In this article, project budgeting, forecasting, and modelling will be at the center of the discussion, specifically third party planning tools to improve your Microsoft Dynamics SL experience.

I’m sure you can agree that financial planning is such a necessary aspect of performance management in today’s business world.  The quality of your budgeting and forecasting tasks can sometimes be the difference between life and death for businesses, especially when you think about the 2008 recession.  Organization-wide planning responsibilities are typically regular and almost always entail a number of pieces bringing together actual transactional numbers and projected figures for the planning period.  However, sometimes a company or a project manager has to budget and/or forecast for a project or specific task.  If you are a consultant tracking and billing your hours to a client, a project manager managing multiple projects, or a freelance professional putting together a bid for a gig, project budgeting is undoubtedly a term you’re quite familiar with in your position.
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This article will tackle budgeting, forecasting, and modelling for projects, using Microsoft Dynamics NAV with third party budgeting solutions.

You can go ahead and nod your head in agreement when I say that financial planning is such an essential element of corporate performance management (CPM).  Sometimes, the caliber of your planning processes can mean life or death for enterprises, particularly in the context of the all too recent recession.  Company-wide planning processes are generally routine and almost always require multiple moving pieces to bring together actual transactional figures and projections for the upcoming planning period.  Alternatively, there are times when an organization or a consultant has to budget for a particular task or project.  Whether you are a project manager overseeing multiple projects, a consultant tracking your billable hours, or a freelance professional crafting a bid for a job, project budgeting then is an important Business Intelligence (BI) term in your role.
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In looking for a budgeting solution to enhance what Dynamics NAV has to offer, there are several features to consider.  This article will lay out leading functionalities to consider, including easy and secure collaboration, with built-in business and accounting logic.

Budgeting within an Excel spreadsheet is perhaps sufficient when planning for a household or small business budget, especially because of the small amount of data, but growing organizations that are using Microsoft Dynamics NAV are starting to notice that a budgeting solution is a relevant option, especially as today’s software is able to invite collaboration into a much more streamlined process, moving way beyond built-in capabilities.  Company-wide budgeting and forecasting is an undeniable and unavoidable responsibility because management of money within the means of a corporation empowers growth and expansion.

When it comes to budgeting for any company, there are multiple entities, departments and/or groups with data to report to analyze and plan for the future.  Excel is the arguable standard bearer of spreadsheet software, but when it comes to simple and secure collaboration for multiple players, it can be a logistical nightmare.  However, most Dynamics NAV users already own Excel licenses, so the return on the investment for a budgeting solution might not be clear.  This blog will go about discussing the benefits of budgeting software options for Dynamics NAV – and tips to picking the right product for company needs.
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