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7 Signs Your Budget Process isn't Accountable

05 Mar 2015 - Mickey Farrance

The budgeting process is a substantial exercise imposed every year on every organization. And it is too often a nightmare for everyone involved. Are these issues keeping you up at night?

1. Your budget is spent before it ever gets approved.

Do you think it will ever get approved?

Your budget planning process stalled again, and everyone downstream is waiting for their budgets to be validated. The complexity of the entire process leaves you frustrated. What if the decision-making process included a way to ensure timely validation?

 

2. You spend your days answering questions...

…from everyone in your organization with a budget to prepare.

If all they have is an Excel spreadsheet, with no visibility on the year’s objectives or even on exactly what management expects from them, they can’t provide you with the data you need.

Provide budget preparation requests with the appropriate instruction — to help managers get the information they need from their teams, so you get what you need from them.

 

3. Management keeps asking “where are we in the budget process?

and you’re not really sure.

Without a means of directly monitoring budget development, you know you’re late – but you don’t have good information about which department needs help, or even how much work remains to be done. You’re not in control of the process. Drive your budget planning process effectively by automatically following the progress of each department based on milestones.

 

See more in the 7 signs document