WHAT IS THE HAMILTON CORE?
A new approach to ensuring that you can intelligently track your budget and performance against that budget, and manage the production of budget books and financial reports across your organization.
At Hamilton, our solutions are fast becoming the most widely talked about solutions in our industry space. Every product we build requires hard-earned skills, dedication and a daring attitude. Continue reading and learn all there is to know about the smart tech behind our innovative approach to solving problems.
Right now, in your Enterprise Budgeting System or Financial Management System, you likely have a central Chart of Accounts used for budgeting, performance or financial reporting, and individual variations on that chart used by each of your entities.
For example, a State Budget Office will have the enterprise Budget COA, and each of the agencies will have different ways of tracking projects, initiatives, and other types of spending.
Furthermore, you likely have a strict definition of your budget book and financial reports, combined with a rigorous (although likely paper based) approval process to get the documents printed.
Combining the two - data quality and reports - is a difficult exercise, which Hamilton Core simplifies greatly.
It isn’t just a case of matching accounts and data from one system to another. Account 101 in your budget system is unlikely to be 101 in the source financials data; or perhaps the data you want to map and view doesn’t even exist in the source system.
With Hamilton, you can handle the complexity of your source data by designing business rules which will then expand organically as you continue to use the system. Hamilton will begin to take over and map data itself on your behalf as it notices patterns which exist.
And when it comes to preparing that data for print, and beginning the publication process - our tools will help shepherd your entire team through the process and keep you informed along the way.
KEEPING TRACK OF CHANGES
In addition to making changes in an environment where rules are constantly changing, it is even harder to keep track of who changed what.
Knowing that a particular accountant or user within one agency or unit made a decision to map data in a particular way could be crucial to determining it was done correctly.
More so, if a user makes a mistake - when did they make it? And how much data is incorrectly reported because of that mistake?
And, of course, knowing when things have changed so that budget book pages need to be updated is critical too.
YOU FACE AN UNAPPEALING CHOICE
Make a huge investment of time, effort and money to continually update your data mappings between systems, and
Spend literally hours reviewing and re-reviewing your budget book pages prior to print
Or you can:
Do mappings once a year for compliance – still at a significant cost – and have no ability to see data in real time
Run the risk of budget book pages being changed in between review and approval
Financial Data Quality Management, and Financial Reporting - both within Budget Books and Comprehensive Annual Financial Reports as well as Monthly Performance Reporting, are hardly new exercises. You’ve likely been spending hundreds of thousands of dollars on existing solutions for years. And while they provide you the ability to create rules to manage data, you will be asked to define every single rule and every printed page of a document – or worse still a consultant will do it for you.
And in an environment where rules change constantly, and your agencies are always adding and expanding to their portfolios, you are always going to be playing catch-up.
And all of that is assuming you have a management and control process for assembling your financial papers and budget books; outside of paper being passed around the office, of course.
Is a suite of Data Quality and Publication Management tools which will allow you to take control of the integration and analysis of your Financial Data, and will provide structure and a framework to the creation of your Financial Reports and Budget Books.
Using the innovative and high performing technology embedded within Hamilton Core, the system will learn as it goes – and uses the most innovative technology available, most of which your organization likely already has, to streamline and automate your process and involve the right people when needed, and do the work for you when possible.
Using Hamilton Core to prepare your data and publications is an approach which will give you back the time you need to spend on analysis, rather than importing and exporting from spreadsheets!
To learn more, reach out using the link below or take a look at our two product pages.