Budgeting Managers

Budgeting in alignment with strategy is critical to ensure that financial resources are effectively allocated to support the organization's goals and objectives.

Key steps to help achieve this alignment include:

Define the organization's strategic priorities: Before creating a budget, it's essential to understand the organization's strategic priorities. This includes defining the key goals and objectives that the organization wants to achieve over the budget period, such as increasing revenue, expanding into new markets, or investing in new technology. fruiStrategy helps to perform budgeting process in alignment with strategy seamlessly.

Develop a detailed budget plan: Once the strategic priorities have been defined, the organization should develop a detailed budget plan that aligns with these priorities. This involves identifying the key revenue and expense drivers for the organization, and allocating financial resources accordingly. The budget plan should be broken down by department or business unit, with specific targets for revenue and expenses.

fruiStrategy helps you to prepare operational budgets by general ledgers by cost centers/profit centers along with support schedules and driver-based models. The projected financial statements can be made as part of budgeting process.

fruiStrategy helps budgeting managers to perform capital expenditure budget (CAPEX) properly and come up with the cash flow statements. The capex projects can be linked to strategy reporting mechanism and the progress and performance can be managed in an integrated way.

Align budget targets with strategic priorities: When setting budget targets, it's essential to align them with the organization's strategic priorities. For example, if the organization's goal is to expand into new markets, then resources should be allocated to support this initiative, such as investing in sales and marketing activities or hiring additional staff.

Monitor progress and adjust as needed: Once the budget plan is in place, it's important to monitor progress regularly and make adjustments as needed. This involves tracking actual results against budget targets, identifying areas where the organization is falling short, and making changes to the budget plan to address any issues.

Communicate budget goals and progress: Finally, it's important to communicate budget goals and progress to all stakeholders within the organization. This includes providing regular updates on budget performance, highlighting areas where the organization is making progress, and identifying areas where additional support may be needed to achieve the organization's strategic goals