This is the last of a series of blogs on improving the corporate budgeting process. In the last blog I looked at a cloud-based budgeting solution in action. In this blog I end with some suggestions on the ‘next steps’ you could take in improving the budget process where you work. Throughout this series of blogs we suggested the following 10 ways in which the budget process can be improved:
- Define clearly the role of budgeting within the organisation. What is its purpose? Is it linked to the way the business operates?
- Note down the issues with the current budget process. How long does it take? How long do the plans last? Is it worth the effort?
- Take a look at the areas of improvement described in these blogs. How many of them apply to your current process? Score each one individually and assess what it would mean for the organisation if those areas were implemented within your organisation.
- Discuss your findings with colleagues and those responsible for the budget process. Get a consensus that things should change and then set some priorities to enable them to happen.
- Investigate the use of modern budgeting solutions. Where possible, ask potential vendors to demonstrate their solution to the needs identified in the last point. Get information on the cost of software, as well as the cost and effort of implementation, roll-out to users and ongoing support.
- Finally, create a business case for change. This should outline the cost of doing nothing, the investment required for change, and the business benefits that would be realised. Also include a plan for implementation – your selected software vendor should be able to help you with this, based on their experience with other organisations.