The Implementation Process
The Implementation process involves 7 key steps.
Onsite assistance and hands-on training during the implementation process is optional but strongly recommended. If preferred it can be achieved by following the detailed “How to User Tips”.
The implementation process starts with the setting up of your initial budget model. The budget numbers from this model will become the comparatives for your management reports.
- Import your ledger systems Chart of Accounts.
This is included in the software cost. It is an important preliminary step providing an opportunity for both of us to find any potential reporting issues before the real process begins.
- Importing and reconciling the current years budget data
- Set up of the opening balance sheet items
- Review of the revenue and expense accrual and cash flow assumptions
- Entry of CAPEX, Loans, Inventory and other balance sheet accounts.
At this point the new VCF budget model should agree to the original budget.
This is followed by the monthly rolling forecast and reporting process
- Rolling the budget model forward and importing the Actual Results to date
- Review of the remaining forecast to the year end and the automatically generated forecast for the next year.
For a medium to large organisation completing steps 1 to 5 is typically a 2 to 3 day exercise. Additional models will add to this time but if the ledger chart has been used consistently across the group the creation of the remaining companies may only take another ½ to a day each.
The objective of the onsite implementation process is to ensure that the intended user(s) are both competent and confident of continuing the forecasting process with minimal support.