Public Sector Budget Formulation & Execution
Managing your annual Public Sector budgeting process and monthly budgeting execution has never been easier with the Proven Optics Public Sector Budget Formulation and Execution Application. Our solution provides a single source of truth for the entire lifecycle of a funded dollar by capturing the proposed fund usage as a budget line item, to the execution of that line item in the procurement system, to dashboarding which shows the financial position of the organization at any time.
Our application utilizes native ServiceNow functionality to facilitate approval/rejection tracking, field-level traceability to changes in funding sources and budget line items, and automates the budget capture process. Proven Optics has tailor-fit a Federal solution that can modernize your budgeting process from start to finish.
Key Features
- Automates and streamlines budget data capture
- Incorporates tiered, automated approval workflows
- Purpose-built for Public Sector budgeting practices
- Imports budget line items
- Imports budget execution lines
- Manages color of money real-time
- Ties budget execution data to approved budget line items
- Budget cuts/modification process
- Fund transfer process
- Leverages current year budgets to create future year budgets
“We have implemented this application in our organization in hopes of digitizing our overall budgeting process and it has impressively done more than what was initially expected. Not only is it built to support government accounting principles, but it also creates cost models and useful analysis reports. Another core feature that stood out to me was the workflow. It significantly cut down unnecessary email traffic and version control issues throughout our budgeting process. It also integrates with multiple data sources saving us a lot of manual work in the process. The built-in financial dashboards have enabled us to seamlessly track expenditures against the specific budget items throughout the year helping us drive better informed business decisions. I recommend this application as it is surely capable of solving long standing pain points that many organizations struggle with!”
The ServiceNow Store
Check out our Public Sector Budget Formulation & Execution Application on the ServiceNow Store today!
