In many cases, there is something to be said for tradition. The old adage ‘if it ain’t broke, don’t fix it’ holds true in many situations – be it business or any other environment. However, when that approach becomes a hindrance, a block if you will, it becomes inherently problematic. Just because something is working, doesn’t mean it is working well. This is especially true when it comes to business budget planning.
The tradition is Excel and Excel-based budgeting. That is not to say that Excel is the problem – it isn’t. The problem exists with those Excel-based processes your company relies upon to get the job done. By breaking with tradition then, we don’t actually mean breaking with Excel, but rather reviewing how you use it.
Here’s how you know you’ve outgrown your existing business budget planning process:
When we become set in our processes, and the ways we manage business budget planning on a regular basis, we often become immune to the overarching issues: budgets and forecasts are being delivered on time – most of the time, anyway, so there isn’t really a problem.
- Multiple spreadsheets: those Excel-based business budget planning processes translate to multiple spreadsheets, spread across most of the company, in various formats. This means multiple spreadsheets that you then have to review, revise, rework, and combine into one solid financial and forecasting truth, if possible. This then translates to multiple resources and a lot of time that could be spent doing something else.
- Multiple revisions. Three or four spreadsheet revision cycles isn’t bad, is it? Sure, the traditional way works, but is it the most efficient, effective method? If it isn’t, that system’s ROI is only as high as its potential. Could you be realizing a higher value with a break from tradition? If you’re spending too much time on revisions, you’re not realizing that higher value. For example, automated merging means a great degree of control and fewer revisions.
Does a process really have to be broken for a fix to pay dividends? If you’ve become accustomed to the numerous revisions and the time crunches that are typical when it comes to delivery deadlines, perhaps these are indications that a fix might drive real value. Refining the process can make everything more efficient.
The break from tradition, then, is actually a reworking. It is the adoption of a system that makes Excel better – more efficient and more cost effective. A system that uses Excel, but takes all the data and merges it on the system’s database, creating a far more user-friendly, accessible (by those with the proper permissions) platform from which to draw your data.
Shouldn’t the solution do it all, in the best way possible, rather than just ‘doing it’? We think so.
At True Sky, we make Excel better. Our Excel-based budgeting and planning software automates your process. Call to find out more today: 1 855 878 3759.