Budget processes conducted outside of your accounting system using external spreadsheets and handwritten notes will slow you down. Constangly updating these external worksheets are inevitable changes as changes occur with your planning and spending. These changes most likely cause errorswhen updating this information in both your external spreadsheets and your accounting system and waste valuable time with duplicate data entry.
One of the keys to achieving a streamlined activity within your business is the proper creation and maintenance of your budget. However if your budget is not automated, you may be unnecessarily overextending yourself in order to keep it up-to-date. Budget automation may be just what you need to shorten your budgeting and planning cycles and gain better access to critical data.
If you have invested in good accounting software, we would like to assist you in utilizing its fullest capacity. Many applications are equipped with advanced features and capabilities that provide the tools you need to plan more effectively and achieve a better end result. Integrating your budget processes into your software will allow you to utilize fewer steps when making changes and maintain a more accurate budget over time. In addition, you will find it much easier to turn your data into business intelligence allowing you to achieve your company goals and objectives.
Some of the benefits of budget automation and the process of getting there include:
It is easier than you think
Many business owners and managers are under the misconception that their accounting system's budgeting features are too complex so they stick with their external spreadsheets. However many programs often have similar functionality to spreadsheets and flexible formatting features enabling you to create a detailed budget that is accurate, flexible and easy to manage. From making changes such as font, color and cell locking to adding or removing sheets, rows and columns you can easily customize it according to your needs, all while maintaining data integrity in one location.
You can create rolling or multiple year budgets simultaneously and perform calculations on a period by period basis, or analyze "what if" scenarios with preview capabilities and recast budgets in order to come up with the right plan.
Most accounting solutions will allow you to integrate spreadsheets, multiple departments and budgets directly into the program, giving you real-time access to all of your data in one place. Subsequently, budget balances can be automatically updated and GL account numbers can be easily inserted saving you time and improving accuracy.
Streamlined Budget Management, Analysis and Forecasting
You will gain better visibility to all of your financial information while saving time and improving your bottom line. Integration of your budget within your accounting solution opens up a whole new world of business analytics and forecasting. Using real numbers and actual results from the standard Ledger for closed and unclosed periods are just a keystroke away.
Automating your 2017 Budget
If you are in the midst of planning for 2017, PC Methods is here to help! Our team understands the budgeting process as well as the most efficient way to automate this within your accounting system. If you schedule your Budget Automation before Thanksgiving you will get the first hour of this service for free in addition to a free Budget Process evaluation and executive summary. Call our office to learn more or to schedule your Budget Automation service today.