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 the unique business environment and seamlessly integrates with the 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, the Group Managing Director of Fintrak Software Limited, Mr. Bimbo Abioye, said, the solution would address the basic budgeting process and expenditure management, which had always been a challenge for many MDAs in Africa, Nigeria inclusive.
Seeing these loopholes in the budgeting processes Fintrak Limited, indigenous software development and financial technology firm is bringing innovative solutions 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 the budget implementation problem. The Fintrak Budget solution aids MDAs with improved integration of planning/budgeting with robust reporting and analysis. It also brings a competitive advantage to the office. This process justifies the budget request in the long run by completing accounting processes and bringing accurate data that clearly predict 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, seamless spreadsheet and application interchange.
