6 Reasons to Implement Powerful SaaS Budgeting Software
SaaS budgeting software helps public sector organizations improve the budgeting process by...
The Government Finance Officers Association (GFOA)’s new criteria for government budgeting was created keeping in mind the ongoing digital transformation. Since most of the budget communications are now taking place outside of the budget document and shifting towards digital platforms, it is imperative that governments adapt sooner than later.
This change in budgeting processes will not only provide a seamless experience when it comes to public sector budgeting but also help improve accuracy in the long run. Additionally, digitizing the budgeting process will allow governments to ensure utmost transparency and accuracy.
We will break these criteria down in detail, with particular focus on the mandatory components of each:
For this blog, we’ll focus on compiling your operations guide. Your operations guide must include these four components:
This criterion requires that a legible organization chart be presented for the overall agency. Organization charts for individual units are not required.
Pro Tip – Questica Budget Book’s GFOA-award compliant layout includes organizational charts that you can use to inform your ultimate organization chart.
Here, it’s required to present position counts or full-time equivalents (FTEs) within your agency. The presentation may be by position and/or by summaries of positions.
Pro Tip – Questica Budget’s Personnel Planning and Budgeting module can automatically prepare these position summary schedules and reports. You can allocate positions either by FTE, percentage, and/or number of hours.
This criterion requires a clear presentation of your agency’s organizational/departmental programs. A narrative description of the assigned services, functions, programs, and activities of organizational units should be included.
Pro Tip – Questica Budget provides configurable input fields for unlimited text to be able to capture departmental and program descriptions and hierarchies. These are automatically integrated with Questica’s OpenBook digital portal, which allows for easy communication with constituents.
Performance measures should include the outputs of individual departments or programs and provide a meaningful way to assess their effectiveness and efficiency.
Pro Tip – Did you know that Questica Budget’s Performance system allows you to track an unlimited number of budget and non-budget performance indicators (KPI’s) to measure success?
Want to learn more? Download our free playbook “4 Ways the Pandemic Has Force Governments to Rethink Budgeting.”