The University of Aberdeen is replacing Excel spreadsheets with a budgeting and forecasting system from COA Solutions.
The University already uses a financial management system from COA and this new platform, called Collaborative Planning, will integrate with it. The University hopes that it will improve budgeting efficiency and help maintain control over costs.
Sue Richardson, head of financial planning and budgeting at the University of Aberdeen, said: “We currently maintain our budgeting and forecasting information on Excel spreadsheets which is time-consuming and restrictive, especially when we need to analyse the data; a more integrated approach will help us to forecast more effectively.”
With the COA Solutions platform, authorised staff will be able to create and update budgets and forecasts as well as produce real-time budget reports. The University also hopes that the new system will enable it to better manage cash flow and payroll costs.
“Collaborative Planning will save us significant amounts of time by eliminating the time-consuming production and consolidation of disjointed Excel spreadsheets, enabling the finance team to concentrate on more value-added activities,” said Richardson.
Richardson added that the new system will enable University staff to more accurately forecast spend and provide them with a clearer link between actuals, forecasts and budgets.
Recent research from IBM found that 68% of UK midmarket enterprises are still using spreadsheets as the main information provider when making business decisions, despite 35% claiming that the use of spreadsheets has a marked detrimental impact on business decision making and performance.
