This article will focus on platform options when investing in a new budgeting tool.
Look, it seems like I’ve talked about anything and everything about budgeting so I went directly to the source – a team of consultants. I asked them what the common problem they face with their clients when it comes to budgeting, and surprisingly, they all had the same answer. The majority of their clientele has never had a professional budgeting system, nor did they have a satisfactory budget model that reflected how their business operates. As mentioned in the budget tools for Microsoft GP users replacing Forecaster article, there are around 48,000 GP customers out of 200,000 Dynamics ERP users, and if your company is either one of the 2,000 companies using Forecaster as a budgeting tool or one of the 90% or more organizations who create their budget in homegrown Excel models, this article is for you. In this article, I will discuss Excel- and Web-based Budgeting for Dynamics GP. Continue reading
This article will discuss the benefits of consolidating your many reporting tools.
How many of us use five or more report writers across our business systems? I know it sounds absurd, but most organizations do use that many reporting tools across their ERP system and other databases. When looking to invest in a reporting tool, how you integrate and present your data is very important. It is the backbone when it comes to making wise business decisions. In this article, I will focus on various options for consolidating multiple reporting tools to navigate your organization-specific issues in managing and analyzing your data.
This article focuses on finding an improved solution for a bad software implementation.
We all wish for a successful software implementation, but information system projects frequently fall short or even fail. Many software implementations can be challenging, and only a few companies today achieve highly successful software implementations on their first try. Usually, the reason for failure or a bad budget implementation has little to do with the actual software itself. In this article, we will explore the seventh installment of our budget series: how to fix a bad budget software implementation.
This article focuses on best practices to improve your budget process.
Think about all of the time and energy your company allocates to budgeting. Managers often scramble to collect financial data from multiple sources in consistent formats. Rather than aiding the process as they should, differing technology tools only add to the manual process. I feel incredibly overwhelmed just thinking about it, but these 12 best practices have helped immensely. This article will explore 12 best practices anyone can implement to improve the quality of his/her budget to stay on track now and into the future.
This article will focus on the process of preparing for a successful software implementation.
Congratulations! You’ve finally made the first step in investing in a budgeting software. This is huge. Budgeting solutions will make a world of difference in streamlining painful, manual processes and will also often improve decision-making capabilities. Whether you are about to buy a tool or you just purchased one, you are on the verge of a software implementation. Many software implementations can be challenging, and only a few companies today achieve successful software implementations on the first try. In this article, we will explore the sixth installment of our budgeting series: how to prepare for your first budget software implementation.
This article will discuss the topic of easy user security in budgeting software.
We live in a society where security should never be overlooked. We hear and witness hacking stories and security issues all the time. Legendary Limp Bizkit frontman Fred Durst not so famously once said “if you want to know how not secure you are, just take a look around. Nothing’s secure. Nothing’s safe. I don’t hate technology, I don’t hate hackers, because that’s just what comes with it, without those hackers we wouldn’t solve the problems we need to solve, especially security.” In the same way, companies too have to assume that their data is not in a safe place. Over all, as technology moves to the cloud and/or web-based budgeting solutions, data is making the move, too. This article will approach the topic of security, the fifth installment of our series on budgeting.
This article discusses the significance of automated payroll budgeting.
Ever wonder how your company handles payroll planning? I do. It is important to know how your organization budgets payroll because it is typically large part of your company’s master budget. Payroll can be a complicated process for employers. To get a better understanding, let’s define what payroll is. According to Investopedia, Payroll is the “sum total of all compensation a business must pay to its employees for a set period of time or on a given date. It is usually operated by the accounting department of a business. Payroll can also refer to the list of employees of a business and the amount of compensation due to each of them.” Payroll automation refers to the use of computers to produce paychecks and manage payments for an organization. Payroll automation is often integrated into the company’s enterprise resource planning (ERP) system that gives a thorough view of the finances of the company. This article is the fourth installment of our series on budgeting: Automated Payroll Budgeting.
This article focuses on the difference between Excel-based and Web-based budgeting tools.
Choosing the right budgeting tool is extremely important for a growing company. Many financial companies use homegrown Microsoft Excel models extensively in their budgeting, but there are some limitations that are inherent in the application. I admit Excel is a great tool for modeling and analysis, but it is not the best tool to use for budgeting. Software companies are developing commercial budgeting tools that are Excel-based and Web-based to stay familiar with the features and functionalities that most professionals are accustomed to. In this article, we will explore the advantages and the drawbacks of both Excel-based and Web-based budgeting tools that organizations experience. This article is the third installment of our series on budgeting: Excel-based Budgeting Tools Versus Web-based Budgeting Tools.
This article focuses on consolidating finances from multi-entity companies.
Nobody likes growing pains, but every company wants to grow. Growing pains are symptoms that an organization needs to make a transition. It is the nature of business. There is a way to alleviate these pains through automated consolidation of your company’s budget. Budget consolidation, just like financial consolidations, is growing in significance because of reasons such as globalization and the popularity of acquisitions and mergers. Nowadays, it is not uncommon for a mid-sized organization to own many legal entities in different locations. Although a business’ budget consolidation requirements may not be that complicated, creating a set of consolidated accounts can be time consuming and prone to many errors if done in Microsoft Excel spreadsheets. There are many financial consolidation tools and solutions that can also automate the consolidation of your budgets and they can replace or improve existing processes and systems. This article is the second installment of our series on budgeting: Budget Consolidation in Multi-Entity Organizations.