We all hear the phrase “in the Cloud” all of the time now, right? It says a lot about where we are in this digital age and the convenience it brings. In today’s dynamic and fast-paced environment, effective budgeting and financial planning are vital for organizations to stay competitive and thrive.
Budgeting used to be complicated and time-consuming, often limited by on-premises software, spreadsheets, or paper budgets. However, the rise of digital technology has made things a lot easier. Cloud-based budgeting now offers the opportunity to be more informed, stay up-to-date with data, collaborate with each other, and make better decisions!
Discover the 10 main benefits of Cloud-based budgeting and how it can revolutionize your approach to budgeting for churches, non-profits, schools, businesses, and more.
1. Collaboration
We’ve talked about The Case For Collaborative Budgeting before, but it’s as important now as ever. Bottom-up budgets allow those with “boots on the ground” to create more accurately determined assumptions due to their proximity to the “assumptions”. Cloud-based budgeting tools help several team members provide input based on their “on-the-ground” perspective.
Cloud-based budgeting software also enables multiple users to collaborate on the same budget simultaneously. This can be beneficial for team budgeting, where multiple users need to contribute and track expenses in real time. Giving several department heads access to the budgeting software can help them stay connected to the process and communicate with each other more clearly, which only enhances your team’s synergy.
2. Flexibility & Customization
Every organization is different and will have varying budgeting needs. For example, a small business will want a different process than a large church or non-profit. The great thing is: Cloud-based budgeting software can be highly customizable to meet specific needs! You’ll have the ability to configure a solution to align with your budgeting workflows, create custom budget templates, define user roles, create custom categories, set alerts, and tailor the software to match your unique requirements. This flexibility ensures that the software adapts to your processes rather than the other way around.
3. Cost Savings
Because budgeting is so important, and especially as your organization grows, you’ll likely need to pay for some sort of software. Cloud-based software eliminates the need for costly hardware infrastructure and maintenance. With Cloud-based budgeting, you don’t have to invest in expensive servers or worry about upgrades or repairs in person. Your organization will likely pay for the software as a service (SaaS), which comes with a predictable monthly or annual subscription fee that you expect. This makes things more convenient and cheaper for you, which is also great for your bottom line.
4. Real-Time Updates
When you present something to your board of directors or let a department head know how much they can spend on that major purchase, you need to know what your financials are looking like at that exact moment. Cloud-based budgeting software ensures that all users have access to the most up-to-date information! Changes made by one user are instantly reflected across the system, offering real-time insight. This ensures data accuracy and minimizes the risk of using outdated information for decision-making, which could be detrimental in some cases.
5. Integration
Communication is key amongst all of the software you use, especially if you need to manage several of them. The really great thing about Cloud-based budgeting software is that it often integrates seamlessly with other business systems and tools such as accounting software (like Sage Intacct or Intuit Quickbooks), project management platforms, payment systems, banks, and enterprise resource planning (ERP) systems! Easy integration streamlines data flows, eliminates manual data entry, and improves overall efficiency for your budgeting system. This makes your life so much easier – trust us.
6. Scalability
Every organization, whether it be a church, non-profit, school, or business, wants to see growth. As you grow, your budgeting process will need to adapt with you. Cloud-based budgeting software allows for easy scalability that makes sense for you and your scope! As your organization grows or your budgeting needs change, you can quickly and seamlessly scale up or down your software resources based on demand. You can easily add or remove users, allocate more computing power, and expand storage capacity without disruption. This is how these softwares are built; it shouldn’t be an inconvenience for you to grow.
7. Accessibility
Just like with a Google Drive or iCloud, it’s convenient to access all of your online property from any place you’d like. Most Cloud-based budgeting software also allows you to access your budget and financial data from anywhere, at any time, using any device with Internet access! This makes it convenient for remote work, travel, or on-the-go budgeting. Effective software systems also have the right cybersecurity measures in place to make sure it is safe to do so. This accessibility promotes efficiency, enhances collaboration, and eliminates the limitations of physical proximity in an office.
8. Automation
When working with paper ledgers or even Excel spreadsheets, nothing seems to be automatic, does it? While some may like to manually create actions, it can be a huge hindrance to your organization’s overall efficiency. Cloud-based budgeting software often includes automation features that can save you time and effort! For example, it can sort expenses, create recurring transactions, or generate reports, making budgeting easier and more precise for you.
9. Analytics & Reporting
In every industry, we need to see how we’re doing with our budgets so we can adjust as needed. Agile analytics and streamlined reports that are based on real-time data allow you to make more relevant decisions! Cloud-based budgeting software often provides robust analytics and reporting features that update on the fly. These features allow you to generate detailed financial reports, perform variance analysis, visualize data through graphs and charts, and gain valuable insights into your budgeting processes! These analytics can aid in identifying cost-saving opportunities, optimizing resource allocation, and making data-driven decisions that you need.
10. Customer Support & Updates
Sometimes you just need to get in touch with support for a question or advice on how to manage a tool. It can be really helpful if customer service can be contacted, and then they can see inside your system to help you with your unique question! Cloud-based software often comes with a complete customer support system, providing assistance and resolving issues in a timely manner. Cloud-based budgeting software also typically receives regular updates and improvements from the provider, ensuring that you are always using the latest version with bug fixes and new features so you don’t have to worry about managing that on your own.
All of that to say – doesn’t Cloud-based software sound like a great fit? It really does make budgeting easier. If you haven’t already made the switch, we have a Cloud-based budgeting software that might be right for you.
Martus Solutions is a Cloud-based budgeting software that allows you to create, execute, and analyze budgets with ease. This tool was designed simply enough for budget managers that might not be finance people, but is also robust enough for budgeting experts! Built for non-profits, churches, schools, small businesses, associations, and so much more, we have customers all over the world that budget better with Martus.
For more about Martus, learn about our budgeting tool here or contact us for a free demo today!