If you make an operational decision based on a budget with a line item miscalculation or underestimated cost assumption, you’re gambling on performance. As fun as it is to roll the dice, that’s not something you want to do with net profit.
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.
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 organisation, 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:
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.
That’s where Jet Budgets was born!
We’ve always been dedicated to data accuracy, and when our 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.
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 Dynamics Business Central, Dynamics NAV or Dynamics GP data.
As Excel-fanatics ourselves, we understand the importance of using a tool that is familiar to both controllers and department managers. Jet Budgets has 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:
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 365 and report on actual-to-plan.
If you’re a TES customer and would like your own personal demo please speak to your Account Manager. Alternatively, you can give us a call on 0345 2571173 or send an email to enquiries@totalenterprisesolutions.co.uk.
Whether you’d like to arrange an informal chat, a free demo or discuss a potential project, our team of charity and not-for-profit digital transformation experts are always on hand.
