All too often, it is easy to fall into the trap of using a budget to maintain the status quo. The sales department spends X dollars on employee expenses, so we will put that in. The telephone system costs X amount, so that goes in. After we tally up the…
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What makes a meaningful budget? Aligned with short-term and long-term goals. Takes into account past trends. Accounts for more than what you plan to spend. Driven by strategy. Provides clear vision to your team. An effective budget is not just numbers on a sheet. You want your budget to balance…
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When you are actually implementing the budgeting solution, you also want to make sure the workflow setup is a good fit for your team. For example, you want to give people enough time to complete their parts of the budget, but also enough time to analyze it. A strong budget…
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The best budget is not going to succeed unless your employees do their part. You need to have staff onboard, not just for the budget itself, but also for the new budgeting solution. This goes back to knowing your why –when you have a strong reason for making a strategic…
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Before implementing a budgeting solution, you need to make sure your users know why they are budgeting. What is the goal? Make sure they know they are not budgeting just for the sake of it. This ties into having a strong strategic vision for the business. Say that you want…
Read MoreSage recently announced that Sage Budgeting & Planning is being retired in 2021. Going forward, Sage partners and customers need a robust solution for their budgeting, planning, and forecasting needs. True Sky has full integrations to Sage 100, 300, X3, 500, and Intacct. Existing Sage Budgeting and Planning Customer? Click…
Read MoreLet’s face it – very few people actually like to budget or forecast. So, reforecasting may seem like a daunting task. Why do organizations reforecast? Here are some things to consider: Alignment of Your Business Especially in today’s turbulent economy, businesses change so quickly that forecasts created previously aren’t always…
Read MoreIf you’ve been following along with our blogs, you’ll know the importance of people and data on the quality of your forecast. Equally as important is the process – how does the forecast get created? What systems are you using? Is your forecasting tool user friendly and does it give…
Read MoreForecasting is important to the business, but the forecast itself relies on high-quality data. When determining the data to use in the forecast, the following factors must be considered: Detail: How much detail are you putting in to your forecast? Keep in mind, more detail is not always better. If…
Read MoreThe team involved in the forecasting process has a huge role to play in the quality of your forecast. Consider the following when planning for your forecast: Involvement: Who are you involving in the forecasting process, and how well do they know the data you are asking them to forecast…
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