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Forecasting

Considering the unpredictable nature of many industries, most companies can no longer only rely on their annual budgets to estimate what their results and financial position will be in the short and long term.

Companies now rely on accurate detailed forecasts which need to be completed on a periodic basis; either monthly, quarterly, bi-annually or at another frequency determined by the organisation.

The forecasting processes can either be incorporated into the monthly reporting processes or can be regarded as a separate process which uses information from the year-to-date information and budget data. The forecast results are then compared to the original annual budgets.

Finnivo® works for unique, complex or frequent processes and can be used for the different elements in the forecasting process.

Here is how forecasting works in Finnivo®:

First, the reporting formats and report templates are finalised. This means including all line items, calculations and input sections (content or commentary) for cost centre owners to complete.

The report packs are then distributed or made available to the owners of your various cost centres.

Next, your actual results are imported. Results can consist of the year-to-date and/or month-to-date actuals.

You may also want to import non-financial information such as payroll data, production or volume data, currencies and indicators or any operational data you are required to report on.

The full year’s results (and for periods thereafter, if required) can then be forecasted using one or more of these methods:

  1. Estimates are captured manually by users,
  2. Formulas calculate the results for the remainder of the financial year based on specific parameters, trends, indicators or data captured by users, or
  3. Combining the year-to-date actuals with the amounts from the original budget or previous month's revised forecast.

Once the forecasts for the various cost centres have been completed, the group forecasted results are collated, aggregated and then consolidated by eliminating inter-company transactions and balances. Where necessary, final restatement or re-allocation journals can also be processed.

The forecast reports – for the individual cost centres or at group level – are then published in various formats and distributed to the relevant business managers and executives for review and analysis.

XBRL

Starting 1 July 2018, various qualifying / selected Companies will be required to submit their financial and mandatory information to the Companies and Intellectual Properties Commission (“CIPC”) in a new electronic format. This will ultimately become a mandatory requirement for all Companies.

The new reporting format will require Companies to upload an iXBRL digital file to the CIPC portal (which will ultimately replace the process of uploading PDF report formats). Various other regulatory bodies are also currently investing in infrastructure to allow for the upload of the iXBRL files for submission of required Company information.