{"id":1430,"date":"2019-09-24T13:00:27","date_gmt":"2019-09-24T20:00:27","guid":{"rendered":"https:\/\/addison.lwh.dev\/insights\/treat-budget-strategic-asset\/"},"modified":"2019-09-24T13:00:27","modified_gmt":"2019-09-24T20:00:27","slug":"treat-budget-strategic-asset","status":"publish","type":"post","link":"https:\/\/addisongroup.com\/insights\/treat-budget-strategic-asset\/","title":{"rendered":"Treat Your Budget Like a Strategic Asset"},"content":{"rendered":"\n<p>For some companies, budgets are soley completed for the sake of keeping the Board happy and for departments to justify or gain funding. After compiling a budget, it is often set aside and not referred to until the following year.<\/p>\n\n\n\n<p>However, budgets are much more than spreadsheets, static numbers, and hopeful projections. For companies seeking to grow, budgets are a strategic  tool used to set short and long-term goals. To fulfill its potential, a budget must be easy to create, change, revise, approve, and update. It should also promote collaboration with all of the company\u2019s stakeholders.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">A Reliable Root of Insight<\/h4>\n\n\n\n<p>Using the general ledger, you can combine the\nbudget with the financial classifications needed, including the ongoing budget\nvs. the actuals and the transactional level.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Budgets are Valuable Tools<\/h4>\n\n\n\n<p>A properly utilized budget will:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Look through historical data<\/li><li>Gather input from the stakeholders<\/li><li>Theorize what will happen over the next 12 months<\/li><li>Calculate how those theories will affect the company\u2019s finances<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Budgets are Strategic<\/h4>\n\n\n\n<p>By regularly updating the budget and adjusting the numbers as they come in, it becomes a strategic tool for measuring the success of the company. Not only that, but it can help to avoid issues by indicating warning signs early enough that the company can pivot to a new direction and create a better strategic plan.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Another Form of Budgeting<\/h4>\n\n\n\n<p>Driver-based budgeting is when resources and\nactivities are tied together with the financials in the budgeting process. What\nthis means is that if a company is looking for a 20% increase in profits, the\ndriver-based budget will identify the actual resources needed to deliver that\nboost in sales.<\/p>\n\n\n\n<p>The big difference between driver-based budgeting and the traditional budget methods is that this budget method links to the actual physical resources needed to make the goals a reality.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Spreadsheets vs Intelligent Planning<strong><\/strong><\/h4>\n\n\n\n<p>Spreadsheets are an outdated form of budgeting. With the constant change of numbers and updates, any small change could through off the entire mathematical equation and result in a lot of wasted valuable time  troubleshooting the issues.<\/p>\n\n\n\n<p>Intelligent Planning platforms are much more efficient because they can handle these changes and make the necessary updates without disrupting everything. Saving you a lot of time, resources, and money. With it being activity-based, the flow of input through the financials are based on the logic and rules already established. <\/p>\n\n\n\n<p>You may also enjoy, <a href=\"https:\/\/dlcinc.com\/driving-ebitda-quickly-post-acquisition\/\">Driving EBITDA Quickly, Post Acquisition<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For some companies, budgets are soley completed for the sake of keeping the Board happy and for departments to justify<\/p>\n","protected":false},"author":9,"featured_media":1357,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[11],"tags":[],"post_function":[],"post_audience":[],"class_list":{"0":"post-1430","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-article"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Treat Your Budget Like a Strategic Asset - Addison Group<\/title>\n<meta name=\"description\" content=\"A budget is much more than spreadsheets, static numbers, and hopeful projections. 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