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Financial budgeting used to be a once a year activity with spreadsheets sent to department heads for review and updates. The rest of the year was reporting on actual results compared to budget. That’s not good enough in today’s business environment. Your budgeting system needs to be agile to keep the business on track.
Keeping the business on track
The financial goals you set for your organization should be aligned with specific business objectives and current market conditions. As the business climate changes, managers can respond more successfully by adjusting forecasts and budgets to control finances, contain costs and prevent fiscal surprises.
To keep budgets responsive to the needs of the organization, they should:
Monitor and drive performance
Financial planning, budgeting and reporting applications that work with your enterprise resource planning (ERP) solution will help you measure business results and maintain the levels of performance you need to succeed. Give your managers the ability to respond wisely to change with flexible budgeting.
Let’s talk about how you can keep your business on track. Contact us today for ERP solutions that fit your business and your people.
Published on 23rd August 2012 by Jeanne DeWitt.