Budgeting Solutions: Overview

Budgeting is often described as being the most ineffective practice in business. It consumes vast amounts of management time, takes around 4 months to complete, and yet is often out of date after the first quarter of the new fiscal year. Part of the problem is game playing where budget holders hold back on submitting their ‘best estimates’ the first time around as they know they are going to get changed. It’s also due to the volatile nature of today’s business environment that makes it difficult to predict numbers 12 to 15 months out into the future.But with the right focus, supported by the right technology system such as Financial Driver, the budget process can be changed into one that adds real value to the business. Below are some of the more common budgeting issues that we come across and how they can be overcome with Financial Driver.

Streamlining the budget collection process

Much time in the budget process is lost through having to manage and manipulate spreadsheets.  However Financial Driver eliminates this entirely leading to reduced budget cycle times and better control over the whole process.  Read more ...

Creating realistic, driver-based budgets

In many organisations, volume drives business activity, which in turn is an effective predictor of many other business variables in different departments. Financial Driver is able to use these relationships to automatically generate budget detail, which simplifies the process and can make it more accurate.  Read more ...

Linking budgets to strategic initiatives

One of the main purposes of budgeting is to ensure that strategic initiatives are adequately funded. This means tracking costs by individual initiative irrespective of which departments are responsible for their implementation. Financial Driver is able to do this by allowing the setting up of projects that can go across departments, which although separate from existing budgets, can be combined to give a total budget view.  Read more ...

Continuous budgeting

Due to the fast-moving nature of business, more organisations are looking to move away from annual budgeting to one that can better adapt to changing conditions. Financial Driver supports a continuous approach to budgeting that allows resources to be re-allocated where they are needed, while still keeping track of what was originally planned.  Read more ...

Whatever the issues you face while setting and monitoring budgets, you can be sure that we have a solution for you. To see how we can help, get in touch through our contact page.

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