Budgeting is responsible for budgeting for all funding sources for the organization and always complicated. Users always face difficulty in effectively managing its budget because it was relying on different sources to determine where money was budgeted and spent and the sources are not all integrated. This will cause the budgetary data not be real-time and even in some cases the budgetary data are not up-to-date resulting in poor decision making and budget overrun.
The budget management can be further optimized by introducing Budget Management System which will be easier to use, with richer functionality and better performance. Through this system, user will be able to see real-time data and level of details and therefore can easily determine available funding levels in each budgetary category. Besides, data entered will be more accurate and less labour intensive since manual duplicate entry has been eliminated. System will be able to analyze the proposed budget to determine whether it is beneficial or not to the organization. Detailed reports can also be generated in real-time to monitor and keep track of the budgeting.
Objectives for this project:
- To enable centralization of budget management
- To enable monitoring and reporting of the current year budget.
- Budget Entry
- Report Generation
- Budget Monitoring
- Customizable Accessibility