Jack Henry & Associates (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its ProfitStars division today introduced PROFITstar Budget Manager at FinovateSpring 2012.
Its ProfitStars division today introduced PROFITstar Budget Manager at FinovateSpring 2012. The solution is a browser-based distributed budgeting tool that enables financial institutions to gain greater control of the budgeting process by receiving continuous accountability and buy-in from all individuals throughout the organization.
Budget Manager allows financial institutions to meet both tactical and strategic budgeting objectives. It ultimately provides bank and credit union executives with accurate, timely information to enhance their decision-making capabilities and improve performance.
ProfitStars' Budget Manager facilitates improved business workflow as budgets are submitted and assessed in complex approval hierarchies. Now, financial institution budget administrators can more easily obtain input from all required employees, minimizing delays with intricate consent review chains and enhancing overall process visibility. Having a dynamic, network-driven budgeting tool that draws input from branch and departmental managers also allows for sharing of actual results throughout the budget year.
According to David Foss, president of ProfitStars, "Cumbersome budget spreadsheets and input forms make it difficult for financial institutions to effectively evaluate their budgets against strategic plans and performance on an ongoing basis. We are demonstrating at Finovate how Budget Manager can help bridge the gap between monthly financial reporting and strategy by enabling financial institutions to construct and manage a more efficient budgeting process."
Designed with the front-line budgeters in mind, Budget Manager gives these individuals the ability to drill down to subledger calculations for difficult items like salaries and fixed assets, forecast financial targets with intuitive projection tools and document budget assumptions by line item. Budget Manager also offers graphical functionality for comparing historical with forecasted balances, automates edit logs, supports unique account and subledger formulas, and incorporates data from other applications.