager gives these individuals the ability to drill down to subledger calculations for difficult items like salaries and fixed assets, forecast financial targets with intuitive projection tools, and document budget assumptions by line item. Budget Manager also offers graphical functionality for comparing historical with forecasted balances, automates edit logs, supports unique account and subledger formulas, and incorporates data from other applications.

 

 

[This article was posted on May 22, 2012, on the website of ABA Banking Journal, www.ababj.com.]     

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