New stuff…

02 December 2004 Angelo Coppola

Momentum has streamlined its budgeting process and sharpened management reporting with the implementation of idu Concept.

The comprehensive financial budgeting and management information system (MIS) software from local finance budgeting and product development specialist idu Software.

The solution is a Web-based packaged software designed to tighten the budget and forecast capture and reporting process, replaced an in-house software program that did not meet expectations.

The program was not Web-based and could not be rolled out to Momentum's national branches. This made the budgeting exercise time-consuming and difficult to manage.

"We were looking for a user-friendly system that would make our annual budgeting process more accessible to the company's budget officials, improve transparency, make consolidation more efficient and place greater emphasis on responsibility and ownership for the budgeting process," says Zandi Eksteen, assistant accountant in corporate finance in the Momentum Group.

The particular challenge of the project, however, was Momentum's requirement to design the solution to accommodate remuneration per employee, in line with the company's unique employee-based budget design that enables remuneration budgeting by person.

"The idu Concept system is designed to empower users to take ownership of budgets, forecasts and expense management for their cost centres. Security in the system ensures each manager has access only to the areas and cost centres required," says idu MD Kevin Phillips.

The system has proved so successful that within the 12 months, rollout has already been extended to additional branches and the total user base increased to 180 users for budgets and 190 for MIS.

"For the first time we have been able to include more people in the budgeting process, thereby increasing departmental involvement, tighter control, improved transparency and, as a direct result, a greater sense of ownership, enabling a more even spread of responsibility across the divisions," says Eksteen.

With implementation coinciding with budgeting deadlines, Eksteen anticipates Momentum will reap the full extent of the system's benefits in the next budget cycle.

Quick Polls


Each year ordinary consumers and their financial and wealth advisers flock to dozens of asset manager ‘outlook’ presentations to find out about economic and investment trends, and the next ‘hot’ company. What do you want asset managers to share during these events?


Asset allocation strategies
Big picture investment themes and how to position portfolios for them
Investment methodologies and historic fund yields
Share tips by the score
fanews magazine
FAnews August 2022 Edition Get the latest issue of FAnews

This month's headlines

Harnessing Africa’s vast renewable energy resources
Disclosure, transparency and empathy in the new age
The impact of inflation and what it looks like
Wealth in the hands of women… why it matters for advisers
A glimpse of life insurance in 2022
Subscribe now