How to upload budgets into Phocas ready for FY21

A budget is a financial plan for a defined period, normally a year, can be a quarter or month. It greatly enhances the success of any undertaking. As the saying goes, "if you fail to plan then plan to fail." Budgets are an integral part of running any business efficiently and effectively. Aside from assigning resources, a budget can also aid in setting goals, measuring outcomes and planning for contingencies.

Phocas makes it easy to plan your finances for the upcoming year by importing your budget into the Designer feature of the software. Putting your forecast numbers into the data analytics environment allows you to examine financial data by comparing last year’s figures to your current budget to a stretch budget. In the current economic environment many managers are reviewing budgets by the week or month to determine patterns of change. As the end of June marks the end of the fiscal year in Australia, we thought it timely to provide these step-by-step instructions or watch this video on how to upload budgets.

The Designer tool is easy to use and doesn’t require complex prep work. In just a few clicks, the financials at the heart of your business are brought to life with Phocas. First, open Designer, select your source budget file and drag it into Designer. Phocas will recognize the file as a budget and open a dialogue box asking for confirmation. Click yes to confirm. Phocas will quickly convert the file into a format usable in Designer. Now you can map it as usual: Select Region and Sales Rep and drag them to the Dimensions box. Drag Value to the Measures box. And finally, drag the transaction dates or Period to Dates. Your budget data now appears in Phocas.