# Financial Planning & Forecasting System

> Contract award record from UK public-sector procurement sources.

## Key facts

- Public buyer: [THE FINANCIAL REPORTING COUNCIL LIMITED](/buyers/the-financial-reporting-council-limited/contract-awards)
- Contract winner: ICit Business Intelligence Limited
- Award value: £32,500
- Tender value: £170,000
- Award date: 6 July 2022
- Published: 16 November 2023
- Contract start: 6 November 2022
- Contract end: 5 November 2024
- Stage: awarded
- Procurement category: services
- Notice ID: a4af9d28-1ba2-49d5-a6b2-cfc7db51eb12-551269
- OCID: ocds-b5fd17-70c9d276-f1aa-4832-9b61-e297fc42a47e

## Description

THIS IS A CONTRACT AWARD NOTICE The Financial Reporting Council sets the UK accounting, audit and actuarial standards and administers the Corporate Governance and Stewardship Codes\. As the competent authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality\. The FRC works in the public interest\. Our work is aimed at investors and others who rely on company reports, audit, and high-quality risk management\. This Notice relates to our Financial Planning & Forecasting System\. The FRC requires a Planning and Forecasting solution with reporting, consolidation, and analysis capabilities\. Financial forecasting allows management teams to anticipate results based on previous financial data and expected changes\. It will enable the FRC to optimize the forecasting activity to deliver enhanced benefits to the FRC\. The FRC's aim is to procure a cloud-based SaaS application for comprehensive budgeting, forecasting, analysis, and financial reporting\. The ideal solution must be suitable for public sector entity\. In addition, the financial forecasting system will allow to automate forecasting processes, forecast the impact of multiple scenarios, and quickly identify where, when, and why actuals differ from the plan, so that the FRC's Finance Team can take appropriate action\. Full details are available in the attached Invitation to Tender \(ITT\) and associated documents\. NOTE : The FRC does not anticipate tender bids over £110,000 excluding VAT over the duration of the Agreement\. Note: The FRC reserves the right to reject tenders that exceed this value\. Additional information: THIS IS A CONTRACT AWARD NOTICE\. THIS RELATES TO PROFESSIONAL SERVICE\.

## Related contract awards

- [IT Managed Services](/contracts/ocds-b5fd17-59d84083-1d5d-4313-8c1d-e84566fe2b20): THE FINANCIAL REPORTING COUNCIL LIMITED
- [Research into the challenges faced by SMEs in relation to audit and corporate reporting](/contracts/ocds-b5fd17-2905acc8-c009-4f8c-b291-0a2b0ef3f2c6): THE FINANCIAL REPORTING COUNCIL LIMITED
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## Source

[View the original notice on Contracts Finder](https://www.contractsfinder.service.gov.uk/Notice/a4af9d28-1ba2-49d5-a6b2-cfc7db51eb12-551269)