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Now is the time to re-examine your budgeting process for improvements

Gerry McDonald

The time to reexamine your budgeting process has come. Wrapping up the year can be time-consuming, so it’s best to start doing reviews of your budgeting process now before you need to start everything over again for next year. When you reexamine your budgeting process there are numerous things to keep in mind besides the bottom line. There are procedures, personnel and even research and software involved in how your finances are managed. This means that all these things need to be brought up for discussion to ensure they are as efficient as possible.

 

Things to consider in your budgeting process

You want to start with your finance committee. Who are they? What kind of stake do they have in the company, and how can you be sure of their motivations in managing the money? Next, you want to make sure that your budgeting process engages the people who are actually responsible for adhering to and implementing it. If the management isn’t engaged in the process there’s no hope of staying on top of your budgeting process. This is also the time to consider things like your strategic long term and short term goals. You will also want to map out your business goals generally, and how your budgeting process will help you accomplish both. Your budget should hold you accountable in many ways!

 

Budget reviews

Reviews should be an integral part of your budgeting process, but often go undone because the preliminary tasks are so time-consuming. If budget reviews aren’t already built into your budgeting process, they are one of the best adjustments you can make. Designate a committee who meets on a monthly basis to go over the budgets in order to see where your performance is in relation to your goals. This the surest way to stay accountable to your budget and respond quickly when there are issues or scenarios that require a new budget approach.

 

The software game-changer

A great way to ensure that multiple levels of management are engaged is by implementing budgeting software. This will make the entire budgeting process universal and manageable from any place and by any authorized parties. Software also helps keep you accountable to your budget by making it easy to visualize relevant numbers. By automating many of your budgeting processes with software you will save so much time with the remedial tasks, like entering numbers into spreadsheets, and be able to focus on real.

 

Technology affords you the luxury of throwing antiquated and time-consuming budgeting processes out the window. Spreadsheets have done their job well for a long time, but they are now a thing of the past. Update your budgeting process with software and watch how everything becomes easily streamlined and integrated, turning your financial management into the well-oiled machine it ought to be.

 

Look no further as Questica’s Budget solution allows for you to manage your finances and keep track of your goals. Check out our website and if you would like more information, and register for our free monthly webinars. Think Questica is a right fit but would like to see it in action? Request a demo with one of our experts so we can show you how to get your financials on track today

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