Budgeting and variance

AlkstudiosAlkstudios Member Posts: 1

Sure would be nice if we could add a budget... better yet budget vs actual.

Comments

  • MyronMyron Administrator Posts: 143 admin

    Hi @Alkstudios ! Welcome to the Wave Community! While Wave currently does not have a budget feature, I'd love to hear your insight into what you would like to see in such a feature. Knowing things such as how often you'd use it, how much time you think it'd save you on a monthly basis and your current method of handling this type of thing would be super useful.

    Though a budget feature is not currently expected in the foreseeable future, the product team here at Wave is always open to new ways to improve Wave. We appreciate any feedback that you can give! :)

  • finanse_szkola2019finanse_szkola2019 Member Posts: 2

    Hi, I would like to upvote this function.
    Every organization is working based on the budgets set up for each year - simply speaking you would expect to be able to set up a budget for every P&L account that you have in your system, setting up values per month.
    Further you would like to be able to run a report that compares your current P&L against the existing budget.
    Currently the widget on the homepage shows summary of your net income vs previous year. It would make much more sense to be able to see that against the budget. and your PL graph should allow to add budget data as a comparison.

    Regarding time saving:
    Right now I need to keep all the budgets int he separate file.
    To produce monthly comparison report I need to export all data to excel, and combine with my budget data and it out form there.
    To prepare the first report it takes about 1h.
    BUT
    as in evey organization - once you preview the report, the changes to your records/adjustments are required. Which means that every time you need a fresh version of the report, you need to go through this export function.
    I think you would make BIG friends with every accountant that needs to produce monthly statements.

  • JamieDJamieD Administrator Posts: 1,122 admin

    @finanse_szkola2019 Thank you for the detailed feedback here. This is the type of context we need when exploring different features in the future and how we can implement them into Wave. While I can't guarantee we'll have something like this soon, your note is important to us, and will keep you updated if we come across this again.

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