Collaborative budgeting is a popular budgeting practice for many educational organizations. Many educational institutions from colleges, university to K-12 school districts find this approach to be effective creating a better understanding of strategic direction, goals and outcomes for of their organizations. When you’re managing your school’s finances, here are four of the best reasons to choose a collaborative budgeting approach.
Looking for answers about collaborative budgeting for K-12 schools, or other financial questions? Turn to Questica for quick and helpful answers. Since 1998, Questica has been working to make handling finances easier and better for K-12, higher education, healthcare, and more. We manage over $63 billion in annual public sector and non-profit budgets, and we want to help you. Please visit our website for more information and consider signing up for one of our free webinars.
Four good reasons to try collaborative budgeting for K-12 schools
Saves time
One of the most frustrating aspects to budgeting is how time consuming it is. When senior management is handling the budget alone, they have to take time tracking down the correct budgets and forecasts for each individual department and program. With collaborative budgeting, everyone inputs the numbers they have, into a secure system that easy-to-access. No more time wasted tracking down those elusive figures and spreadsheets.
Anticipate needs more easily
School administrators juggle many priorities. They do a lot, but that sometimes means they don’t always understand the specific needs of the different grades or programs. With collaborative budgeting for K-12 schools, those needs can be more easily expressed by department heads and factulty, and allow for more accurate dialogue about each program area.
Improved overall communication
A school is not just one person. It’s a multi-layered institution that often belongs to a larger education district (with its own plans and priorities), that can only operate effectively when everyone is aligned with its mandate. With collaborative budgeting creating open dialogue about funding and finances, everyone gets to express their voice and be heard. When overall communication improves, the school’s performance improves as well.
Removes frustrating budgeting hassles
When you think budgeting or financial planning, you probably imagine a massive undertaking. That’s partly because traditional Excel spreadsheets typically used for budgeting and forecasting are a pain to operate. They’re not specifically designed with budgeting in mind, they are error-prone, and they’re not intuitive and user-friendly. There is also a lot of time wasted consolidating the data and checking for errors, instead of analyzing the budget. A collaborative budgeting system with dedicated financial planning software removes those frustrations because it’s easier to use, easy-to-learn, and offers more advantageous features like a secure workflow, user-defined-access and unlimted what-if scenario planning. Budgeting will evolve from being a headache to a truly strategic practice.
Questica budget offers the solution to collaborative budgeting for K-12 schools
Questica budget software offers the easy-to-use collaborative budgeting to get your school institution on track. Questica budget software boasts years of a proven track record for education institutions. Our software integrates with existing student information and financial systems, and we make it easier do projections and forecasting. We also aid in staff planning, and performance management for various school programs. Try Questica out for yourself and see the difference!
We are a passionate team of technology experts and business specialists with decades of collective experience managing finances and budgeting software, and we want to help you! To learn more about how Questica’s software can help you, download a whitepaper or take a product tour.
