At BlueNET, we know that most organizations have similar financial budgeting and planning challenges, such as;
• Exchanging budgeting and planning information has traditionally been done by emailing spreadsheets between process participants. While the flexibility of spreadsheets make modeling business logic parameters easy, sharing this logic and collaborating over plan iterations is difficult at best
• Consolidating input from all planning participants at different levels in order to develop a rolled up view of the plan is time consuming and results in a prolonged planning process. This means you can have only a minimal number of planning iterations to develop and agree upon a final plan
• The traditional manual method of cutting and pasting sections of the plan for different participants and emailing them out often produces many errors and omissions
• Understanding and analyzing changes between planning cycles and between planning periods is very difficult with typical spreadsheet reports
• Since financial planning and budgeting information is extremely sensitive, it’s important for companies to have reliable data throughout the planning process. Emailing spreadsheets around with no security, access control, or audit trail can potentially compromise and expose planning information
BlueNET understands these problem areas well and brings years of industry experience to overcome the challenges faced. Our solutions aim to provide a well-connected planning system which focuses on these main capabilities:
• Driver Base Budgeting: A driver base budget will enable you to budget according to the activities that drive your business. The traditional way of budgeting was to budget purely based on the financial targets that the business needs to achieve, unfortunately the execution required to meet these numbers was often not taken into account.
By changing the way budgeting is done from the traditional approach to Driver Based Budgeting, you can focus on the key business activities that drive the financial targets of the corporation.
• Ease of Use: A budgeting solution should ease the burden on resources during Budget time. Therefore we aim to implement solutions that are efficient and easy to use.
• Transparency: A well implemented budgeting solution should allow for a high level of information transparency. Both input and aggregated data should be available at any stage of the budget process.
• Commentary: During the budget process and budget reviews, the ability to understand the assumptions behind the numbers is essential. While the budget is being captured, commentary and supporting documentation can be added to explain assumptions. This discipline will reduce the time taken to review and understand your budget.
• Scenario Planning: Scenario Planning aids decision makers to make quick and informed decisions about the corporation’s budget and how key factors, such as the economic environment, may affect it. The use of Driver based budgeting is key to being able to perform a successful Scenario Plan.
By implementing these and other techniques of budgeting, BlueNET Technologies will aid your company in producing efficient and accurate budgets.