The Budgeting and Forecasting Project strengthened the university's financial planning capabilities by implementing the Budget and Forecasting module within FAST. The solution provides a centralized platform for budgeting, forecasting, reporting, and financial analysis, improving the consistency, efficiency, and transparency of financial planning activities across the university.
The project builds on recommendations from the university's Budget Framework initiative and supports USask's broader administrative modernization efforts.
Outcomes
Streamlined Budgeting and Forecasting
The FAST Budget and Forecasting module established a centralized platform that supports more efficient and consistent financial planning processes.
Key improvements include:
- Consolidation of budgeting activities within a single platform.
- Support for both salary and non-salary budgeting.
- Integration of forecasting activities within the same solution.
- Reduced reliance on multiple tools and disconnected processes.
- Improved consistency in budget development and financial planning.
Improved User Experience
The project simplified budgeting and forecasting activities by providing easier access to information, tools, and reporting capabilities.
Benefits include:
- A more intuitive and user-friendly interface.
- Reduced dependence on manual spreadsheets and duplicate data entry.
- Improved access to budgeting information and analysis tools.
- Streamlined approval processes and workflow management.
- Enhanced reporting through dashboards and system-generated reports.
Stronger Financial Controls
The project strengthened oversight and governance by introducing greater consistency, transparency, and accountability.
Enhancements include:
- Standardized budgeting controls and parameters.
- Automated workflows and approval processes.
- Improved visibility into budgeting and forecasting activities.
- Better documentation and reporting to support decision-making.
Benefits
The Budgeting and Forecasting Project has improved the university's ability to plan, monitor, and manage financial resources. By centralizing budgeting and forecasting activities, enhancing reporting capabilities, and strengthening financial controls, the project provides a stronger foundation for financial planning and informed decision-making across the institution.