Practical and strategic decision-making hinge on having access to reliable and timely information. You need to trust that the figures reported are realistic and based on performance. Think about it. If you make an operational decision based on a budget with a line item miscalculation or underestimated cost assumption, you are gambling on performance. As fun as it is to roll the dice, that’s not something you want to do with net profit.
Accurate budgets allow management to make informed business investments that grow the business. With deep insight into your spending and cash flow, they play an even more critical role when economies contract and the businesses performance suffers.
As the baseline for your company’s performance, budgeting is a complex process with layers of contributors, iterations, and approvals. It involves every department within an organization, gathering revenue estimations, anticipated production material, and projected expenses to formulate a blueprint for your performance in the coming year. This workflow, where different components are managed by multiple stakeholders but controlled by the budget owner, can be challenging to maintain.
Most problems with budgeting accuracy arise because of the lack of controls in place throughout the budgeting workflow. From how a budget gets created to what tools are used, there are many steps in the process where discrepancies and errors can quickly occur. Here are three areas where budget accuracy is typically questioned:
- Manual Processes: Human error is the number one reason behind data mistakes and miscalculations. On top of the fact you have between 5 to 15 individual budget contributors to organize and make sure they are inputting the right information.
- Uncontrolled, Disparate Spreadsheets: It’s not the spreadsheet; it’s the lack of control over how many versions are created and where they are located that results in discrepancies and a lack of confidence in the reported figures.
- Misleading Assumptions: The test of a budget’s accuracy occurs when actual financial results become available and can be compared to your projections. Large variances can mean severe cash flow shortfalls.
The bottom line is that you need to be able to trust your data and make decisions based on facts – not fiction. The best way to do this is by adopting a budgeting tool built to manage the budgeting workflow while providing the flexibility and accountability your team needs to deliver an accurate budget for the year.
And that’s where Jet Budgets was born.
If you’re a TES customer and would like your own personal demo please speak to your Account Manager. Otherwise you can give us a call on 0345 2571173 or send an email to firstname.lastname@example.org
We’ve always been dedicated to data accuracy, and when our Microsoft Dynamics customers and partners told us there was no suitable budgeting solution for the small-to-medium business without excessive costs and complexity, we set out to change that. Before Jet Budgets, Excel was the only option.
Be Confident in your Numbers with Accurate Budgeting from Jet Budgets
Budgeting is pointless without confidence in your data – your Dynamics data specifically. We can help you produce highly accurate and realistic budgets with Jet Budgets, an easy-to-use fiscal planning solution that streamlines the budgeting process from Microsoft Dynamics Business Central, NAV, and GP data. As Excel-fanatics ourselves, we understand the importance of using a tool that is familiar to both controllers and department managers, so we built Jet Budgets with native Excel integration and an intuitive web portal.
With more control and communication, you can cut your budget exercise in half, improve financial performance, and make informed decisions based on accurate numbers. There are 3 ways where Jet Budgets does this:
- Scheduled, automated workflows
- Managed spreadsheets integrated with Dynamics ERP
- Flexibility to reassess and adjust budgets to meet changing fiscal needs
It’s time to change the way you feel about fiscal planning. Jet Budgets offers you a simple way to manage spreadsheets, assign budgets, see the status, import into Dynamics, and report on actual-to-plan.
Contact us on email@example.com to organise a free personalised webinar or you can call us on 0345 2571173