Budget to Process Report  - Inlab

Budget to Process Report

Table of Contents:

  • What is Budget to Report?
  • Manage Budgets and Forecasts
  • Budgetary Control
  • Capture Transactions and Journal Entry
  • Period Closing to Financial Reporting

What is Budget to Report?

The Budget to Report Life Cycle focuses on recording and reporting financial information. 

Let us start with an overview of the key processes and modern best practices in the Budget to Report life cycle that Oracle Cloud offers.

In general, time-phased budgets are created for each department, like operations, IT, and other support groups of the company to operate their business functions.

As the financial year progresses, actual balances from sales revenue, purchases, expenses and other financial transactions are recorded in financial statements, such as your income statement or balance sheet. Finally, budget reports are generated to represent planned versus actual amount.

 

Budget to Report refers to the entire process of creating budgets and forecasts, capturing actuals, as well as the budgets, and lastly, financial reporting. 

It has three distinct processes:

  • First, is entering budgets and forecasts in the General Ledger application.
  • Next, is collecting and processing actual account balances from various Subledger Applications, such as Payables, Receivables and Expenses.
  • Lastly, there is real-time reporting on account balances and variance analysis.

The ERP Financials Cloud embarks on modern practices to manage Budget to Report life cycle. 

  • Faster budget and forecast data load using cloud tools, such as spreadsheet integration
  • Accounting automation to automate daily journal processing and spreadsheet integration to streamline manual journal entry process
  • Cloud Financial Reporting Center to create real-time reports to monitor budgets and take corrective actions.

You can use BI Mobile Apps to create multitouch information-driven applications with rich integration and visualization for mobile devices, such as Iphone, Ipad, Android phone, tablets and much more.

For any organization, it is necessary to compare financial achievements over a given period with targeted or estimated figures. By comparing the actual and estimated figures, owners, executives, or investors can ascertain whether a business is on track to achieve its objectives. 

Budget reporting goes a long way in helping businesses take corrective actions geared towards improving financial performance.

Oracle Cloud Budget to Report embraces the modern best practices that are necessary to plan, formulate, create, upload, and execute against and report on the budget and business activities of the entity.

Manage Budgets and Forecasts

The Manage Budgets and Forecasts process refers to the entire cycle of events that start with planning and formulating, and ends with creating budgets and forecasts in the application.

Oracle General Ledger Cloud simplifies the budget and forecast upload in the system through multiple ways, using predefined templates and enabling desktop integration with MS Excel spreadsheets.

Budgetary Control

Budgetary Control is a system whereby budgets are used as a means of planning and controlling costs. In practice, budgets are prepared and the actual results are compared with the forecasted one with the purpose of identifying and fixing any variations.

A budgetary control-enabled organization allows expenditure that is within budget or fund limits, thereby regulating the spending in an organization.

Capture Transactions and Journal Entry

The Capture Transactions and Journal Entry process starts with recording department-wise-actual expenses, revenue in each of the subledger applications, and ends with the posting of accounting entries in the General Ledger.

The final balances are considered from General Ledger for various departments, accounts, and cost centers that serve as the basis for budget reporting.

Period Closing to Financial Reporting

The Period Closing to Financial Reporting process involves the period closure for each subledger application and the General Ledger and ends with generating reports for financial analysis.

Oracle Financials Cloud provides state-of-the-art reporting tools, such as Smart view and Financial Reporting Studio, to meet corporate needs and statutory requirements.

Inputs and Outcomes: Budget to Report

  • Budget and Forecast values are captured in the system, and actual expenses and income are recorded and transferred from the subledger application to the General Ledger. Manual journal or adjustments are also entered in the application.
  • The posted GL balances are worked upon to generate financial reports for budget and variance analysis by accountants. The GL accounting period is closed.

Budget To Report benefits:

Financial planning:
Comparing actual income or expenditure with planned income or expenditure to identify whether corrective action is required

Cash Allocations:
Movement of cash on assets based on expected returns

Financial Performance:
Evaluate company’s performance and provide feedback to financial analysts for better decision making

Job Roles associated with the Budget to Report life Cycle:

 

At Inlab Ltd, we provide comprehensive Oracle Fusion Cloud implementation services across all modules, including:

  • Financials
  • Procurement
  • Supply Chain Management (SCM)
  • Human Capital Management (HCM)
  • Customer Experience (CX)
  • Enterprise Performance Management (EPM)

Our expertise also extends to:

  • OIC Integration Development
  • Visual Builder Development
  • Application Composer
  • Groovy Scripting
  • BI Reporting across all modules

For more information or inquiries, please contact us via:
WhatsApp: +994 51 689 16 04
Email: info@inlab.az

Previous Post
Next Post