You like it or not, Budgeting season is around the corner and we cannot avoid it. Like halloween, budgeting gives you thrills with many tricks and treats around every corner.
Sometimes your assumptions might be correct and other times it might go wrong.
Budgeting and forecasting keeps you at the edge of your seat for the entire Budget season upto December.
Brace up Before Budgeting Season Hits
Don’t jump into the budgeting process straight away; Initially discuss the budget with your operations team and managers, Fix your due date, review time and the staff who should be involved in the process.
Like creating a game plan and involving the key players, you need to work for this budgeting season before it hits you by surprise.
Read More : Budgeting, Planning and Forecasting
Study, Research and Analyse
Do a time study within your team, study each and every resource thoroughly; Get a clear picture on which staff to be allocated for every task included in the budgeting process. Ask your resources to track their timesheet to gain a clear idea on their efficiency.
Research your sales report, sales breakdown and the past year performance. Completely analyze the organizations past records and prepare budget, do not simply copy paste the previous year’s budget report.
Take time and build your budget for 2021, always take your employee’s opinion into consideration. Have a brainstorming session with few teammates for your budgeting process, your goal is to make your company grow and how to budget for the growth.
Import and Collaborate Data
Collecting data from various departments across the organization is a traumatic process. But this job needs to be done; transferring data from one team to another is prone to errors for which the budgeting team has to spend hours to aggregate and reconcile data before beginning the budgeting process.
But smarter organizations outsource their budgeting process or use software that takes care of all the budgeting requirements like data integration, storage and risk calculation.
Put your Plans into Action
Execute your plan step by step without any flaw, also save some resources for unexpected expenses in your budget which will protect you from falling into the debt trap.
When everything said above is done, do not stress yourself out. Budgeting is an important process which has to be done based on the organizations history and the current market trend.
Use tools that reduce your workload, automate the budgeting process with PivotXL which helps you during the budgeting season based on your reports sent across during the last financial year without the need to import data from various departments. Weigh down the advantages and recruit a software before it is too late.
A tool will help you know exactly what kind of budget needs to be done for 2021 because 2020 is not like any other year; many organizations took hit of the coronavirus pandemic and these damages should be corrected by the upcoming budget.
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