Improving Financial Performance
at Colleges and Universities
Higher Education Budgeting Software
College and universities often face the daunting task of providing superior educational opportunities to their students while making due with tightened budgets. To achieve this end, schools must relinquish inefficient spreadsheets and invest in an all-encompassing streamlined higher education budgeting solution.
Relying on spreadsheets is a dangerous proposition for organizations that need to maintain control over their operating and capital budgets. This budgeting method is error-prone and relies too heavily on unsecure email communication and unstructured collaboration.
Questica Budget for higher education offers a centralized comprehensive budgeting platform that allows all stakeholders access to the information they need, while maintaining organized workflows and safe communication.
Through Questica’s higher education budgeting software, colleges and universities can conduct FTE and enrollment reporting, funding gap and revenue analysis, capital project planning and reserve analysis and more. The platform also allows organizations to test numerous potential future scenarios to plan ahead.
Questica Budget Operating is our specific forecasting and operating budget solution. Through this platform, educational institutions increase visibility into their financials, boost transparency and better control their biggest cost – their faculty and staff – with the Salary and Position Planning module. The salary and position function allows schools to see how adding a professor or administrator can affect their budgets years down the road.
Questica Budget Capital is our Capital Improvement Planning, forecasting and capital budgeting solution. The Web-based platform works for any sized college or university, allowing it to plan for multiple future scenarios and create multi-year budgets. It also gives an institution the ability to separate department budgets, providing each division the exact tools they need to plan and meet their financial goals.
Looking to evaluate the cost to construct or upgrade a faculty building and also want to know what the on-going annual operating impact will be? You need Questica Budget Capital!
Salary / Position Planning
The Questica Salary module supports the ability to accurately model and forecast all costs associated with positions and employees. Each Position is associated with a default GL Account and is then assigned a pay grade, step, contract, pay scales and benefits (start and end dates can be associated to each). Union affiliations, job titles, and job numbers can also be entered for each employee and each employee can be allocated to a position or multiple positions in different departments or funds. Position costs can be generated for an unlimited number of years and can be broken down on an hourly, monthly or yearly basis. Each positions cost can be associated to any one (or multiple) departments or costing centers.
The Staff Planning module allows higher education organizations to link budgets to staff schedules and more accurately account for the non-productive time like vacation and sick days that must be covered when minimum staffing requirements exist for a particular faculty or program.
The Questica Performance module allows colleges and universities to establish, track and manage their overall corporate objectives. This tool includes the ability to establish measures, define performance targets or objectives and track and report performance towards meeting these objectives. With data feeding from multiple sources including Questica Budget, the Questica Statistical Ledger and other external data sources, Questica Performance allows higher education organizations to consolidate and manage all performance related information and metrics in a single solution.
Looking to track cost per student, establish a cost per student target that you would ultimately like to achieve in a particular faculty or program and monitor performance over time towards achieving the target? You need Questica Performance!
Benefits of Questica’s higher education budgeting solutions include:
- Fund accounting for all levels of government
- Grant and endowment management
- FTE and enrollment reporting
- Funding gap and revenue analysis
- Funding formulas support
- Salary and position planning
- Actual costs versus budgeting tracking
- Multi-year budgeting
- Unlimited versioning
- Performance management
- Multi-user, real-time access
- Workflows and approvals
- Configurable reports
- Flexible installation: On-premise or in the cloud
Questica understands institutions use the solutions that best works for them individually, which is why Questica Budget integrates with more than 25 ERP systems.