What exactly is a GL budget? A budget is what the organization believes and agrees is achievable. There should be an action plan in place to achieve the budget. It is a target which the organization sets for itself and becomes management’s commitment to action. It’s also the tool that provides insight into the company’s financial performance, from both an organizational and project level. When we think of budgets, we typically think first of project budgets, but aren’t the project budgets made up of cost components that are collected ultimately in the GL? That answer is yes of course, even the indirect costs are allocated to projects! Since rate calculations are yearly, the GL budget is typically done on an annual basis. Download our White Paper and learn:
- Why is budgeting so hard and time consuming?
- The budgeting Ecosystem
- Total Project Accounting
- General Ledger Budgeting
- Why Strategic Budgeting Requires a Project Based ERP Solution