You can balance DIY needs with error-free models
Over time, it became clear that the key problematic element in MYGIDE’s development was how to eliminate obvious human errors in models whilst still ensuring complete freedom for the user, the do-it-yourself quality and versatility in our solution.
As we developed MYGIDE, we made a series of specific steps to combine this need for DIY capabilities but without the errors. These are just some of the critical steps we made:
The language of finance is in our code
Our programmers translated the language of finance into MYGIDE’s software code. The model, account (general ledger or operational data), modelling parameter and formula, data type (actual, forecast, budget, scenario) thus became structural components of MYGIDE with verified behaviours in the process of model creation and model maintenance.
Formulas under control
Users have a predefined set of best-practice modelling formulas or their own formulas/templates available. These include formulas for capex, depreciation, structured finance instruments, seasonality, income tax, working capital, DCF valuation, etc.
Modelling formulas are applied for each account and across the entire period – history, budget, forecast, end-periods – in one go. Formulas directly reference other accounts that enter account formula as a parameter, not as a generic cell. And, all of this is in a drag & drop environment.
All formulas and parameters are back checked for calculation integrity by the MYGIDE Calculation Engine immediately upon application, including circular references within the entire group of models. This means that MYGIDE would not allow you to enter a mathematically incorrect formula; so unless it is correct you will not be allowed to proceed further.
MYGIDE treats each account as one independent item, without requiring you to create links or references when specific data needs to be displayed in several statements. This removes a common cause of calculation errors in Excel spreadsheets when external references are entered in a model. Once a formula or value is applied to an account, it is the same for the entire group of models for which it is being used.
Coordinated data grid
The MYGIDE Data Grid combines the time period, account and data type that belongs to one or more models and is designed independently from your models. Essentially, this is your software preferred work place. Once your model is created, you simply display an account and its numeric value that applies or is calculated for the period you want to see within your bespoke data grid.
Safeguards for model integrity
MYGIDE allows users to quickly change models in whole blocks of steps (not cell by cell as is the case in spreadsheets), the same way as if you were building a LEGO castle. This capability includes architecture, the data grid, office of finance components, and the way formulas are applied and frees users from many of the most common modelling errors.
MYGIDE does not allow for the deletion of an account, which is established as a parameter in other formula, so can not delete a reference by mistake.