Effective budgeting and planning is critical to the financial health of every business. Budgeting software helps executives and managers across the organization chart work together to set, monitor, and reach important financial goals.
Benefits of Budgeting Software
Avoid timely manual processes
Manually creating effective budgets can easily be hampered by a number of issues. It may be very difficult or time-intensive to resolve these issues.
Frequently, companies have limited confidence in hand-created budgets. This is often based on concerns that the historical information is incomplete or inaccurate. Budgeting software allows direct data imports from integrated applications such as the general ledger and other key accounting applications. Automatic data inputting provides the confidence that all relevant information has been considered and that it is free of the errors that often occur with manual re-keying.
Global inclusion in the budgeting process
If you need to receive input from a variety of different employees, who each may have responsibility for different segments of your financial data, using a manual approach to creating budgets can easily become impractical.
The reality is that you’ll likely be spending unnecessary time standardizing information into normalized formats. Furthermore, creating a budget is often a process that depends on working through multiple versions. Passing the information back and forth multiple times, rather than having a single updatable version of the truth, can easily become a drain on resources and an opportunity for costly delays.