The council is implementing a budgeting and forecasting solution from Advanced Business Solutions, which is being integrated with its Oracle Financials ERP system. The project is being piloted this month and will be rolled-out across the council by July 2013.

Currently, four devolved finance teams (around six staff in each) across four directorates spend two weeks each month compiling budgets and forecasts using Excel spreadsheets, which is time-consuming and does not add value, said the council.

As the council has to find cost savings the need for a more automated and collaborative approach to budgeting and forecasting was identified.

Meirion Rushworth, assistant head of finance for accountancy at Newport City Council, said: "We need to cut down on manual tasks within our professional accountancy teams, freeing-up the finance department's time so that they can focus on understanding and analysing the figures and supporting managers.

"We also recognised the need to empower budget managers to take ownership of their own budgets, and to do that they need better access to information."