Dear Syntellis!

How do you manage your budget given the uncertainty surrounding enrollment, state appropriations, and auxiliary revenue streams?

— Bamboozled by Budgets

 

Dear Bamboozled,

Flexibility and agility are critical to budget management, so if your budgeting and forecasting software isn’t flexible like a Cirque du Soleil star, the issue may be your software.

You need agility to deal with the monumental disruptions that occurred in 2020, the effects of which are expected to last for years as the nation recovers.

To effectively deal with the ongoing budget uncertainty in your college or university, you need a solution that:

  • Integrates seamlessly with HR, student, and general ledger systems to automate the process of collecting real-time data for budgets.
  • Provides data transparency and a single source of truth to make informed decisions.
  • Drives organizational efficiency with standardized request forms and automated workflows that expedite review and evaluation against an institution’s strategic plan.
  • Supports in-year forecasting to allow institutions to pivot when conditions change.

Since labor is your single largest expense, you must also have a firm grasp on your vacancies, merit increases, benefit rates, and target hires to understand how labor will impact future budgets.

Don’t continue to be bamboozled by higher education budgeting and forecasting. Axiom™ Budgeting & Forecasting can transform the planning and budget development process by bringing data together on a common platform to reduce time spent on manual efforts and leave more time for strategic analysis and decision-making. Axiom™ Labor Planning leverages HR data, driver assumptions about future rates, and budget input to help plan by position, employee, by job code, or job type.

 

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