Budget season comes round all to often for charity and commercial organisations alike.
If you have any experience of budgeting you will understand why we have developed a tool that makes your budget creation so simple that you will look forward to it.
Here's how it's done.
Select what accounts to budget for
- Some may require to budget, for example, for income as a whole whilst others may budget by individual account. Whatever your requirement it is easily set.
Define data you want to use as the basis for your budget
- Businesses/organisations with historical data often use historical data as their reference and Liberty provides 3 different options:
- Historic Actual - actual values for each month selected;
- Historic Average - an average value over the historic period;
- Historic Last Month - for growing businesses/organisations simply use the figure from the last month to work from.
For those with no historic data, or a new budget line, you also have the option of an input value.
Use rules to control your monthly budget amounts
- Now that you have your base figures what do you want to do with them? Again simple options:
- £/% changes - vary the base figures by a pound or percent change;
- £/% compound changes - vary the base figures by a compound pound or percent change;
- Seasonality - apply one of two seasonal weighting to your bases figures.
Quickly apply standard rules to all accounts
- For many your parameters are the same for every budget line e.g. last years figure plus a percentage change of 5%.
- In 4 clicks you can define this for all budget accounts and simply edit individual ones as necessary e.g. you want to change income to go up by 7%.
Sit back and let Liberty build your budget
- With your parameters set simply specify the budgeting period and the historic period on which, is using historic data, base figures will be calculated.
- Your budget is prepared for you and can be edited if required.
You can budget by fund
- Budgeting for individual funds is important for charities and churches. We recognised the importance of this and
- provide for the creation of budgets both by individual fund and by activity as well.
Or by branch for commercial businesses
- For businesses using Branch/Activity analysis (cost centres) the same ability applies.
Register for a free trial of Liberty Accounts and explore our budgeting feature to see how much time you will save.