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Budgeting

3 Critical Steps for Mastering the Budgeting Process

Strategic company budgets are absolutely critical. After all, they allow you to establish goals, assess your company finances, and make accurate (and exciting!) growth plans for the future.

And yes – we understand that business budgeting isn’t the most thrilling thing in the world. But remember – just because you don’t enjoy doing it doesn’t mean you don’t want it done right! After all, your budget functions as the road map for your business operations, and it can serve as an excellent tool for helping you maximize your profits.

Our team has come up with a few steps you should take to make your business budgeting process go much more smoothly. Check them out:

1. Centralize Your Budget Process

A centralized budgeting process simply means that you take a top-down approach to budgeting. This allows the people with the most know-how (your senior management) to take the reins. If department managers and senior management work together to design the budget, they’ll be better able to justify their ideas and implement them together as one unit!

And make no mistake – recognizing the role of senior management is super important when you’re in the process of making your company budgets as efficient as possible. I mean really, who understands the goals and details of your business more than the managers who have worked with prior budgets for their departments? Probably no one!

(By the way, you can download 21 Ways Your Budgeting Process Puts Your Business At Risk to learn more about the business benefits of a centralized budgeting solution!)

2. Master Your Spreadsheets

Once all your data has been compiled, analyzing company budgets can get pretty overwhelming if you don’t have the right tools/software. All those numbers and graphs…

But luckily, if you’re using Microsoft Excel, you’ve already got a great tool that most of your employees probably already know how to use!

But wait, what if Excel just doesn’t cut it anymore? I’m talking merging hundreds of spreadsheets, or not knowing where you are in the budgeting process. Well, that’s where True Sky comes in. It makes Excel even more powerful while allowing your employees to use their existing Excel knowledge. That means less time and money wasted on training!

True Sky is in real time and allows you to automate a lot of the administrative tasks, such as merging spreadsheets, the approval process and creation of reports.

3. Focus on the Future

Remember that your estimates are not set in stone! Yes, you’ll generate revenue growth, but you never know exactly what that will look like. That’s why you have to prepare as broadly as possible for any possible scenario.

Know where you’ll be able to cut costs by simplifying processes within your company where there’s unnecessary fluff. If you and your team find an area in which you could save money – even if it’s practically negligible – go for it! All those little savings add up.

Remember – preparing in advance by creating your company budgets to allow easier forecasting and flexibility where it’s needed means your company can grow and become more profitable!

So, are you ready to streamline your company’s budget process? If so, we’d love to talk – contact True Sky today!

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