Financial budgeting used to be a once a year activity with spreadsheets sent to department heads for review and updates. The rest of the year was reporting on actual results compared to budget. Thatâ€™s not good enough in todayâ€™s business environment. Your budgeting system needs to be agile to keep the business on track.
Keeping the business on track
The financial goals you set for your organization should be aligned with specific business objectives and current market conditions. As the business climate changes, managers can respond more successfully by adjusting forecasts and budgets to control finances, contain costs and prevent fiscal surprises.
To keep budgets responsive to the needs of the organization, they should:
- Be easy to use, working like Microsoft Office Excel to help busy managers make updates quickly.
- Pull data automatically from your general ledger to save time and ensure accurate financial information.
- Provide workflows to help budget administrators keep the process on track, with features like automated email notifications.
- Tie into strategic business objectives so you can develop budgets for capital expenditures, model revenue and profit margins.
- Allow easy to view budget-to-actual comparisons to keep managers on top of their results.
Monitor and drive performance
Financial planning, budgeting and reporting applications that work with your enterprise resource planning (ERP) solution will help you measure business results and maintain the levels of performance you need to succeed. Give your managers the ability to respond wisely to change with flexible budgeting.
Letâ€™s talk about how you can keep your business on track. Contact us today for ERP solutions that fit your business and your people.