Budget Master Mission Statement
Budget Master promotes budget planning for a project, product or department, it supports financial discipline and provides relevant information.
About Budget Master (BM)
Budget Master is a tool intended for creating a budget for projects, products or departments that helps with planning your income and costs. It therefore facilitates making plans for the profitability of your projects, products and departments as such and then managing it, for instance by estimating and planning labour intensity.
Regular updates made in Budget Master help to manage your budget proactively (shaping reality so that it could realize your budget) and reactively (making necessary changes to adapt to unforeseen events so that they couldn’t jeopardise your budget’s implementation).
BM comes with two components which are Resources Allocation Calendar (RAC) and Profitability Spreadsheet (PS). The first one makes it easy to allocate efforts to meet the project’s, product’s or department’s needs. As a result allocations marked in RAC appear automatically as cost in PS. In addition, they can also be shown as planned income which
is especially important in professional services firms where efforts are the main factor responsible for both bringing income and bearing costs. This is how BM helps to use the company’s productive power in a smart way – by matching available resources with appropriate tasks.
To plan a budget in PS we use nine different types of transactions in total, and five of them concern productive power. While some of these transactions refer either to costs or income, some of them indicate both cost and income.
Using Budget Master (BM) means mainly two things:
- Creating a budget for projects, products or departments
- Keeping your budget up to date.
By the latter we mean managing your budget in one of two ways:
- You can decide to behave proactively and influence the course of events, so that your budget could be realized.
- You can choose reactive behaviour and wait for things to happen to respond to changes afterwards – again, by eliminating something, using something or perhaps lessen the impact
of something, so that your budget could be realized.
Budget Master (BM), which is a tool designed for effective planning, works closely with Efforts Meter (EM) , which is a tool that helps with registering work-time and workload management (decomposing task into stages). This is because it’s crucial for the business profitability to be able to match invoices with income and we’ve learnt that the easiest way to achieve this involves three steps:
- Planning income
- Planning an invoice and registering it (as a BM transaction, type 9 of 9, i.e. invoices for goods and services: planned, issued and paid ones)
- Matching the invoice with specific tasks that it covers.
Budget Master provides you with the possibility or even the necessity of having all your company’s efforts covered by received invoices. This is achieved through registering efforts in Efforts Meter while matching EM carrot works with BM tasks which results in always up to date time and currency pairs.
Once you have your budget planned and ready to be realized, let’s say it’s a budget for one of your projects, then you can distinguish specific tasks required for this project.
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