Specifications include, but are not limited to: Solution shall be able to meet the following: 4.1 Budget Creation and Management: a. Able to integrate with existing financial systems for budgeting, planning and forecasting. Real-time integration (preferred). b. Solution should be ERP agnostic c. Provide support for different budgeting methodologies, such as zero-based budgeting or incremental budgeting. d. Have tools for setting budget targets, allocating funds, and tracking expenses. e. Able to import and export budget data from and to other financial systems. f. Able to plan, modify and manage capital budgets. g. Compatible with MS Office tools h. Able to identify trends and perform analysis within the system. i. Include tools that will allow city to trend, identify trends, and perform analysis within the system to maintain integrity of the data and lead to less errors. j. Operates only cloud-based applications will be considered. k. Reliable and responsive support, with demonstrated company stability and continued innovation. l. Provide latest security controls, including “firewall” controls: full access, readonly, and limited editing for all modules. m. Able to host an interactive ‘open budget dashboard’ website for external community engagement (preferred) 4.2 Reporting and Analysis: a. Budget reports shall include integrated revenue and expenditure balances with a minimum 5-year comparison reporting. b. Shall provide comprehensive reporting capabilities, including standard financial statements (e.g., income statement, balance sheet, cash flow statement). c. Provide customizable dashboards and visualizations to monitor budget performance and variances. d. Capable of Ad hoc reporting functionality to create customized reports as needed. e. Integration with data visualization tools or the ability to generate visually appealing charts and graphs. 4.3 Collaboration and Workflow: a. Able to create and manage multiple budgets for different departments, or projects. b. Provide collaboration features to facilitate input and feedback from multiple stakeholders involved in the budgeting process. c. Role-based access control to ensure data security and privacy. d. Workflow automation to streamline approval processes and push notification alerts for budget-related tasks and deadlines. e. Commenting and discussion capabilities to enhance collaboration and communication within the software.
