HOW TO SELECTA BUDGETING TOOLfor Microsoft Dynamics™

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►What to Look for in a Budgeting Solution

►Budgeting Tools Available to Microsoft Dynamics Customers

►A Quick Comparison of Budgeting Tools for Microsoft Dynamics

►Choose the Right Budgeting Tool for Financial Success

Jet Global Data Technologies | How to Select Budgeting Software for Dynamics | Pg. 2

Budgeting in Microsoft Dynamics

If you’re like any of the other hundreds of users we spoke with about budgeting in Microsoft Dynamics, you’ll agree with us that it’s not an easy process. Between the complexity of reconciling numbers to juggling dozens of uncontrolled spreadsheets, many customers compared their budgeting process with ‘running around like a chicken with its head cut-off.’

This overwhelming dissatisfaction towards budgeting in Microsoft Dynamics stems from a number of issues. The number of resources required, the time-consuming nature of consolidation, the inability to collaborate across departments, and the limited tools available are just a few examples.

While delays, inaccuracies, lack of control and overall effectiveness of a company’s budgeting processes clearly exist, there is hesitation about introducing a new budgeting solution to the mix. In general, there’s confusion about the time and costs required to implement a new solution, an uncertainty about what budgeting products integrate with Microsoft Dynamics, and an insecurity about how it will be adopted by the organization’s executive team, budget owners, and contributors.

In order to get the most value out of the time, resources, and money you invest in a budgeting solution, it’s important to identify what features you need and what tools are out there. In this white paper, we will be covering exactly what you need tofillthegapsinyourcurrentbudgetingprocessesandprovideacomparisonofsolutionsonthemarket.OurgoalistohelpyoubecomemoreefficientandreachyourfinancialgoalsfasterwithabetterbudgetingsolutionforMicrosoftDynamics!

What to Look for in a Budgeting Solution

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Budgeting Tools Available to Microsoft Dynamics Customers

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A Quick Comparison of Budgeting Tools for Microsoft Dynamics

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Choose the Right Budgeting Tool for Financial Success

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1. Control

Microsoft Excel is one of the most commonly used budgeting tools being used today by Dynamics customers – and it’s also the tool that provides the least amount of control. Whether you take a bottom-up or top-down approach to budgeting, there is always one person responsible for managing it, with multiple departmental contributors. When you’re passing around a document that needs to be updated by several people, version control is a must.

2. Accuracy

Miscalculations, underestimated cost assumptions, and general bad data inputs in an annual budget lead topoordecisionmakingandimpactyourabilitytostaycompliantwithfinancialregulations.Mostproblemswithaccuracystemfromlackofcontrolsinplacethroughoutthebudgetingworkflow,solookforatoolthathelpsmanagethatworkflowbetterwhilegivingyoutheflexibilitytoadjustyourbudgetasneeded.

3. Usability

As with any software solution, a budgeting tool is only as good as the people who use it. To produce accurate, effective budgets, you need an easy to use solution that is familiar to both controllers, departmental managers, and executives alike. Features including Excel integration and an intuitive web portal will give you better visibility into your budget and help you make more informed decisions based on actual-to-plan performance.

4. Collaboration

Creating a budget is a highly collaborative process across an entire organization. People need to interact withoneanotheraboutlastyear’sprojectionsandexpectationsforthefiscalyear–butmanybudgetingtoolsdon’tmakecommunicationapriority.Insteadofcrossingyourfingersandhopingthenumbersyouentered are right, look for a budgeting solution that enables transparency with the ability to comment and tracks user conversations.

5. Integration with Microsoft Dynamics

ThereasonwhyyouneedabudgetingsolutioninthefirstplaceisthatMicrosoftDynamics’sout-of-the-box tools aren’t doing the job. If you want to transform your budgeting processes completely, the ability to seamlessly integrate with your Dynamics ERP solution is paramount. This will open up the doors to faster data consolidation, more accurate reporting and better actual-to-plan tracking.

What to Look for in a Budgeting SolutionAccurate budgeting is essential to guide profitable decision-making and support financial goals in long-term fiscalplanning. While it is designed to keep your company on track and pinpoint areas of improvement, the reality is, the budgeting process is not a straightforward task. Instead, there are tons of people involved and moving components requiredinordertogettoafinal,approvedversionofabudget.Withtheamountoftimeandresourcesrequired,itisoften met with questionable value.

We set up a series of interviews with Microsoft Dynamics customers and partners and discovered that many of the gapsintheirownbudgetingprocessesfellunderbudgetsetup,inflexibleformstructures,forecasting,personnel,anddata consolidation. These areas have led to pushed deadlines, disparate spreadsheets without version control, complex manual processes, and misleading assumptions.

After reviewing thefindings,wewereable toclearly identify5core features thatwillhelpeliminate thesebudgetingproblems. When starting your software solution search, remember that an effective budgeting tool should have the following elements:

Now that you have a clearer understanding of what features will really help turn your budgeting process around, the next section will cover what budgeting tools are currently available to Microsoft Dynamics customers.

Start making improvements to your budgeting process now!Budgeting for Better Business Outcomes

DOWNLOADWHITE PAPER

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Built-In Budgeting Tools

Similar to its reporting capabilities, the out-of-the-box tools for budgeting in Microsoft Dynamics ERP solutions have a few gaps. Dynamics GP, NAV, and 365 Business Central offer an out-of-the-box budgeting tool that integrates with Excel called the “Budget Wizard for Excel.” With this tool, users can copy budgets, create templates, and export to and from Excel.Thedownsideisthatthetoolitselfisnottheeasiesttouseandthereareflexibilitylimitationsthateatuptimeandresources. For example, you are limited by the number of dimensions you can use, as well as how you customize forms.

The budget wizard also doesn’t support collaboration and commenting, which is one of the biggest concerns we heard from the customers we surveyed. They say that their current budgeting processes are too siloed to be fully effective.

WhilebudgetingmanagementfunctionalityexistswithintheconfinesofDynamics,it’snotnecessarilyreadilyaccessibleunless you have years of hard-earned experience. The upside is that the Budget Wizard does integrate with Excel, which is the most commonly used budgeting tool being used today.

The Verdict: Built-in budgeting tools are affordable but limited to Microsoft’s formatting and structure.

The Verdict: Freeandeasytousebutcreatesefficiencyandaccuracyissuesandoffersnoreportingoptions.

Uncontrolled Excel Spreadsheets

As a result of the out-of-the-box limitations, most Dynamics customers choose to create their budgets with free-form Excel-based budgeting. Excel-based budgeting is a readily accessible and completely free option for every company. It’s a familiar tool and generally does the job when you have a few moving parts to manage as a small business. However, withanyamountofbusinessgrowth,Excelspreadsheetsarenotsustainable,and thegrowingpileof inefficiencies,confusion over versions, and general frustration will add up. This uncontrolled approach is called “Excel Mania” – and you’re probably very familiar with it! Ultimately, the lack of control and organization that comes with managing multiple standalone spreadsheets, tracking people down, and manually consolidating data becomes highly time-consuming and unproductive.

Budgeting Tools Available to Microsoft Dynamics Customers

OneofthebiggestchallengesofchoosingabudgetingtoolthatintegrateswithyourMicrosoftDynamicssystemisfindingonethatfitsyourneeds–and,well,yourbudget.Therearefreesolutionsavailablethatdon’thaveallthefunctionalityyouneedtocreateaccurate,efficientbudgets,andthenthereareexpensivebudgetingsolutionsthatarecomplexandhard to roll out. We are going to evaluate four budgeting solutions on the market today that you can evaluate for yourself: built-in budgeting in Microsoft Dynamics, Excel-based budgeting, CPM budgeting solutions, and of course, our very own Jet Budgets.

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Jet BudgetsOnce you have outgrown Excel-based budgeting, there aren’t a whole lot of options from which to choose. That’s why wecreatedourownbudgetingproduct,specificallydesignedtointegratewithExcelandmeettheneedsofourMicrosoftDynamics users. With an understanding of what our customers wanted and what was missing in the marketplace, the Jet Global™ team created an easy-to-use, web-based budgeting solution that enables productivity, collaboration, accuracy, and transparency.

Intuitive and quick to set up, Jet Budgets offers you a similar experience to what you are used to with Excel-based budgeting – but with the controls and communication you need to streamline, simplify, and create highly useful budgets and reporting with Microsoft Dynamics.

Expensive Corporate Performance Management (CPM) Solutions

When they’ve had enough of dealing with uncontrolled spreadsheets, many Dynamics customers start to consider what enterprise-levelbudgetingsolutionsareonthemarket.Thesesolutionsarespecificallydesignedforbudgeting-andyoucan tell that by the price. Enterprise budgeting solutions are typically a component of a larger CPM suite and include a robust set of budgeting and forecasting functionality.

According to our research, the major reasons why companies are hesitant to invest in this targeted budgeting software is because of the training and implementation time. Compared to Excel-based budgeting, this software implementation is a huge undertaking that many organizations don’t see the value in. While they want a better solution than Excel, they don’t necessarily need all the functionality that these solutions include.

The Verdict: Extensive budgeting features but costly and time-consuming to implement.

The Verdict: Affordable,user-friendlyandflexiblebudgetingsolutionforsmallandmidsizedbusiness.

A Quick Comparison of Budgeting Tools for Microsoft Dynamics:

Built-in Budgeting Tools

Uncontrolled Spreadsheets

Corporate Budgeting Tools Jet Budgets

Control Y N Y Y

Accuracy N Y Y Y

Usability N Y N Y

Collaboration N N Y Y

Integration with Dynamics Y N N Y

Limitations: Complexity Lack of Control Cost

Choose the Right Budgeting Tool for Financial SuccessThe impact of poor budgeting practices and haphazard Excel spreadsheets can have a destructive effect on a business’s performance, productivity, and bottom line. As a Microsoft Dynamics customer, you now have plenty of options to choose from,withahugerangeofcosts,implementationtime,andfeatures.Wehopethisguidehelpsyouonyourpathoffindingabudgetingtoolthatistherightfitforyourbusiness,budgetcontributors,andbudgetingmethodology.

Ultimately, we want you to help you use your Dynamics data to make better decisions and drive productivity. As the only all-in-one solution for budgeting and reporting in the Dynamics marketplace, Jet Budgets is the next step up from Excel-based budgeting and will be a fast and easy transition for any growing company looking for more control, visibility, andflexibilityintotheirbudgetingworkflow.Ifyou’dliketoseehowJetBudgetsworks,scheduleademowithoneofourteam members below!

DiscoverhowJetBudgetsgivesyouthecontrol,communication,andflexibilityyouneedtosignificantlystreamlineyourbudgetingprocess-reducingthetimeandresourcesittakes to deliver a valuable, accurate budget.

START BUILDING BUDGETS IN A FRACTION OF THE TIME!

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About Jet GlobalThrough flexible reporting, fast analytics, and controlledbudgeting solutions that leverageExcel andPowerBI, JetGlobal empowers Microsoft Dynamics users to become instantly successful and productive in an environment that is both user-friendly, familiar, and secure. Jet solutions focus on delivering complete data access from Microsoft Dynamics so you can make decisions at the speed of business, without the need for bottlenecked technical resources or data expertise.

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