Budget Management Software
Strengthen your finance program with LogicManager’s comprehensive Budget Management solution package.
Why a Risk-Based Approach to Budget Management is important:
LogicManager’s Budget Management Solution
Here’s what you can expect with LogicManager’s Budget Management solution package:
- LogicManager provides a centralized solution where your organization can not only track budget management planning, but also collect metrics to understand how your organization is performing year over year.
- LogicManager’s Financials Taxonomy provides a customizable repository where your organization can track budget planning and expectations for all business units and project plans.
- Through custom workflows, your organization can ensure the proper teams are engaged to sign off on the budget for specific projects and that all associated data collected is accurate and up to date.
- Through our metric functionality, automatically engage project owners and gather up to date budgeting information. This process can be customized to ensure the data collected specifically reflects the data points relevant to your organization. Tolerances can also be included with each metric, making it easy to determine if a project is operating outside of a tolerable budget.
- Our reporting capabilities allow your organization to easily export this information and provide visuals to the board of directors, shareholders and employees to show how the organization is performing:
- Metrics Over Time: Shows the details of metric results over time.
- Metric Table Report: Provides the full details of metric results over time and is formatted to be easily exported into Excel for further manipulation.
- Financial Narrative Report: Example of a report that allows you to choose one project and present its relevant budgeting information in a narrative style
Achieve Success in Budget Management with LogicManager
Streamline your processes
LogicManager includes a variety of ways to automate your tasks, such as workflows, notification scheduling and AI suggestions.
Gain the advantage of GRC
While this package is a point solution, it lives within LogicManager’s fully integrated GRC platform. This means you’ll break down departmental silos and be able to draw key connections across your enterprise.
Maintain a centralized repository
Keep all of your processes and documents in one place. This makes it easier to engage with other employees at your organization and find important information quickly.
With LogicManager, your work is time stamped and performed on a foundation of risk management best practices. This helps you stay prepared for a surprise audit.
What is Budget Management?
Maintaining a strong budget management program helps your organization document finances and provides insight into how resources are allocated across different business units. By tracking all the relevant data points behind a budget, from its individual components to the time frame allotted, your organization can ensure a thorough management process is in place which will help prevent unexpected or unnecessary financial issues.
By tracking metrics associated with a specific business unit or project, your organization can determine if it is consistently staying within budget, or if there are any problematic trends.
Tracking budget projections against final spending enables your business to identify gaps in budget projections and become more effective with budget projections over time.
In addition to developing a mature budget management process and tracking individual project spending, budget management will allow your organization to aggregate financials from individual project plans and business units. This leads to a strong understanding of the organization’s financial standing as a whole, how it has performed against projections year over year, and if the budgeting process is ultimately setting the organization up for long term success. A strong budget management program will also increase the effectiveness of long term business strategy and company performance.
Failure to accurately develop a budget puts everything in your entire business at risk. Poor budget management will ultimately prevent projects from being completed, deter growth and strain company resources. These in turn will directly impact organizational performance and financial standing. Unexpected expenses and failure to achieve objectives can lead to a negative reputation, from either business partners or clients, which can then have financial consequences down the line.