We may be entering a new year, but for many organizations, budgeting is a constant concern year-round. Budgets and financial management in higher education, in particular, can be concerning since there are several overlapping budget systems to consider. And while some colleges and universities struggle to stay on top of their finances, managing a budget for a higher education institution doesn’t have to be as complicated as it seems. Here are some of the best approaches to keep your financial management on track.
Questica provides great assistance for budgets and financial management in higher education. Since 1998, Questica has worked to make handling finances easier and better for higher education organizations. We manage over $630 million in annual public sector budgets, and we want to help you. Browse our website for more information.
How to simplify budgets and financial management in higher education
Integrate budgeting with planning and management
One easy trap to fall into is the idea that budgeting only occurs during a set time or a certain “season.” In reality, budgeting should be a continual, day-to-day process. This doesn’t mean that budgeting needs to be a constant burden. Instead, stay on top of your budget by making it a part of your daily schedule. Get in the habit of looking at the budget every day, and marking down potential adjustments as needed. If the university proposes a big new project, such as a library renovation, you won’t be swamped with a large number of adjustments and forecasts. This method is especially helpful in higher education because forecasts are constantly changing due to varying factors.
Track financial performance to meet desired goals
Every higher education institution has plans and goals to become more effective and prestigious. Adjustments are made constantly to build a reputation, appeal to potential donors, and build a brand name as an institution. One way to help meet those goals is to track the financial performance of programs that already exist. Sometimes, older programs don’t age well as new trends emerge. Since planning for higher education finances is a process that often takes years, occasionally even decades, it’s important to look for failing programs that aren’t pulling their weight financially. By cutting old programs with minimal benefits, the university can use the money they save to fund new, more beneficial and exciting programs.
Build trust
Trust is one of the most vital factors to a higher education institution. Faculty trust that their jobs are secure. Students trust they are receiving a quality education to help kickstart their careers. As far as finances go, the stakeholders need to trust that their money is being spent wisely. A key way to build trust all around is to promote an atmosphere of openness and transparency, and that idea can begin with accountable finances. Through transparency, your stakeholders will know everything they need to about your institution and what it values. This kind of dialogue helps ensure continued donations and a steady stream of revenue.
Questica software is perfect for budgets and financial management in higher education
When it comes to higher education budgeting, the best option for financial software is clear. Questica software helps your college or university plan, achieve goals, and build trust with stakeholders. You’ll be amazed at how much your institution will save with dedicated financial software. To learn more about Questica and how our software can help you, download a whitepaper or take a product tour. Or, sign up for one of our free information sessions. The next one takes place January 23, 2018. Find out more and register on our website.
Photo Credit: HsinJuHSU
