Budgeting made easy

Budget season

If you hate budgeting as much as we did you’ll understand why we have developed a tool that makes your budget creation so simple you’ll 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
We recognised the importance of creating, for not-for-profit organisations, budgets for individual funds and this is provided for in the budget creation. Not only can you elect to budget for an individual fund but an 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.

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