The importance of budgets in any company’s strategic planning cannot be overstated. A budget is a comprehensive financial plan for achieving the financial and operational goals of an organization. When deployed correctly, it can be the map of the company’s strategic plan. Having this in view, FinTrak, a multinational indigenous financial technology firm in Lagos has made the challenges associated with budgeting easier with the upgraded FinTrak Budgeting Software.
Budget has gone past the era of spreadsheet and formulas, with FinTrak budget software, budgeting has been taken to a new level by introducing a high level of automation. The software, embedded with features such as IFRS compliant calculations, Formula-free technology, budget versioning and scenarios, budget simulation, automated consolidation of multiple units and extensive built-in financial and business intelligence that would make the work of Chief Financial Officers easier and error free.
Speaking on the software, Bimbo Abioye, the Group Managing Director of Fintrak stated that
“It’s time to move beyond manual intensive budgeting through spreadsheets and formulas. This product enables you concentrate on the structure and performance of your business, and not on troubleshooting spreadsheets one cell at a time. FinTrak Budgeting software is developed for confidence, productivity and insight into your financial operations and enables organizations to achieve proper budgeting and controls.”
Unlike other budget software in the market, Fintrak budget software offers organizations added advantages such as greater ownership of financial performance by all Strategic Business Units and managers. It also avails users an easy adaptation to any structure and reporting requirements or standards, and most importantly, Integrated Income Statement, Balance Sheet and Cash flow reporting are amongst many things that organizations stands when the software is deployed. About six Commercial Banks and 2 mortgage banks in Nigeria are already on this innovative platform presently. This according to industry stakeholders and watchers has agreed that indigenous financial software like Fintrak Budget solution can compete favorably with foreign counterparts if given a break.