For most banks and credit unions the annual budgeting process is just that, a “process” that is far from looked forward to.
The CFO gathers data and input from market managers and department heads. The President and CEO then hand down more information as well as targets and objectives that rarely align with the other information. It's then the CFO's and finance team's job to cobble it all together, make it balance, and deliver results to the Board for approval.
As anyone who has been through it knows, the process itself is not cut and dry. To be honest, it can be downright exhausting.
Other factors bankers try to balance during budgeting season are regulatory compliance and audits all the while trying to drive the institution’s overall performance. How do you factor all that without intelligent technology?
The answer is, it's difficult. That's why Plansmith helps banks and credit unions focus on performance while ensuring compliance.
These are 5 ways Plansmith simplifies your budgeting process:
- Eliminate manual data errors
- Avoid broken formulas
- Create budgets at the summary or account levels
- Run "what-ifs" and multiple scenarios
- Automate monthly board reporting
Are you ready to simplify your budgeting process?