Choosing Software For Better Budget Planning

Budget administration does not have to be a complex process for your nonprofit organization

. The right online accounting software can simplify and streamline budget planning and administration. This can be especially helpful for nonprofits that want to integrate budgeting with donor management software and other specific systems. The following features are important to consider when looking for a budget planning software package.

A centralized administration defining global settings allows departments to submit concise, transparent and flexible budgets (or sub plans) that can be reviewed by multiple people for approvals. Sub plans distribute budgeting tasks to different department and/or program managers, restricting access to only their funds, dimensions and G/L accounts. With the right online accounting software, calculations and assumptions can be assigned to multiple sub plans, ensuring consistent calculations and what if scenarios across departments from development to programs and improving accuracy. Spread methods also can be applied to any line so that the system automatically takes the amount entered or calculated and spreads it across the budget periods accordingly. Multiple currency codes give you the choice of what currencies to use within budgets, and how the currencies are converted.

Streamlined budget preparation is important, especially if you are creating your budget outside of your financial software system. Look for an automated budget preparation tool that can be fully integrated with your accounting system and other management systems, so you can pull existing data from your G/L, keep accounts and dimensions in synch and leverage your existing user setup and securities. Feature-rich online accounting software lets users create new versions of existing budgets, budget by quantity and units of measure and amounts rather than just totals, so transactions are more spelled-out and transparent.

Online accounting tools make budget monitoring and modifications easier for tasks such as:

Posting adjustments using the same process as the original posting.

Viewing the original budget and any modifications with details.

Tracking and viewing multiple budgets simultaneously so you can easily see how your budget, projects or grants are tracking.

Automating processes for reviewing, tracking revisions, and final approvals enabling a more proactive budget management process.

by: Linda Nicholson

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