'No more excuses' guide to business budgeting

Chances are year after year you hear the same excuses from your team why your business budgets miss their deadlines. Worse still are the times that you commit to a new budget, only to find that mistakes have been made. Sometimes these mistakes and problems are your teams' fault. Most of the time they are not.

If you are like many mid-sized Australian businesses, it is your business budget process that is at fault. The good news is that most of what you think are excuses can be solved…today.

 "I'm still waiting on the numbers"

Time is taken for development and maintenance of spreadsheets, disseminating to multiple departments and personnel and then having to re-compile.

Chances are your team are creating their own budgeting templates, and even if they are using common formats someone still needs to aggregate this data. And the more people, departments, division and models, the more complex this becomes, and the greater chance there is for a mistake to occur.

If you're serious about improving your budgeting process, then you need a solution that aggregates data, enables spreading and runs calculations on large data sets, incorporates your business models and supports all of your users. In fact, what you need is a solution that provides a 'single source of truth', that provides you with an instantaneous picture of any single variation. BOARD makes this all possible.

 "I thought this was the latest version"

It's unrealistic to think you can manage version control with multiple spreadsheets. 

Unlike spreadsheets, BOARD's multidimensional planning environment is based on a single shared data repository and offers data validation, workflow, enterprise-class security, audit trail and versioning capabilities. 

This functionality makes budgeting controllable and efficient. BOARD helps your people deliver reliability in terms of results and reduces the time and resources required for your budgeting process.

"I didn't change the formula"

Changes are going to occur during your budgeting process. Changing formulas is just one of those changes. You need to be able to track and change formulas, to make sure your budgeting is accurate. The best way to do this is through BOARD

BOARD offers the ability to directly modify the data model during the planning or forecasting process. Let's say part way through the budgeting process you need to add a new business unit, a new product, or factor in a new market. BOARD allows you to change your formula in a controlled way during a planning cycle. This allows you to simulate the effect of a new scenario on the whole business model. 

 "I thought everyone had signed off"

Your people are perpetually busy, which is why some things slip through the cracks. Unfortunately, with budgeting, you want to get it right the first time, and BOARD helps you manage this process.

BOARD provides you with role-based security and data validation, ensuring the right people for the correct rules in data entry and take responsibility for their contributions. These are just some of the ways in which BOARD can help you better manage your budgeting process.

The end game

You want to take the guesswork and remove the frustrations out of your business budgeting. You also want the reassurance of knowing that you are making business decisions on the best possible insights. BOARD provides you with this confidence and streamlines the budgeting process, allowing you to use your resources more effectively. 

Board also provides you with greater flexibility, in less time, enabling you to make business decisions in a timelier manner. Isn't that exactly what you need from your budgeting process?

Budgeting control is just one of the capabilities of the BOARD BI tool. The suite can be broken down into 3 distinct areas:

Business Intelligence


Performance Management

Budgeting, Planning & Forecasting
Profitability Analysis
Strategy Management
Financial Consolidation 

Predictive Analytics

Machine Learning Forecasting
Statistical Functions

Talk to us at Star if you want to learn more.