The new year is often a time to reorganize, restructure, and re-evaluate. For businesses, the private sector and non-profit organizations alike, this often means the chance to review the budget and see if any changes need to be made. If you are thinking about looking at your monthly budget list, or even your annual budget report, then here are three budgeting categories you should be aware of.
In addition to our knowledge on budgeting categories, Questica is an expert on many other important financial issues. Since 1998, Questica has worked to make finances easier and better for public sector and non-profit clients. We manage over $63 million in annual budgets, and we want to help you. Browse our website for more information.
Three budgeting categories you cannot forget about
The first of the budgeting categories is staff planning. Staff planning involves looking at existing departments or projects and analyzing which ones need more brainpower. Ask yourself whether new hires are in the current budget. You should take time to account for internal adjustments, such as changes in work shifts, workforce demographics, and downsizing. Additionally, you should monitor for external changes such as a merger. These will impact your organization’s future staff planning.
Make sure to investigate if there is a higher than normal turnover rate in your organization. Continuously having to make new hires and negotiate salary packages can be an unneeded stress on your financial forecasting. Ultimately, make sure the projections for Human Resources (HR) align with your organization’s long-term plan.
Once you’ve finished your staff planning, made your projections and adjusted for the year, don’t neglect your regular personnel management. This is a crucial budgeting category because long-term satisfaction of your employees helps retain workers and increases overall savings.
A good mindset that helps is to think of your personnel as investments. You want to increase their skillset so that they become even more valuable to your organization. For this category, money should be budgeted for recruiting new employees, providing training and proper orientation, and especially for offering salaries and benefits.
Finally, once your staff is hired, trained, and satisfied with their pay, don’t neglect the everyday workforce management. It is important to ensure that your organization is neither over nor understaffed. Both have negative consequences on productivity and profitability. Workforce management means tracking employee time and attendance, anticipating vacation and leave, administering payroll and benefits, and even crisis management training. Everything that can be categorized under making sure your employees are both happy and productive falls under this umbrella.
New year, new opportunities
With a new year comes new possibilities, such as the opportunity to switch to a dedicated professional budgeting software. Questica software works with multiple organizational fields to deliver responsive, organized, and efficient budgeting year after year, with operating, capital, salaries and performance module options. We help you separate your budgeting categories so that planning and forecasting are so much easier. And our intuitive software makes it easy to prepare months in advance. Your employees will be happy using our software when budgeting season comes around. If you are interested in learning more about Questica and how our software can help you, download a whitepaper or take a product tour.