5 Ways to Use GovMax for More Efficient Budgeting
- Nov, 28, 2022
Deadlines and budgeting in a crunch is very common for government budgeting teams, and the bigger your agency, the more your leadership’s input adds to this complexity and the more department-level budget input you have to manage. Especially during the crunch of budgeting season, you can’t afford to delay your budgeting with the backlog of decisions you have to navigate.
The last thing you need to be dealing with is spreadsheet budgeting or complicated ERP systems. Spreadsheets are bulky, less functional, and can be a headache when it comes to handling multi-scenario budgets, not to mention projections for capital projects or running forecasts. Similarly, since ERP systems are not just for budgeting, it can get complicated with having to use it since it wasn’t designed just for the Budget Manager in mind.
On the other hand, GovMax is a cloud-based budgeting tool specifically built just for government budgeting. GovMax customers use it to plan their budgets every step of the way and get more efficiency out of the budget process.
GovMax is built in with many modules and functionalities, but there are five key benefits that we believe the busy Budget Manager can get by switching to GovMax.
5 features you get with GovMax
Capital Management
The Capital Budgeting module centralizes multiple features that are required to build, manage, and oversee your budget needs and provide in-depth visual insights into effective capital planning. It’s complete with data visualization and several automation features that allows you to review capital costs, budget forecasting, multi-scenario analysis, projections, and compares them throughout your various departments. You also get seamless management of your entire capital budgets for particular improvement projects to ultimately keep a close eye on capital expenditures and stay on schedule and within budget.
Strategic Planning
Budgeting and effective capital planning goes hand in hand and your agency’s financial health is a key driver of being able to fulfill long range goals and confidently present a more transparent budget to your public. Within GovMax is a Strategic Planning tool that allows you to make data-driven decisions and to develop strategic annual capital plans that ultimately keep goals transparent and showcases how goals are met with advanced planning by the team.
GovMax works in a secured central environment that provides individual user-based access to control visibility and editing permissions. The discrete access management can easily be adjusted at various levels to close or open budgeting editing throughout the year and allow functional requests from different departments, leadership, and staff members. This replaces the traditional manual request management and enables smart tracking with an audit trail of the edits in your budget data. Spreadsheets can’t do this.
GFOA-compliant Budget Documents
GovMax was built to be GFOA-compliant and makes it easy to produce GFOA-compliant interactive Budget Documents and reports for analysis and sharing purposes. Additionally, you can easily present a more transparent government by presenting your public Budget Documents to the public directly from GovMax to your website.
Budget Forecasts
GovMax is a comprehensive Budgeting-as-a-Service solution that helps you create multi-scenario, multi-year budget forecasts to help you plan ahead for any large projects, department restructuring, potential crisis, or other needs specific to your agency and your services. It also helps create accurate data to project, revise, and continuously revise your budget at any desired timeframe. The budget forecasting module further helps teams with the automatic population of data and creates advanced visual elements for interpretation by the staff and leadership.
For finance and budgeting teams that are always in a time crunch or still using spreadsheet budgeting, GovMax is an ideal fit, because it literally improves efficiency and reduces stress induced by manual and outdated management techniques and tools for budgeting and capital planning.
To see how GovMax can meet your agency’s specific needs, email demo@govmax.org and schedule a demo.
