How has your budgetary organization changed over the last several years? Like most organizations, your needs have probably evolved based
on the changing environment in which you operate. Thus far, your budget system may be very similar in structure to when it was first
implemented. This common challenge is faced by virtually all organizations because vast, systemic change is thought to not be feasible
during day-to-day operations. On the contrary, during a new financial system implementation or upgrade, systemic change is possible.
Change begins with addressing the heart of your budgeting and commitment control system: the budget structure. In Oracle’s PeopleSoft
Enterprise Financial Management, the first step to developing a new budget structure is to address your standard versus your commitment
control budgetary requirements. The budget ledger setup and definitions can then be mapped out in detail. Finally, you must determine
how to crosswalk old budget data and determine whether or not to convert old transactions and balances to the new budget structure.
This is not an easy task and must take into consideration statutory, financial, and internal reporting needs. In addition, your budget
structure may be heavily impacted by modification to the Chart of Accounts structure during your implementation or upgrade.
Empower Solutions’ Budget Structure Workshop offers the experience and capability to help define your new budget structure.
We will bring key members of your Finance/Budget team together with our knowledgeable consultants to explore and shape the following:
- Current budget structure
- Future budget structure and business requirements
- Configuration of budget ledgers and definitions
- Data mapping of old budget transactions and balances to the new budget structure
Empower Solutions’ depth of experience with public and private sector clients will enable us to provide current industry Best
Practices to your organization. In addition, our proficiency with the PeopleSoft Enterprise Financial Management application offers
foresight into how your financial system can look after your implementation or upgrade.
