Better Budget Management With This Template
Collect Data From Relevent Stakeholders
This table will allow you to consolidate and synthesize your Budget whether it concerns your department or your whole company. All you need to do is share the table and assign budget lines : persons in charge can then fill out the information simultaneously.
Share Data Securely
Keep a global view of all budget lines while you give access to specific lines to the person in charge or managers. At a glance, the owner of the table or the manager get an overview of their budget.
Monitor Your Budget Easily
Within the same table, manage and follow the progress of each budget line and decide to adjust if needed. Performances, external factors, opportunities : several reason can lead to budget reallocation. Make sure you keep track and have an accurate view with this template.
Is budgeting important ?
Monitoring and manage the overall budget of a company is a fundamental and necessary task reserved for managers. Therefore, steering your business requires great accuracy. Effort spent on this job is certainly not a waste of time, but instead, its impact will immediately benefit your company. You will avoid not only unnecessary expenses but above all, you will have all the tools within reach to make the best budget decisions. How can you ensure simple yet optimal budget management?
Visualize your Planned Expenses per Department
A company’s expenses involve all departments, without exception. Every department needs a budget specific to it, which for example, may include: purchasing software tools specific to the job, hiring external service providers to boost the team’s work or to make use of an occasional expert.
The departments of finance, communication, IT, logistics, purchasing, legal, sales, and even human resources are all concerned.
In order to facilitate data transparency and management, managers may provide a collaborative tool that is shared between each department head. That way, they’ll be able to indicate expenses planned and incurred in real time within their scope. They will become responsible for the budges of planned expenses, and at a glance, every department head and manager can get an accurate overview of the budget consumed per entity.
For example, the table can list the following elements:
- Name of the person responsible for the expense
- Relevant department
- Expense description
- Expense date
- Relevant amount
- Relevant documents to be attached, etc.
Advantages of closely managing a budget
Your overall budget planning will mostly depend on knowing your past expenses. In order to develop relevant analyses, it is important to have certain significant data available. As a result, creating a report of expenses incurred over a year (equivalent to a business year) is recommended that is at least updated every month.
These easy-to-use tables have several functions: centralizing elements and receipt files, coordinating actions between several employees, effectively and simultaneously sharing information, simplifying budget monitoring, and updating data. Once this budget management system is put into place, company managers can easily control the activity, anticipate certain errors in allocating budgets, and then readjust them. That way, the management committee can adopt strategic orientation with full knowledge of the cause and in order to increase the performance of your company year after year.
Managing a budget in a company is, therefore, a decisive step to ensure your business’s financial help, ensuring ongoing growth. For this reason, it would be wise to use efficient, collaborative, and easy-to-use tools the enable this kind of budget monitoring. RowShare can help you in managing your budget. Find out more today!
Be organized and work better with Rowshare
Help your team get organized, delegate tasks, and automate data processes without losing sight of the big picture.
Most used models for Finance
How record Prepaid Expense on Balance Sheet ?
How do you gather your receipts for prepaid expenses in real-time in the most efficient way? Try RowShare
Optimize Supplier Contracts Management Easily
How can you ensure an optimal contract lifecycle management ? RowShare will help you to manage easily your suppliers contracts.
Track Key Financial Indicators Of Your Business Units With This Template
Consolidate financial indicators to measure the financial health of your company with our collaborative tool. Use our ready-to-use template.
What do our users think?
Rowshare makes it easy for teams to collaborate to get the same information in a simple and seamless way. It also provides easy access to stored data! At Rowshare, customer service is also quick and responsive, despite being in New York and Rowshare in France. Read the notice
Overall, this is the best online collaborative spreadsheet software to date. It is easy to use and has all the important features. Read the notice
The tool is very user-friendly and can be customized according to the needs which are the most desirable features. Thus, we can perform our daily tasks more easily and efficiently and save valuable time. I also appreciated the customer support they offer. Read the notice