- It is too difficult to ensure prudent and effective budget utilization.
- You cannot ensure operation within budget today.
- It has not been successful.
- It happens frequently that you run over budget or exceed appropriations.
- There are consequences of that occurring.
- You cannot track budget status and any changes to it.
- It is not an effective process.
- You cannot review historical encumbrance information with ease.
- You are not using any type of encumbrance management system.
- It is not working well.
- It does not integrate with your purchase order system.
- You cannot cross fiscal years in your reporting on encumbrances and other aspects of finance management.
- The organization can’t maintain balanced accounts with confidence.
- Errors occur in inter fund transactions often.
- It does take time and effort to remedy them.
- You must use one chart of accounts or several.
- Financial managers need to know all related accounts.
- Inter fund transactions are reflected in the general ledger.
- You must make sure the information is correct.
- You must be audited and passed successfully.
- Items for correction were not pointed out as a result of the audit.
- You must ensure compliance with FASB regulations.
- It is hard to make or recommend financial decisions.
- Information does not usually serve as the substantiation for financial decisions.
- It is not made available.
- You cannot research grant transaction detail.
- You cannot perform any inquiries regarding encumbrances.
- Your financial management system does not make it easy to review historical information.
- You cannot not report on committed purchases.
- Reports are not accurate.
- You cannot manage your payables control accounts.
- You cannot distribute accounts payable to multiple control accounts.
- Much manual intervention is needed in that process.
Budget Finance Spreadsheets to Software
Posted by AJ Amjad Khanmohamed
July 14, 2017
in Inability to Practice and Demonstrate Responsible Financial Management