Managing budgets effectively is essential for businesses of all sizes, and Excel has long been the go-to tool for many finance professionals. However, integrating your cloud based  ERP system like MYOB Advanced with Excel can truly take your budgeting process to the next level. In this blog post, we will explore how using Velixo can help you achieve better budgeting results with Excel, and why integrating your ERP system with spreadsheets is an excellent choice for your business. 

The Power of Velixo for Budgeting

Velixo is a game-changer for those who rely on Excel for their financial & analytical dashboard & reporting. By integrating with MYOB Advanced, Velixo allows you to seamlessly pull data such as sales history, payroll figures, and project costs, warehouse movement and a lot more into your spreadsheets. This means you can easily refresh your data to reflect the most up-to-date information in your ERP. 

Why Use Velixo in Excel for Budgeting 

Using Velixo in Microsoft Excel for budgeting offers several advantages that can significantly improve your organization’s budgeting process. Here are some key reasons to use Velixo  for budgeting: 

Easy-to-Use 

Velixo simplifies budgeting by integrating with Excel, a tool that all professionals use in some form. This means users can quickly create, update, and analyze budgets and forecast information using their existing Excel skills, leading to a more efficient budgeting process. 

Stress-Free Experience 

Velixo’s automatic updater keeps users updated with the latest features, ensuring accurate budgeting. Additionally, the online community and self-service help site offer support, providing a smooth budgeting experience. 

Scalable 

Velixo’s unlimited user license allows you to grow your budgeting efforts as your organization expands. By giving access to all team members, everyone stays informed, leading to a unified budgeting process. 

Collaborative Budgeting 

Velixo leverages the native capabilities of Excel and Office 365 to enable efficient, collaborative budgeting with your team. By utilizing familiar tools, your team can work together more effectively and develop accurate, comprehensive budgets. 

Budget Writeback 

With Velixo’s budget writeback feature, you can create your budget in Excel and upload it back to MYOB Advanced with just one click. This streamlined process saves time and reduces the potential for errors, ensuring a smoother budgeting experience for your organization. 

Collaborative Budgeting with Velixo and Excel: A Step-by-Step Guide

Creating a collaborative budget with Velixo and Excel is an efficient way to involve your entire team in the budgeting process. Follow these simple steps to streamline your budgeting experience: 

1. Setup SharePoint

Start by using SharePoint to share multiple Excel workbooks with your team members. Assign different permissions for everyone to control their level of access and editing capabilities.

2. Create individual workbooks

For each department or team member, create a separate workbook where they can input their budget expectations. Link these individual workbooks to a master budget workbook, ensuring real-time updates and a smooth budgeting process.

3. Use Velixo functions

In your master budget workbook, leverage Velixo functions to add historical data and account names, ensuring accuracy and efficiency in your budgeting process.

4. Incorporate forecasting

Add forecasting columns to your budget to plan for future expenses and adjust projections accordingly. Use Excel’s Goal Seek functionality to set specific targets and calculate necessary changes to achieve them.

5. Facilitate real-time communication

Utilise Office 365’s Community feature to add comments, tag team members, and receive email notifications for updates. This fosters efficient communication and collaboration throughout the budgeting process.

6. Review and finalise budget

Once your team members have input their budget expectations, review the master budget workbook to ensure all data is accurate and up to date. Make any necessary adjustments based on forecasts and goals.

7. Import budget to your ERP

After completing the collaborative budget, use Velixo’s budget writeback feature to import the budget to your ERP system like MYOB Advanced. Click on ‘budget writeback’ and select ‘import current worksheet’ to seamlessly upload the data. 

Velixo’s Budget Writeback Feature

The powerful budget writeback feature in Velixo reports allows you to easily create and manage your budget directly within Excel, seamlessly integrating it with your MYOB Advanced ERP system.

By collaborating with your team members, each executive can share their Excel spreadsheets containing their respective budget items. You can then effortlessly combine these individual budgets and upload the final version to your ERP system.

To start using the budget writeback feature, follow these simple steps:  

1. Click on ‘Budget Writeback’ and then ‘New Budget Worksheet’.
2. A pop-up window will ask you to select the connection and the financial year for which you want to create a budget.
3. Once you click on ‘Create Budget Worksheet’, a new sheet will appear in your workbook that closely resembles the budget entry screen in your ERP.
4. Fill in the necessary information in the sheet, specifying the branch, ledger, account, subaccount, and amount for the budget article.
5. Use the periods column to distribute the article amount over the periods of the year. Ensure the distributed amount is equal to the value in the amount column.
6. When you are finished with your budget, click on ‘Budget Writeback’ and then ‘Import Current Worksheet’ to upload the data to your ERP.
7. The budget writeback feature also allows you to import specific rows by selecting them and choosing the ‘Import Budget Worksheet (Selected Rows Only)’ option. If you have multiple tenants, business units, or budget versions, an Excel workbook can contain multiple budget worksheets with different tabs and names. 

Moreover, you can leverage the functions that Velixo adds to Excel, such as account turnover, account total debits, and account total credits, or even use project-related functions and standard Excel functions. 

Let our experts at AlphaBiz Solutions streamline your budgeting with Velixo

Transform your budgeting process by integrating your ERP system with Velixo and Excel. Our team of experts is here to guide you through the seamless integration of Velixo into your Excel environment, ensuring an efficient and effective budget management experience. Don’t miss out on the opportunity to revolutionise your budgeting process. Book a demo with us today to help you streamline and get your budget figures loaded in no time.