XU Magazine - Issue 04

Budgeting across multiple departments

Written by Brandon Smith

Many business owners want to budget, but hate it, don’t know how to do it effectively, or find it a frustrating process yielding little value. This article shows you how to change that.

Budgets do take a lot of work, but they are attainable. Well implemented budgets become powerful tools for provoking strategic discussions, effectively delegating responsibility, predicting future cashflows, funding new business projects, and motivating staff to meet and exceed sales targets.

Start with a well designed financial system. Understand the budgeting method that works best for the different areas of your business. Choose your the budgeting tools, and reach out to the Xero Partner Network for help when you need it. 2016 doesn’t have to be another year with an unmet New Year’s resolution to get your company’s financial house in order.

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About the author

Brandon Smith

Brandon founded Insight Business Advising to guide socially and environmentally responsible organizations toward greater efficiency, effectiveness and success in their missions. Previously, Brandon served as the Chief Operating Officer of the International Living Future Institute, an organization focused on global sustainable development. He spends his time between Mexico, Sweden, Asia, and the US, and loves experiencing the diversity of cultures and landscapes this planet has to offer.