Automate the Tedious Stuff

Your employees’ time is better spent on the responsibilities that require a human touch, not tedious, time consuming tasks that can be easily be automated by technology. Better budgeting software that automate workflows enables your financial operations, not hinder it. In this blog post we discuss the example of automating budgeting workflows.

Automating assignments essentially translates into a software feature known as “workflows.”  When implemented in the right way, workflows unite the work of separate users or departments into one overarching process. As we will see below, workflows can save time in the budgeting process, specifically when it comes to common ones such as month-end close reports.

Assignments & Approvals

Assignment workflows form the basis of an organized planning process.  Assignments associate an input template with specific dimensionality to users in the organization.  For example, an assignment could associate a revenue budget template to one or more users based on a department.  Importantly, the status of the assignment should be trackable with finance software based on templates and users.

This way, an admin user can dispatch individual assignments to various users and see the progress on an “as-need” basis.  A feature that allows admin users to assign deadlines would provide additional organization.

“Approvals,” another feature, extends the assignment concept into a linear approval path.  For example, once a user completes his or her assignment, in this case submitting the assigned budget form, the department manager receives a notification to review and approve the submission.  Given the complexities of organizations, automated workflows should still allow for further clarification.

In this case, the ability to add comments, which can foster discussion when need. Discussion also drives participation, as well as an understanding of corporate goals and objectives.  A better budgeting software platform puts your organization in the best position to collaborate while ensuring transparency and accuracy in creating the budget.

Workflow Examples

We can see the obvious benefits of organizing multiple users’ assignments in one place for processes like consolidation budgeting.  Workflows can make other processes easier as well.  Any budgeting process, from annual budgets and forecasts based on departments to payroll, can benefit from the automated assignment and approval features described above.   Even getting more specific, there is no rule that says workflows can only be used in big, annual processes.  With the ability to assign multiple templates to users, one can create a workflow for personnel forms, travel budgets and other specific expenses.  Likewise, any high-level processes can use workflows to enable organization.  For example, one can specifically build a workflow with better budgeting software for corporate strategy and goals.

A budgeting and planning tool with workflow features should also allow for template selections that determine the parameters of the workflow, with options for preset templates and templates that users decide.  While applied mostly to budgeting and forecasting, workflows entail different operational members adding pieces of information into a centralized template.  The ability to view all approved, pending and rejected workflows at a glance can enable high-level decisions.

Workflow technologies provides finance executives a holistic view in their business process in real time, with historical data to help them project into the future. Armed with this kind of knowledge from better budgeting software, company finance leaders can create better informed strategies ad more effective tactics.

A Trusted, Proven Platform with an Innovative Module

Where can you get better budgeting software to help with your complex workflows?

Using Microsoft budgeting software, like Dynamics 365 for Finance and Operations in conjunction with specialized add on modules such as Solver’s BI 360, helps you get a handle on your workflow automation, benefiting you by saving time, minimizing mistakes and enabling complete visibility in your finance operations.

For a deep-dive into what BI 360 can do with D365 for Finance and Operations, register now for our February 26 webinar, How to Improve Your Budgeting and Reporting in 2019.