10 Ways to Know If Your Budgeting Process Flow Is Broken

Discerning professionals know that efficiency is the key to business success in 2024. According to Forbes media, efficient processes are vital at every stage of your operation, including budgeting. 

Is your budgeting process slow, exhausting and stressful? Do you wonder why you always find yourself scrambling at the last minute? If you’re answering yes to either of these questions, that’s an indication that your budget process flow is broken and  is likely undercutting the time and effort you put in.

If you’re unsure if your process is really broken, here are our 10 signs of inefficiency within your budgeting flow process:

1. Exclusive Reliance on Excel

Relying solely on Excel for budgeting limits the capacity for automation and collaboration, resulting in a slower and more error-prone process.

2. Lack of a Centralised Database

Without a centralised database, data entry is scattered and disorganised, leading to difficulties in data retrieval, reporting and analysis.

3. Frequently Broken Excel Links

Too many broken Excel links can lead to errors, and user frustration, making it challenging to maintain a reliable budgeting system.

4. Limited Security with Excel Files

Team members freely sharing and editing Excel files can compromise data security by risking unauthorised access and potential data manipulation.

5. Multiple Versions of Budget Forms

Managing multiple versions of budget entry forms introduces confusion, making it difficult to determine the most up-to-date and accurate information.

6. Missed Deadlines

Frequent missed deadlines indicates communication and coordination issues, hindering the timely progression of the budgeting process and disappointing stakeholders. 

7. Lack of Guidance on Goals and Strategies

A deficiency in providing guidance on goals and strategies leaves stakeholders without a clear direction, impacting the alignment of the budget with organisational objectives.

8. Inadequate Input for Supporting Documentation 

The absence of fields for entering support documentation and comments in the input process results in a lack of context, making it challenging to understand the rationale behind budgetary figures.

9. Communication Gaps

Poor communication between departments creates silos, inhibiting the collaborative effort required for a comprehensive and cohesive budget.

10. Suspected Gamesmanship or Sandbagging

A lack of transparency and collaboration may lead to suspicions of department leaders prioritising personal interests, eroding trust and hindering a collective approach to budgeting.

If three or more of these warning signs sound familiar, it’s time for you to fix your process. Cutting-edge Corporate Performance Management (CPM) solutions like Solver provide the  in-depth planning capabilities you need to eliminate these issues and ease your budgeting  process. Solver gets you on track in one day. Fix your budgeting process today, watch our demo video.

Looking for more information on optimising your budget flow process?

Download our 2 FREE Solver white papers on Budgeting Process and Monthly Reporting today for insights and best practice recommendations.