The Microsoft Forecaster 7.0 Advantage
By Amy Walsh in Dynamics GP, Reporting on Monday, August 24th, 2009
In this ever changing, fast paced, economic climate the companies that will succeed make the decisions that position themselves for the best return on investment…before anyone else. “How are they doing this?” By taking consensus of budget and forecast data and executing quickly. Using application based budgeting and forecasting tools in addition to their reporting and accounting systems. Providing decision makers with the most accurate data possible, furthermore, enabling them to make the decisions that drive their company. Microsoft Forecaster 7.0 is just that. Either when used with Dynamics GP and Microsoft FRx Reporting or as a stand-alone application it gives companies that leading edge.
The next question, “What about excel for budgeting and forecasting?” Excel is great and yes it works for budgeting and forecasting. However, managing multiple spreadsheets with links, formulas and/or large amounts of data can be hard to read, audit and is subject to higher error risk. Therefore, included below are some of the advantages of using Microsoft Forecaster 7.0 and how it can benefit your company.
The Microsoft Forecaster 7.0 Advantage
1. Audit Functionality
- Tracks changes made to data when the Audit Trail History logging function is enabled.
- Reports are available to view or print changes made to raw data.
2. Security
- A hierarchy of Groups is setup defining privileges or functions users can access.
- Another, optional, component allows menu assignment to users providing additional security.
3. Workflow
- Customizable workflow is an optional notification process providing communication to users at all levels of the budget in progress. Using a defined routing hierarchy users submit, review and approve budgets by status method.
- A workflow status can be added or customized. It can be defined to e-mail the status notification and/or lock a budget in a certain status from additional changes. In addition to, it can be setup for users to enter a reason codes for changes, approval, withdrawal and rejection of budget data.
4. Integration Capabilities
- FRx DirectLink provides integration between Microsoft FRx and Microsoft Forecaster. Allowing quick access to real-time actual and budget data.
- ExpressLink provides integration from Microsoft FRx. Historical financial balances or actual data can be loaded into Microsoft Forecaster using a wizard saving time and reducing data keying errors.
5. Import and Copy/Paste functionality
- Allows for importing into Microsoft Forecaster 7.0 from excel spreadsheets saved as text files.
If you have data in spreadsheets you can also copy then paste into Microsoft Forecaster 7.0 - Copy plan wizard allows budgets to be copied and saved as new budgets.
6. Web based Capability
- An optional component of Microsoft Forecaster 7.0 allows users access via the web.
- Uses a Web Server
7. Multicurrency Translation
- Converts budget into different currencies. Reduces workload and errors by alleviating the process of translating data manually.
8. Excel Add-in
- With the Excel Add-in users have the ability to do offline budgeting, report distribution, budget export, batch printing just to name a few of the advantages.
- The Excel Add-in works with Microsoft Office Excel 2003 and higher.
9. Database application
- Meaning it can hold large amounts of data by using a database.
- Multiple databases can be created. Meaning you can warehouse even more data to create additional budget and forecast with.
- Uses Microsoft SQL server or Microsoft Office Access database.
- Uses either Standard or Windows authentication.
- Allowing users to update data simultaneously saving time.
10. Balances Workload
- Companies can capitalize on the ability to spread the workload to multiple budget and forecasting contributors.
- Increased quality and accuracy in budget and forecast by having the ability to utilize primary data analyst giving them the access to tools allowing for better data presentation and knowledge communication.
- By reducing manual calculations, translations and keying budget data analyst have more time to review data resulting in better more accurate presentation.
As stated previously these are just some of the few advantages of Microsoft Forecaster 7.0 there are many more. For additional information regarding Microsoft Dynamics GP, Microsoft FRx Reporter and Microsoft Forecaster 7.0 contact:
I.B.I.S., Inc.
(770)368-4000
About Amy Walsh
Amy Walsh is an Accountant and Senior Consultant with I.B.I.S., Inc. As well as, Microsoft Certified Business Management Solutions Professional - Dynamics GP
Tags: Budgeting, Forecaster 7.0, Forecasting, Great Plains, Microsoft Dynamics GP, Microsoft Forecaster 7.0, Microsoft FRx
Posted in Dynamics GP, Reporting
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