Budget & Forecasting

01.

Budget Development

Provides the ability to create multiple budget series to track Revenue including tuition and Expenses such as Salary and Benefits, and other related expenses. Provides “what if” scenario planning and approval workflow.

02.

Budget Transfers

Offers decentralized creation and approval of Budget Transfers which can be approved and completed then posted directly to the General Ledger.

03.

Forecasting and Planning

Allows in-year forecasting modeling including integrating actuals and forecast data to allow for year end planning scenarios. Also enables Multi year planning for budgets and capital for up to 10 years.

How it Works

The FAST Budget and Forecasting application allows for both centralized and decentralized Budget development, management and Forecasting. This enables departments to view and edit numerous budget scenarios, forecasts and multiyear plans for their areas. It allows for detailed entry of dollars and FTE information, and can track down to the employee and position level. There are numerous automation features to enable accurate and quick entry such as decentralized Budget Transfers, integration to your Human Resources ERP system, excel import features and various data entry options.

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Features

Budget and Forecasting features include:

Central budget management and administration

Create and manage budget series for multiple fiscal years

Unlimited What-If scenario planning which can be restricted to different groups

Budget can be created using data from multiple sources including prior and current years budgets or actuals and external sources such as Microsoft Excel, your payroll or HR system

Establish position budgets and track actual budgets against this plan

Track budgets by month, quarter, annually

Decentralized Budget Development, allowing for both detailed data entry down to the employee and position level

Allows users to see how much budget they have had in the past, actuals and what their planned budgets are in the coming years

Allows for budgeting and forecasting for future years including capital

Decentralized Budget Transfers allowing for transfers to be sent for multiple approvals before getting finalized and posted to both the budget and the GL

Allows for tracking of various data elements including position, employee, Dollars and FTE

Develop and plan In-Year and Multi-Year Forecasting

Automated benefit model to allow salary information to be automatically encumbered with benefits to either pooled or decentralized accounts

Integrates to ERP Finance to provide actuals and commitment data

Integrates to ERP HR to extract job and position information and report on variances

Create forecasts by month or quarter with comparisons

Rapid Deployment

100% web-based and platform independent which can be accessed on any operating system such as Windows, Linux and Macintosh OS.

No client software to install and maintain. Timely data will be in the hands of people who need it, when they need it without needing to print.

FAST can be installed and operational out of the box in a single day. It’s easy to customize to fit the needs of your institution.

Installation, business rules, customizations, maintenance and support are all included in the purchase price and annual maintenance package.

Features Included With Every Module

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Access the data you need when you need it.

Sound too good to be true? It’s not. Millennium FAST software makes it possible. We’ve been improving Higher Education Administration functions for over 20 years. Use our delivered reports, or build your own with our flexible toolkit. You’ll be up and running in days, not weeks or months!

Contact us for a no obligation live demo today, and see for yourself!

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Contact us for more information on Training, Support and additional FAST information.

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