Fintrak Software Takes Budget Solution to MDAs

Fintrak Software Limited has developed an online; real-time fully integrated system with the ability to support multiple users with many budget versions.

The solution, known as FinTrak Budget software, which is designed to address budgetary issues, has been introduced to government ministries, departments and agencies (MDAs)

The FinTrak Budget software offers customisation to suit unique business environment and seamlessly integrates with existing platform.

The solution is being introduced at a time of the year when the budget is been planned for the new fiscal year, to the challenge of eliminating human errors that comes with implementation, wastage and timeliness in delivery.

Speaking about the importance of the solution, Mr. Bimbo Abioye, the Group Managing Director of Fintrak Software Limited, said, the solution would address basic budgeting process and expenditure management, which had always been a challenges for many MDAs in Africa, Nigeria inclusive.

Seeing these loopholes in the budgeting processes Fintrak Limited, an indigenous software development and financial technology firm is bringing innovative solution known as FinTrak Budget Planning and Processing Control software to make work easier for many offices in the public sector.

According to Abioye, financial data and management are very important to effective governance. Access to this and the use of timely and accurate budgeting and expenditure data are key to public health officials’ capacity to make future investment decisions.

“With tools like FinTrak Budget solution, a lot of these challenges affecting full-budget implementation can be corrected. The improvements in technology would make things more transparent and monitoring easier. Technology can be said to be the solution to budget implementation problem.

“The Fintrak Budget solution aids MDAs with improved integration of planning/budgeting with robust reporting and analysis. It also brings competitive advantage to the office.

“This process justify the budget request in the long run by completing accounting processes and bringing accurate data that clearly predicts the oncoming expenses such as pools of stock and giving the top executives an insight of future expenses limiting wastage,” Abioye said.

He added: ”FinTrak Budget software offers customisation to suit your unique business environment and seamlessly integrates with your existing platform. FinTrak Budget software is an online, real-time fully integrated system with the ability to support multiple users with many budget versions.

“The solution also accommodates the preparation of budgets using the Bottom-Up, Top-Down, and Hybrid models as well as Zero-based and Incremental Based Budgeting.”

He explained that the solution was designed with a rich set of functionalities like self service and budget simulations, scenario based versioning, seemless spreadsheet and application interchange. He said customers would enjoy the best value on their investment, with the solution.

“When deployed, many offices and MDAs will benefit from a 90 per cent error reduction in budget preparation and consolidation process. Unproductive activities like tracking down numbers and debugging spreadsheets will be totally eliminated.

“Collation of data across the enterprise for cross-functional communication becomes easier. It comes pre-built with over 20 reports. It is fast and offices can enjoy Life-Time Support and Cloud subscription options,” Abioye said.

Fintrak Enterprise Budget Solution is a centralized Budget processing software that automates the present manual processing and approval of budgets for various organisations especially the public sector. The solution has the capacity to automatically generate pre-built reports that can be obtainable across various levels of the organisation.

The budget solution has many features such as the ability to establish a variety of roles within a workflow process; ability to develop the projections and base budget directly in the system; ability to copy and use prior year’s budget or actual amounts as a starting point; ability to develop the projections and base budget directly in the system; ability to copy and use prior year’s budget or actual amounts as a starting point, among others.