Set Revenue Budgets and Forecasts

Set revenue Budgets and Forecasts in Oolio One Insights to establish revenue targets and track expected trading performance.

A Budget sets the revenue target for a period, while a Forecast records the revenue expected for individual trading days. Forecasts can be adjusted using available historical and weather information as trading conditions change.

Step 1: Configure Forecasting Settings

Open Back Office > Insights > Admin > Forecasting Settings.

• Configure:

  • Multi Location: Enable when forecasting needs to be reported across multiple Locations.
  • On Track Variance Band: Enter the percentage variance within which revenue is considered on track.
  • Alert Threshold: Enter the percentage variance used to trigger a trading alert.

• Select Save.

• Create a Budget:

  • A Budget sets the revenue target for a selected period. Budgets can be created as a single total or divided across Reporting Groups.

Step 2: Open Forecast and Budget Planning

Open Back Office > Insights > Admin > Forecast and Budget Planning.

• Select the required Year and Location.

[Screenshot Placeholder: Forecast and Budget Planning showing the Year and Location selectors.]

Step 3: Create the Budget

Select Create Budget.

• If a Budget already exists for the Location, a warning displays:

• A budget already exists. Creating a new one will permanently replace all existing budget data.

• Select Confirm only when the existing Budget should be replaced, or Dismiss to keep the existing Budget.

Step 4: Select the Budget duration and scope

Select the period:

• The Budget should cover:

  • Next Month: The upcoming calendar month.
  • Next Quarter: The next three-month period.
  • Full Year: January to December.

• Where historical data is available, information from the corresponding period in the previous year is displayed for reference.

• Select the Budget scope:

  • Total: Creates one combined revenue target.
  • Reporting Group: Splits the Budget across configured Reporting Groups.

• Use Adjustment to apply a percentage or dollar adjustment across all dates, then select Apply.

Step 5: Enter Budget values

Enter the required daily revenue targets in the Budget column.

• The Budget screen also displays:

  • Reference: Revenue from the corresponding date in the previous year.
  • Weather: Available minimum temperature, maximum temperature and precipitation information.
  • Variance: Difference between the previous year's revenue and the new Budget.

• When budgeting by Reporting Group, allocate the Budget using Contribution %.

• The combined Contribution % for the Reporting Groups must equal 100% for the period.

• Use Adjustment where required to apply a percentage or dollar change across all dates.

Step 6: Confirm the Budget

Review the Budget, then select Confirm.

• A secondary confirmation is displayed before the Budget is saved.

• Select Back instead if further changes are required.

Enter a Forecast:

• A Forecast records the revenue expected for each trading day and is separate from the Budget.

• For example, a Monday may have a Budget of $5,000, but available information indicates expected revenue of $5,500. The Forecast for that Monday can be set to $5,500 while the Budget remains $5,000.

Step 7: Select the Forecast period

Open Back Office > Insights > Admin > Forecast and Budget Planning.

• Select the required Month and Week, then select the Edit pencil icon beside the week.

Step 8: Enter daily Forecasts

• For each day:

  • Set the day as Open or Closed.
  • Mark the day as a Public Holiday where applicable.
  • Enter or edit the Forecast value.
  • Use +5%, -5%, +10% or -10% to quickly adjust the Forecast.
  • Add a Note where useful to record information that may affect expected trading.

• For example, a Note could record a large function or booking expected on that day.

• Use Bulk Adjust to apply a percentage or dollar adjustment across all days.

Step 9: Save and lock the Forecast

Check Forecast Status before saving:

• Draft: Use while the Forecast is still being prepared or adjusted.
• Locked: Use when the Forecast for the week has been finalised.

Add any required Week Notes, then select Save Week Settings.