3 Tips for Making the Budgeting Process Less Scary

Budgeting Can Be Stressful
One of the most dreaded activities of the year is looming for apartment managers and owners. The annual budgeting process can be fraught with errant spreadsheets, data overload, version control issues, and complicated approval processes—downright scary.

But, with a little planning and some helpful tools, you can take control of this yearly chore and make it as painless as possible. Here are some budgeting tips that can help.

Automate, Automate, Automate

Data is at the heart of a budget, but manual data entry into spreadsheets increases the risk of errors and makes timely reporting almost impossible.

An automated budgeting tool enables you to create, manage, distribute and centrally monitor budgets more efficiently and with fewer data entry errors.

Data importing from disparate sources is usually a headache as well. Automation reduces the time and effort needed by enabling quicker data import from other sources with just a click of a button.

Use a Standard Budgeting Template

With an automated budgeting tool, you can easily distribute a standard budgeting template to every staffer touching the budget and ensure that all budgeting data will conform to the same format. Standard templates make it easier to share information from the site to central accounting and enable staff to view budgeting information in real time. No more version control problems—everyone has access to the latest version of the budget.

Make the Workflow Work for You!

With automation, you can control the routing of the budget to the appropriate approvers. Due dates can be assigned to each step so that participants understand their responsibilities and deadlines. Efficient workflows save you valuable time and can cut the budgeting process from months to mere days. Who wouldn’t be in favor of that?

What are some of things your company is doing to make budgeting less of a dreaded ordeal?


Contributor, Property Management Insider

author photo two

Michael Cunningham is Content Marketing Manager at ProofHQ, and the former Managing Editor of PropertyManagementInsider.com. He worked as a social media manager for RealPage, Inc., a provider of on-demand software solutions that integrate and streamline single-family and a wide variety of multifamily rental property management business functions. He is responsible for promoting the company through various media channels, including editorial, print and online advertising, and social media. Michael received his education at Indiana University where he majored in English.

Follow PMI


Property Management Insider is brought to you by RealPage. Learn more.

 

© RealPage, Inc. All trademarks are the properties of their respective owners. 1-877-325-7243 | Terms & Conditions | Privacy Policy | DMCA Notice | Sitemap