Every finance professional knows the importance of budgeting. A company can thrive or dive based on its ability to handle resources wisely. Recently, I’ve heard the term “forecasting” a lot. At first glance, one might dismiss it simply as a synonym for budgeting, but in reality the two represent very different ways of approaching your company’s financial welfare. Let’s take a closer look.Budgeting is a detailed, comprehensive look at how management envisions the business will perform in terms of results, financial positioning and cash flows for a specific period of time. Budgets are typically updated once a year, though managers might take remedial steps along the way to bring actual results back on track with the projected … [Read more...] about Budgeting Vs. Forecasting For Better Business
Is Data Warehouse the Best Tool for Nonprofits?
When you have decisions to make but an overabundance of data, how can you make the best decision? This is where data warehousing can be helpful particularly for nonprofit organizations that pull data from multiple data sources. This article explains how a data warehouse can improve management and analyses of your information from Microsoft Dynamics GP, Dynamics SL or Dynamics NAV. What Is a Data Warehouse? A data warehouse (DW) is a multi-dimensional database or a virtual storage unit that houses diverse transactional and operational data sets. Think of it this way: if you could add a third dimension to an Excel spreadsheet, you could organize all of your transactional and operational information. Management of DWs involves a technical … [Read more...] about Is Data Warehouse the Best Tool for Nonprofits?
