The long-term success of your organization depends on the success of your budgeting. It’s critical your business plans for the future are based on detailed analytics, taking into account where you’ve been and where you want to go financially.
Organizations can’t afford to rely on “old-school” methods of incremental budgeting in spreadsheets, whereby previous years’ results are simply adjusted by a percentage, leaving business leaders to just cross their fingers and hope for the best. These methods are inaccurate, don’t account for changing market conditions, and are more susceptible to misuse by departments which over-budget simply to be safe.
There’s a better way to business budgeting.
It’s the detailed roadmap for achieving your company’s objectives and goals. Your budget should project, forecast, manage, and provide critical data intelligence into your organization’s financial health and strategies.
Your business budget should be carefully and accurately constructed across all departments for a specified period of time, including all revenue streams and expenses of your organization. This will ensure your company monitors progress toward all goals, controls its spending, and successfully predicts its cash flow.
Cash is King. It’s one of your most important resources and must be managed correctly. This is impossible without a business budget in place.
You need all team leaders to clearly understand the business objectives in place so that they can make the best decisions for their team based on accurate data.
Accurate budgeting gives lending institutions confidence in your organization and its leadership. This assurance helps reduce risk and makes getting funding easier at the lowest possible interest rate.
You can’t spend what you don’t have. A successful business budget is one that clearly defines your expenses and controls them based on your profits, providing the metrics to measure team performance and better understand what drives profitability across all lines of business.
Within any organization, competition for resources is inevitable. Every department needs funding for both capital and operating expenses. And usually more than what is available. This makes it critically important that businesses create procedures so that resources are allocated to support key strategies. They must work hand in hand.
The right technology solution, like Synoptix, does the heavy lifting for you, making it easy for you to quickly make the best decisions for your organization.
Your organization’s long-term success is dependent on the performance of your budgeting.
It’s vital that your future company plans are built on detailed analytics, taking into consideration where you’ve been financially and where you intend to go.
Jeana has been in the software industry for 15+ years specializing in ERP reporting solutions. She has decades of experience in creative content development and marketing and enjoys exercising, traveling & spending time with her husband & twin boys.
Download Spreadsheets-The Corporate Secret Killer & What to Do About It to better understand its inherent errors, how to manage quality control & overconfidence, with detailed solutions on improving spreadsheets in financial reporting.
THOUGHT LEADERSHIP WHITEPAPER
We want to provide you with an update on the Log4J vulnerability that was identified this weekend as it relates to your Synoptix installation. The short answer is that there should be no vulnerability issues with Synoptix. Synoptix no longer uses Log4J. Version 7 did use version 1.2 of Log4J (which was not vulnerable), and should therefore also be clear of any vulnerability issues related to Log4J version 2.0-2.14 (which was identified this weekend as having vulnerability).