The importance of budgets in any company’s strategic planning cannot be overstated. A budget is a comprehensive financial plan for achieving the financial and operational goals of an organisation. When deployed correctly, it can be the map of the company’s strategic plan. Having this in view, FinTrak, an indigenous financial technology firm in Lagos has made the challenges associated with budgeting easier with the upgraded FinTrak Budgeting Software.
Budget has gone past the era of spreadsheet and formulas, with FinTrak budget software, budgeting has been taken to a new level by introducing a high level of automation.
The software which is embedded with features such as IFRS compliant calculations, formula-free technology, budget versioning and scenarios, budget simulation, automated consolidation of multiple units and extensive built-in financial and business intelligence will make the work of chief financial officers (CFOs) easier and error free.
READ ALSO: Lagos targets local production of 1m electricity meters in 4 years
Speaking on the software, Bimbo Abioye, the group managing director of Fintrak said that;
“It’s time to move beyond manual intensive budgeting through spreadsheets and formulas. This product enables you concentrate on the structure and performance of your business, and not on troubleshooting spreadsheets one cell at a time. FinTrak Budgeting software is developed for confidence, productivity and insight into your financial operations and enables organisations to achieve proper budgeting and controls.”
The company states that unlike other budget software solutions in the Nigerian market, Fintrak budget software offers organisations added advantages such as greater ownership of financial performance by all strategic business units and managers.
“The upgraded software solution also avails users an easy adaptation to any structure and reporting requirements or standards. Most importantly, an integration of income statements, balance sheets and cash flow reporting are amongst many things that organisations stand to achieve when the software is deployed,” Abioye stated.
BusinessDay finds that about six commercial banks and two mortgage banks in Nigeria are currently using this innovative platform. Fintrak’s clients in Nigeria include United Bank for Africa (UBA), Diamond Bank, Access Bank, First Bank of Nigeria among others.
Industry stakeholders say that the homegrown financial software – Fintrak Budget solution is a welcome idea, especially as the Nigerian government is intensively trying to boost local content development in ICT. They strongly believe that the budget solution can favourable compete with similar foreign solutions.
Jumoke Akiyode-Lawanson
