Use Technology to Tackle the Five Biggest Challenges to Budgeting – Part 1

Part one of a three blog series on budgeting challenges.

Use Technology to Tackle the Five Biggest Challenges to Budgeting

Make every dollar count for your organization’s future success.

The importance of disciplined budgeting in your organization cannot be over emphasized since the annual budget determines which projects will be undertaken and which strategic decisions should be made. The budget essentially becomes the annual operating plan that each department uses to set priorities and execute approved projects. While there are a wide variety of approaches and methodologies used to produce budgets that fit the needs of each unique subsidiary/department, we have identified five budgeting challenges for which utilizing technology will help all organizations better plan and make decisions with transparency and confidence.

If you are like the hundreds of organizations we talk to regularly, you will recognize these budgeting challenges that, when conquered, can significantly contribute to a vibrant future for your organization. So, ask yourself . . . is it actually possible to:

  1. Shorten the budgeting cycle
  2. Eliminate silo budgeting
  3. Efficiently manage capital
  4. Increase accuracy of revenue projections
  5. Reduce time spent on reporting

Take just eleven minutes to learn how an advanced, unified software system can make all the difference in your ability to achieve these game-changing goals.

1. Shorten the Budgeting Cycle

There are many steps in the budgeting cycle that can not be altered since the actions are enacted to ensure proper checks and balances in your organization. Some scenarios add to the complexity of the process, such as how certain department heads view their piece of the business. We know, however, that automation, featuring advanced best practice workflows in a unified software system, can condense and speed up most of these required steps. And the best of these systems help shorten the production cycle for any type of budget you need to prepare, including line-item budgets, program budgets, performance budgets and strategic budgets.

When you decrease the time it takes to create, analyze and adjust budgets, then you can present a more timely, precise, and complete budget for board feedback and company-wide adoption.

The annual budget reviews with the board and other stakeholders all take an inordinate amount of time, so the sooner you can  get the budget to these reviewers, the better. You’ll be able to be more prepared for the unexpected, too, like economic and market changes.

Utilizing advanced software functionality, you can customize budgeting functions to the unique requirements of your organization. With all departments working from the same system, instead of multiple versions of inconsistent spreadsheets or outdated on-premise databases, you simplify the previously complex budgeting process with consistent information and formats that are quickly and automatically compiled, validated and presented in report formats you designate. The process is now expedited, and the annual budget can be produced in record time.

Ready to take the next step? Contact us to learn more!

Next week: Eliminate Silo Budgeting

2018-07-11T12:20:47+00:00

About the Author:

Director of Technical Services at InnoVergent

Is your business leaning on Excel spreadsheets for budget and forecasting?