The budgeting process for any company can be a daunting process. But, like most things, hard work pays off, and establishing a detailed budget is a critical element to ensure a healthy and profitable company.
For Government Contractors, budgeting at the project level is generally the main focus. This is also a key attribute in the budgeting function within the Unanet accounting system. However, it is helpful to remember that budgeting at the company level for company-wide expenses is also available and equally as important.
Within the standard reports, income statements and balance sheets have a comparison column option so there is the ability to report on budget versus actual costs. The data integration with Unanet provides users with the ability to analyze and improve management and budgeting. GL budgets can be entered for both the balance sheet as well as the income statement accounts.
Company Budget Options
Another benefit of entering the company budget into Unanet is that you can run the indirect rate calculation based on budget for a time period to ensure that the cost pool setup is accurate, and the rates are calculating as designed. The rates can also be monitored on a monthly basis if fluctuation throughout the year is expected.
Multiple versions of a company budget can be entered into Unanet to provide for multiple scenarios. The budget is performed at the account level, but the company can decide how detailed the budget should be.
Creating GL budgets in Unanet is a quick and easy process that can be done within the User Interface or via import/export. Redstone GCI offers expertise to help you set up and utilize your Unanet platform effectively. Visit the Knowledge Center (kc.unanet.com) for more information or I’ll be happy to speak with you on this topic.