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Best Practices

How to manage 2023 budget chaos and better leverage your organization

March 6, 2023
2.5
min
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Has your business decided to hold off on any new spending in 2023? Are you in the process of cutting planned budgets while in a constant state of re-evaluation with your leadership team? You aren’t alone. With current economic uncertainty, many businesses are following suit.

But this approach comes at a big cost to your business: growth.

The time lost and churn created by collecting, analyzing, and disseminating financial information across your organization can quickly become a coagulant, slowing your teams down from activities that grow revenue and changing the focus from customer needs to internal needs. This creates a downward spiral of behavior that inhibits successful cultures and growth momentum for years.

Why is managing a changing company budget such a challenge this year? We’ve heard the following:

  • Financial teams are understaffed as centralized teams are asked to do more with less.
  • Financial data is hard, if not impossible, to access on-demand as questions are raised and strategic decisions are needed.
  • Once downloaded from an ERP or HRIS, structuring the data takes time, requiring additional resources to manipulate it in more useful ways that extracts insights or trends.
  • Non-financial leaders are not equipped with budgets specific to their roles. Internal leaders are delaying decisions until questions are answered or making them based on old, inaccurate information.
  • Real-time data isn’t available, stifling opportunities for faster pivots to unlock capital for growth.

The good news is all of these issues can be solved with software at a fraction of the cost they used to. Technology has advanced greatly over the last 12 months, enabling easier integrations, simpler spreadsheet tools, and incredible security and control features.

Telemetry is one of the platforms purpose-built to help you more easily manage financials across your entire company. Spreadsheets cannot do it alone. Telemetry is the easiest way to create, track, and collaborate on financials.

How does Telemetry solve these problems?

  • Workload is significantly reduced through automation, which syncs your accounting data from QuickBooks, Xero, or NetSuite and headcount data from any of the top 30 HRIS systems on the market with Excel or Google Sheets.
  • Data is always available to those that need it and is securely permissioned and associated with plans that are tightly controlled by the administrators.
  • The data is automatically structured into your plan’s formats. Teams stay in the workflow they know and trust with our native spreadsheet integrations—no need to migrate your model to a new, unfamiliar cloud-based tool.
  • Every team is supported and empowered with personal financial targets by easily creating and updating department plans.
  • Data insights are available at all times through our web app.

As you consider where the new budget is spent to find savings and efficiencies, few are more important and impactful than an FP&A platform such as Telemetry.

So how do you responsibly manage a budget in constant evaluation? Successful companies do this by leveraging great leadership and teams. Telemetry is the connective tissue you need today to empower those teams to grow with the right information at their fingertips.

Start your free Telemetry trial for your organization today