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Most General Ledger systems can store relatively simplistic account-level budgets. Others are limited by the flexibility of the chart of accounts or rigid “code blocks” offered within the system. Chart inflexibility limits the ability to budget at more detailed and operational levels.
CODA Financials goes far beyond the traditional view of budgeting by allowing users to create a financial model of their business inside their finance system. This begins with the ability to track actuals and budgets against an unlimited array of account coding schemes. For instance, the CODA chart of accounts can accommodate completely different account coding schemes within the same company. This allows each line of business to measure profitability and budget performance the way it needs to, yet provides a single reporting model or ledger – that is always in balance. In the CODA financial model, budgets can follow a typical profit and loss format, mirror your operational structure, or provide deep product analysis – the only limit is your imagination.
Once the chart of accounts is in place, budgets can be established at all different levels of your chart of accounts, including combinations of accounts. These budget dimensions can also include iterations for currencies, budget revisions and forecasts. To summarize, this granular budgeting ability allows you to set up more precise business metrics to accurately measure your corporate performance.
"Budgeting" is part of the UNIT4 Coda Financials line of products, developed by UNIT4 Business Software.