Why is the budgeting process so awful? It’s a question that seemingly pops up annually—usually right after the budgeting process wraps up. Here’s the thing. It doesn’t have to be. Here are just a couple ways to help it evolve.
As we discussed in our last blog on the budgeting process, too often, the process is slow and outdated. One of the consistent challenges, outdated budgeting affects companies of all sizes, industries, and focuses, whether it’s a single-location business trying to plan across a hallway or a multinational firm trying to connect dozens of department heads representing thousands of employees.
Though the process has evolved, delivering increased accuracy and reduced dishonesty, as we mentioned, many companies still rely on the same mess of meetings, emails, and spreadsheets they used decades ago.
Many Levels of Budgeting Maturity
When it comes to budgeting, getting from outdated to outstanding is rarely an easy proposition. Some people may fight the evolution; others may think “this is the way we’ve always done it.” Either way, you need to push forward. As your budgeting process matures, it pays to get away from spreadsheets. Here are just two of your next levels of maturity.
It Starts with the Right Hub: Acumatica ERP
As we discussed in our last budgeting blog, the process can be improved by focusing on people, processes, and technologies. Though we discussed the process elements that can be improved in budgeting, you can’t overlook the technology that you use to complete the budgeting process.
Built in the cloud and ready to integrate with many (if not all) of the solutions you already use, Acumatica gives you accuracy, speed, and agility in the budgeting process. From its automation capabilities to its resource-based (not per-user) pricing, you can incorporate as many people as you need, give them information in real time, and help you see the entire picture.
Does Acumatica make budgeting easier? Yes. By delivering real-time information, integrating with hundreds of applications quickly and easily, leveraging unique role-based dashboards and workflows, and even allowing unlimited users (who might only log in once a year for budgeting), Acumatica streamlines the budgeting process.
However, great doesn’t mean perfect. That’s where we come in.
But It Can Go Further: Connecting Your Business with Advanced Budgeting for Acumatica
As a leading provider of Acumatica, the Crestwood team has worked with many clients and has consistently looked for new ways to make the product even better. Though Acumatica’s budgeting functionality is better than most of the alternatives, we’re releasing a product that can go even further.
Advanced Budgeting for Acumatica is a product developed by Crestwood that allows more flexibility and immediacy in updating budgets. Drill down as much as you need with out-of-the-box reporting features, gain more insights into potential seasonality, and bring together multi-company budgeting with ease. Here are just a few of the benefits:
- Automate your budgeting process without the need for Excel
- Unlimited budgets by Acumatica ledger
- Works with the Acumatica Analytical Manager (ARM) – no need to use a different financial report writer
- Budget by accounts and sub-accounts
- Calculate & spread budgets based on patterns such as seasonality, sales etc.
- Budget by actual employees and planned employees (includes splitting employee costs across different departments)
- Multi-company budgeting
- Easily create new budgets based from actuals or previous budgets
Learn More about Advanced Budgeting for Acumatica, a Crestwood Product
While 2020 budgeting might be wrapping up, with the help of Acumatica and Crestwood’s Advanced Budgeting for Acumatica, we can make your budgeting process throughout the year easier and make 2021 a breeze. Reach out to firstname.lastname@example.org to learn more.