Improve Your Budgeting and Forecasting

 

Home / Blog / Budgeting and Forecasting

 

Improve Your Budgeting and Forecasting

 

Author: Mark Bogos , CEO

Published: 24th May 2022

 

Budgeting is one of those unavoidable tasks that most of us would prefer not to do, especially when budgeting and/or forecasting for a corporation of multiple moving parts. 

Any healthy sized company can likely agree that Excel spreadsheets are just not intuitive, dynamic, or powerful enough to handle modern business demands. If this is the case, it might be the right time for you to begin the search for a budgeting solution to simplify and enhance planning processes.  These modern tools expedite budgeting and forecasting by including collaboration, a natural prerequisite in planning for the future.  Living within your company’s means is important to maintaining a competitive edge especially for companies within the mining and mining services industry.

 

Making room for something new.

The Budgeting and forecasting process tends to involve multiple players bringing current research and historical actuals to the table for a new, informed strategy.  Most financial professionals have used Excel, and despite being trusted, it can be logistically tedious when more than one moving part is working together, when it comes to collaboration, consolidation of spreadsheets, and security.  Because most of us already have Excel, investing in another product might seem expensive.  However third party budgeting solutions are becoming more popular through increasingly improving the Mining and Mining Services budgeting and planning processes.

Easy-to-use, collaborative, and flexible budgeting platforms have increased the popularity of budgeting and forecasting software. One way has been through having an interface similar to Excel’s with employees being able to adopt the software easily through of the spreadsheet software.  Newer software also makes it possible to get away from linking separate, manually built spreadsheets with the most powerful solutions focusing on automation, dynamic accounting logic, and reusable templates for your ease of use.

Taking a specific budget process within a mining or mining services company that has been developed with Excel and transforming that into a system that allows that companies to continue to have the familiar feel of their budgeting process, whilst putting the rigger of a real system in place is something we have managed to do using the Solver CPM product.

 

We spoke to a CFO who mentioned she was hesitant to implement new budgeting software due to logistics and security hiccups.  However modern budgeting software like Solver offers built-in password protection and customizable e-mail distribution, meaning that supervisors can securely have ownership in the budgets that they have to manage, while avoiding long, attachment-heavy e-mail threads.

Taking that one step further, companies that have developed a full Life of Mine Plan (the approved long term plan for a mine site) generally review that plan once every few years. Feeding that plan, shorter term plans are developed that form part of the planning cycle, taking into account actual events and changes that have been identified. Physical quantities in the budget plan drive the budget costs via the appropriate cost models, these can then evolve in detail and accuracy over time. Budgeting solutions help deliver the drivers that feed each of these plans to ensure mining operations have few unexpected surprises as possible.

 

The long and the short.

If you add up the costs of energy, staffing, time, and financial facets of planning, investing in a budgeting solution can be very valuable for your company. 

What vital features and functionalities should you be evaluating when searching for budgeting software to upgrade your planning processes?  Think about these: Excel versus proprietary interfaces, budgeting functionalities, integrating live from other data sources such as Pronto Xi or PLODtrack, versus querying information from a BI data store, the flexibility of positioning within a complete suite of BI tools, and the dawn of web based budgeting.

 

If your company has outgrown its budgeting and forecasting software we can help you find a solution that is the best fit for your needs. Contact us through the form below and we can help you gain deeper insights with a dynamic budgeting solution.  

 

Discover more.

Consulting

Why Integrate your ERP Software?

Companies today are more diverse then ever, finding they to have multiple software solutions to add extra functionality to their system. Having an integrated solution allows all your systems to 'talk' to each other , with your ERP acting as your primary system.
Read More
Why Integrate your ERP Software?
Consulting

3 Benefits of Software Training

For some companies, the idea of training staff to use new or existing software is a no brainer, recognising the benefits to the company from the outset. Others are more hesitant, with questions such as if there will be any tangible benefit, what will the true ROI be and what’s stopping staff jumping ship to another company after.
Read More
3 Benefits of Software Training
Industry News

.Au Domain Names Have Arrived

From March 2022 a new domain name category has become available for Australian domain names, with the new, shorter .au name arriving.
Read More
.Au Domain Names Have Arrived
Consulting

Improve Your Budgeting and Forecasting

Budgeting is one of those unavoidable tasks that most of us would prefer not to do, investing in a budgeting solution can help improve your processes.
Read More
Improve Your Budgeting and Forecasting
Consulting

Improving Your Passwords Strength

A password is the first line of defence in protecting not only your own personal data, but also confidential company data. Check out our tips for creating a strong and memorable password.
Read More
Improving Your Passwords Strength
Consulting

What You Need to Know About STP Phase 2

Are you ready for the upcoming reporting changes for STP Phase 2? Learn what you need to do now to prepare and what to expect.
Read More
What You Need to Know About STP Phase 2
Consulting

Modern Enterprise Data Architecture – Data Lake or Data Warehouse?

For data to be transformed into understandable information it first needs to be stored somewhere accessible, most commonly in a Data Warehouse or Data Lake.
Read More
Modern Enterprise Data Architecture – Data Lake or Data Warehouse?
Consulting

Greater Visibility Across Mining Supply Chains Will Reduce Supplier Risk

With accurate inventory data, you can measure supplier performance and help reduce extended lead times across your mining supply chain.
Read More
Greater Visibility Across Mining Supply Chains Will Reduce Supplier Risk
Consulting

Is Your Tenement Management System Time Consuming?

Ensuring your multiple tenements activities are being recorded and reported on is vital, as failing to do so can affect your whole mining operation and lead to costly penalties.
Read More
Is Your Tenement Management System Time Consuming?
Consulting

Intelligent Inventory Management Solutions will Transform the Mining Industry

An inventory management solution will give mining companies data-driven insights to help increase profits by focusing on having the right stock to meet demand.
Read More
Intelligent Inventory Management Solutions will Transform the Mining Industry
Pronto Xi

How Your ERP System can Help Relieve Worker Shortages

With shortages of skilled workers across many industries, optimising your ERP system can reduce the stress caused by gaps in your workforce.
Read More
How Your ERP System can Help Relieve Worker Shortages
Consulting

Are You Making the Best Inventory Decisions for Your Business?

Managing your mining inventory is a complex and time-consuming task if you don't have the right tools and processes in place.
Read More
Are You Making the Best Inventory Decisions for Your Business?
Consulting

Software Fatigue – When Software Implementations Go Wrong

A new business system is meant to streamline business processes, however instead of providing greater efficiently sometimes they do the exact opposite.
Read More
Software Fatigue – When Software Implementations Go Wrong
Pronto Xi

Why Exploration Miners Need to Invest in an Industry Specific ERP Solution

Exploration miners need to invest in better technologies to more effectively report costs to their shareholders.
Read More
Why Exploration Miners Need to Invest in an Industry Specific ERP Solution
Consulting

Why Review Your ERP System Access Strategy

Companies enthusiastically adopt the latest technology to keep their data safe from 3rd parties, however many fail to notice their internal data threats.
Read More
Why Review Your ERP System Access Strategy
Consulting

Retaining and Maintaining Your CRM Software

Depending on the size of your business, and the number of customers you have, CRM software may be invaluable in helping you to maintain your customer relationships.
Read More
Retaining and Maintaining Your CRM Software
Pronto Xi

Why Upgrade Your Pronto Version?

Why invest in a Pronto upgrade? What tangible benefit is there in going onto the latest available version? To answer these questions, we’ve noted down a few key considerations.
Read More
Why Upgrade Your Pronto Version?
Consulting

ERP vs Best-in-Breed

Since the introduction of cloud based app style software, the intense debate on a single integrated ERP solution versus best-in-breed software has been re-ignited.
Read More
ERP vs Best-in-Breed
Industry News

Light at the End of the Decline…Metaphorically Speaking

Our Sales and Marketing Manager, Sonia Turner gives insight into her experience over the past 5 years working with Scope Systems.
Read More
Light at the End of the Decline…Metaphorically Speaking
Service Support

Questioning Your ERP

Business Intelligence solutions help drive your business towards greater operational improvements.
Read More
Questioning Your ERP
{"slides_column":1,"slides_scroll":1,"dots":"true","arrows":"true","autoplay":"true","autoplay_interval":2000,"speed":300,"lazyload":""}

Take the next step.

Get the help you need now. One of our experts will call you to discuss your needs and help start you on the path to greater control.

© Scope Systems Pty Ltd 2022
Business Management Software Solutions