Budgeting for Lower Risks and Greater Reliability
Posted by Martijn van der Hoeden
Some budget planners are more successful than others at setting up projects. It’s not luck. The distinguishing factor is preparation.
What appears to be luck often results from the reduction of uncertainty. In that endeavor, automation is your most valuable partner. Eliminate manual processes wherever possible at the budget planning stage.
Templates can help prevent common causes of budget shortfalls and better regulate cash planning, from initial forecasting to consolidation. Today’s smart templates come with built-in logic and tools to calculate key group-level indicators and perform analysis in areas that have traditionally given project managers the greatest challenges, such as currency exposure and hedge efficiency.
Consider these two reasons why industry leaders are drawing on automated templates for budget planning.
1. Build on the experience of earlier projects by calling up and modifying templates
You’ll benefit from a more efficient, effective plan by starting from ready-made process-modeling templates. They suggest team priorities based on how the process stages and tasks are laid out in the template. Pre-assigned teams will know from the very beginning that a specific series of tasks must be executed in a predefined sequence, such as period closing and reporting tasks. For each task, you will have a mutually defined description, metrics, follow-up actions for when things vary from control limits, prebuilt calculation sheets, and a task audit trail.
2. Get ahead of regulatory demands using templates that highlight mandatory guidelines for each industry
Whether your industry is accountancy, engineering, legal or anything else, you can’t keep track of all the changes to regulatory and oversight laws across various regions within your service area. That would be a full-time job in itself, even for clients within a specific vertical. Even if you could keep up with it all, your employees and contractors in the field can’t bear that burden. Best practices in financial management today stipulate that your enterprise can reduce risk and accidental violations by choosing budgeting software with oversight changes coded in as field restrictions and alerts. When laws change, all you have to do is make sure the software is updated.
More ideas on eliminating unknowns
Do more next budget season by learning the secrets of steering around budget overruns, scope creep, scheduling headaches and low-value manual handling of administrative tasks. Unit4 invites you to watch our on-demand webinar full of budgeting advice with Unit4 PSA Suite presented by Martijn van der Hoeden, Unit4’s Global Head of PSO. You’ll walk away with insights on the latest tech for simplified budgeting and an appreciation of the power of cloud-based dashboards and the ability to invoice directly from project screens. You can be certain of that.