A budget is a plan prepared for the flow of funds in an organisation. It contains financial guidelines for the future plan of action for a selected period of time. A budget helps to refine goals and use funds efficiently. It provides accurate information for evaluation of financial activities, aids in decision making and provides a reference for future planning.
Budget management is an effective tool for organisations to better manage their expenses and costs. It is traditionally the domain of financial managers and controllers, but certainly as important for procurement management.
By using Budgets, you can monitor your company’s revenue and expenditure against your budgets and this can help you use your funds effectively.
Business organisations determine how much financial scope is available for expenditure based on budgets making it an indirect factor for quality. And thereby making an accurate estimate of costs to be allocated by budget holders organisations are able to control expenditures and not be faced with any surprises.
Multiple budgets can be created for specific purposes in Tally.ERP 9. Budgets for Banks, Head offices, Departmental budgets like Marketing Budgets, Finance Budgets, and so on, can also be created. The Budgeted figures in Tally.ERP 9 can be compared with Actual figures and variance report can be generated.
Multiple budget contributors working with multiplying versions of the same static spreadsheet take much time to coordinate, compile, and consolidate. From the time spent validating numbers to the lost hours spent tracking individual budget contributors down
There are a ton of moving parts within an entire company before, during, and after the budgeting process. Each stage requires input from budget creators, contributors, and approvers, but many companies do not have a tool that helps them collaborate. They end up budgeting in silos, with no alignment with other departments or toward the end goal.
Another problem that many budget owners face during the multi-layered budgeting process is dealing with deadlines and unpredicted changes. In what should be a simple fix, any modification or adjustment to a budget results in a complicated back and forth tango of redoing numbers, responding to questions, and re-sending spreadsheets.
When creating a budgeting document to be used by all managers in a company, it is vital that the form or spreadsheet they are required to fill in be standardized and easy to understand. The trouble is uncontrolled spreadsheets don’t allow for the structure and labelling you need for all your different budget contributors. As a result, many people get lost in the details and struggle with providing accurate responses.
When working with 30 to 100 Excel files (each with many versions), most companies end up relying on manual data entry and processes to piece it all together. With no easy way to drill down to the numbers, manual processes are infamous for resulting in human error, inconsistencies, and lack of control.
Monitoring and adjusting your budget throughout the year is a highly efficient business practice that leads to higher returns and improved productivity. Unfortunately, it is not used by many companies due to technology restrictions and the manual labour required to merge actuals and budgets.
Between all the time and resources that the six budgeting problems above consume, the total cost of many annual budgeting programs can add up. In addition to the labour costs of inefficient processes, many companies do not experience the value that effective budgeting and fiscal planning should bring to the table.
Perceived value is one of the biggest areas of concern in the budgeting process across the board. Is the money you are spending on planning and budgeting actually worth it? Fiscal planning should help operating managers make informed decisions aligned with the company’s overall financial goals.
- Prepare budgets based only on the closing balances.
- Set Credit Limits and Credit Periods for a group of ledgers.
- Compare budgets created for different periods.
- Create budgets for Groups.
- Create a budget for Ledger Accounts.
- Create Budget for Cost Centre.
- View budget variances
- 9th Wonder Add-On for Tally Budget & Control
- Training for Tally Budget & Control
- Setup & Configure the Tally for Budget & Control
- On the way support while working with Tally Budget & Control
- Helps a company to keep a track of how much money it has, where its money is going and allocate those funds at any point in time.
- A proper budgeting system enables a business to keep a track of its expenditures and use its funds effectively.
- business owners can compare revenues and expenses with ease, and more importantly, make better future investments.
- Create multiple budgets as per their requirements and include these figures in a financial statement.
- Compare the actual and budgeted figures along with variance just from one screen.
- Reduce the resources required for fiscal planning by eliminating manual tasks and disparate
- Easily build, organize, and report on your budgets on a centralized platform for owners and contributors of the budgeting process
- Cut the budget timeline in half with scheduled, automated workflows that are easy to set up, fast to implement, and built to integrate, instantly
- Increase productivity with fast, accurate budget numbers that improve financial performance across departments