Due to the economic Challenges many institutions of higher education are facing now, and the requirement to do more with less, budgeting is obviously a very critical item on the agenda. Addressing the issues associated with the budget process and having people working together towards common objectives and results is a top priority. It is not uncommon for The staff and faculty at an institution of higher education to observe the budget process as a tool which has been force-fed from Finance. So as to enhance this procedure, an interface to the staff and faculty ought to be developed and used which walks through the funding process in such a way which will be easy and yet very powerful. What is useful is the flexibility to budget how they think about their areas of responsibility and allows them to budget on course with the strategic plan of the institution, such as full disclosure and documentation of how and why they want what they are asking for in their funding.
It is Not unusual for the Finance Department to be under staffed, or be lacking from the source capabilities to handle all the intricate mechanical details of the budget process, in addition to being able to easily provide analysis and decision support. The mere process of organizing budget templates, distributing them to the school and staff, collecting these spreadsheets, confirming their accuracy, aggregating and consolidating numbers and preparing for the budget review sessions is a manual and cumbersome procedure for the fund staff. Rather, the budgeting system in-place should relieve most of these time-consuming mechanisms, and allow for the fund staff to concentrate their time and focus on value-added decision analysis and support.
Budgeting for Special Initiatives and Projects
Because the budget bashir Dawood Process involves identifying spending for particular projects or initiatives that may cut across different accounts or even sections, it can get very tricky to track correctly for these items in the budget process, and it presents the chances for human error; particularly when a budget for a project is not accepted and someone, presumable somebody in Finance, must correctly strip or eliminate all the spending out of each the affected accounts in the budget process, then reconsolidate the results.
Having a budget system That can easily create budgets for particular projects and initiatives, thereby facilitating an initiative-oriented budget review process would be a perfect process to get in place. This sort of system should allow for faculty and staff to submit these initiatives and have the budget automatically determine the influence on the accounts structure. Without this sort of budget system, if an initiative is not approved, someone must return to each of the related accounts and try to recall how much that consideration was imputed to that initiative which was cancelled. This may cause inaccuracies and it will lack an audit course.