Opus Solution launches budget management feature for businesses

By July 3, 2024 blog No Comments

Budget management, also known as budgeting, is one of the most important tasks and an essential process in the financial management of businesses or government organizations. A budget is an organizational tool that is used for planning, controlling finances and monitoring income (money inflows) and expenses (money outflows) over a given period, usually on an annual basis within the organization. Budgets are guidelines for plans of action expressed in financial terms that details how funds will be used and generated for a set time duration. There are several methods used for preparing organizational budgets. Efficient budget management is essential for every organization however big or small.

What Are the Different Types of Budgets?

There are several types of budgets, tailored to the specific needs of each entity. Here are some of the main ones:

Cash Budget: It focuses on managing the company’s finances. It forecasts cash inflows and outflows over a given period and aims to ensure that the company has enough liquidity to cover its financial obligations.

Sales Budget: It forecasts the expected sales for a given period, usually based on historical data and market forecasts. It is essential for planning production and purchases.

Expense Budget: It details the company’s anticipated expenses, whether they are ongoing operating expenses, capital expenditures, or other costs.

Investment Budget: It focuses on long-term investments, such as the purchase of assets, equipment, technology, or other strategic expenditures. It allows for planning capital needs and making informed investment decisions.

Production Budget: It plans manufacturing based on forecasted sales and desired inventory levels. It is essential for efficiently managing labor and purchasing raw materials.

Cash budget : It focuses on already planned cash flows, taking into account both incoming and outgoing funds. It is essential for avoiding liquidity problems.

Understanding that budget management is an important process in businesses, Opus Solution has researched, developed, and successfully built a budget management system and started putting it into use at Ajinomoto Vietnam company.

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The system is designed with an eye-catching interface, full of necessary features and user-friendly. The following is an overview of this module and detailed instructions for users.

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At the Budget homepage:

  1. Select which year, department, fund to view balance summary.
  2. The pie chart show percentage of funds of a department.
  3. Recent transaction displays all transaction order by latest date.
  4. The Function menu includes:
  • Export excel: export list of all transactions.
  • Action: there’re 4 actions (Deposit: Increase balance of a fund; Withdraw: Decrease balance of a fund; Transfer: transfer balance from an fund to another; Create new fund: Create new department fund)

Confirm status:

  • Đã xác nhận: transaction is already affected & counted in Ending balance of a fund.
  • Chưa xác nhận: transaction that is not yet affected and not counted in Ending Balance of fund, but counted as unconfirmed balance (e.g., if an EBIS has not approved, its amount will be counted as unconfirmed ‘Chưa xác nhận’)

Budget Allocation

Budget Allocation is used when you want to plan for the next fiscal year’s budget. User can created transaction here before hand, but it is not affected yet. Until the first date of the next fiscal year, the system will apply the transaction automatically.

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  1. User can access Budget Allocation page by clicking the side menu
  2. Choose department to view created transactions. The Year is auto applied for nest year (e.g., if current is 2022, the Year field is 2023)
  3. Click Allocate to create new future transaction.
  4. User can import transactions from an Excel file (use the template from the system for correct behavior)

Create new transaction

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Enter all information & click Save to create a transaction.

If you plan to deduct a fund, enter negative number to Amount field (.e.g, -100,000,000)

In addition to the budget management module, Opus Solution has also developed many other outstanding modules such as contract management, e-contract approval with integrated digital signature, leave management, document management and storage, and sales report management,…Depending on the needs of each business, Opus Solution will analyze, advise and deploy the most suitable solution, helping businesses modernize processes and improve business performance which save time and optimize costs. These modules are included in Tasken eOffice, researched and built by Opus Solution, which is an internal work management system as well as the management of automated, online, user-friendly approval processes which allow businesses to operate more effectively on the path to digital transformation.

Currently, Tasken eOffice has been trusted by businesses in many diverse fields of activity such as finance, education, retail, technology… Some typical projects that Opus Solution has implemented for customers including Alchemy Asia’s Purchase Approval System, Contract Management System, Document/Proposal Management with integrated digital signature and budget management for Ajinomoto Vietnam, Approval Management System for Masan Group.

As a Vietnam business consultant, Opus Solution hopes to have the opportunity to cooperate with companies, especially in the context that businesses are gradually moving towards digital transformation. When working with us, you can rest assured, we always make sure the product delivered to you is the best product. Not only accompanying your company in the cooperation process, we will also continue to be by your side in the later stages to support the warranty, advise on solutions to make our relationship progress well and continued to achieve success in the future.

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