It wasn’t that long ago CFOs and budgeting managers were hidden away in back rooms crunching numbers.
How times have changed. Today, they’re often not only valued members of the management team but also key decision makers.
In fact, the people who oversee the budgeting process are often vital to bridging the gap between data and what it means for stakeholders.
Part of that has been the result of shifts in organizational strategy, but a lot of it has come from advances in technology.
Terabytes of data are now available for anyone to access at any time. We have more information than we ever thought (or even hoped) possible, but for many, the real struggle lies in easily accessing and interpreting it.
After all, it’s great to have loads of data. But what happens if you don’t know which information actually matters to your business? And, even worse, what if you can’t even access the real numbers you want because of outdated, obsolete systems?
You might already have the answer. Which is why a better solution to budgeting that works with Microsoft Dynamics GP can help make all the difference.
That’s what I want to cover in this post. I’ll highlight how smart budgeting can help Dynamics GP users take control of their budgeting process and reap the benefits.
Enter Smart Budgeting
Finance and accounting departments shouldn’t waste their time on endless, complex, manual computations—not when automation is available.
That’s the core of Smart Budgeting. It leverages technology so organizations can take control of their financial well-being. Spreadsheets are a thing of the past. Those businesses that effectively harness automation will gain real competitive advantages.
Smart Budgeting also provides greater accuracy. For many organizations, the budget is already out of date by the time it’s finished. That means it’s of little use as a guide throughout the remainder of the fiscal year.
A budget that’s off, even slightly, can have significant ramifications over the long term. It also can produce the need for new forecasts—or worse, causing important decisions to be made based on inaccurate information.
The Benefits of ‘Going Smart’
Fortunately, with Smart Budgeting, many potential mistakes can be avoided. And there are several other benefits that organizations can enjoy immediately.
The biggest benefit to an organization that embraces Smart Budgeting is that the budgeting and forecasting process can be more efficient than ever. With a Dynamics GP integration, all data is seamlessly transferred and continuously in sync. This means that your business never has to worry about getting incorrect or out-of-date data—timely, accurate information is always at your fingertips.
Smart Budgeting also allows for easy re-forecasting, if needed. For organizations considering rolling forecasting, a smart system can make the transition a breeze. And it lets you create ‘what-if’ scenarios so your business can plan for the future.
A Smart Budgeting system can help with reporting too. Spreadsheets can take you only so far in creating dashboards with key performance indicators or tracking advanced analytics. And yet having all the information you need incorporated into easily understood and accessible reports can make a huge difference for decision makers.
As your business grows, it’s important to have the right systems in place that can expand with your needs. With more data than ever available, building your financial well-being around a Smart Budgeting system can position you well for the future.