Key Components to Budget Creation and Support
A successful budget is carefully crafted and implemented by a thorough nonprofit budget team, then cautiously monitored and continuously updated throughout the year to reflect inevitable changes affecting the nonprofit. By enabling well-informed, responsive management, a good budget makes for an efficient, effective, and successful nonprofit.
But the team of stakeholders who build, synthesize, and monitor the budget throughout the year must have the tools to support the ongoing process. Technology that supports the ability for your teams to build, track, and adjust the plan as conditions change is critically important for a nonprofit organization where you must adapt to the unexpected.
Learn how to improve the budget process with tools including:
- Creating and consolidating customized budgets
- Creating budget tolerance alerts
- Set your system to prevent posting, or warn if over budget
- Budget controls – confirm impact of accounts payable transactions during input