Recently we hosted our 6th annual Faith-Based Finance Collaborative. As part of the event, Martus Solutions, presented a session on what to avoid and how to make managing your church budget easier.
Does this sound like you? Every year you are asked to prepare a budget the the following year. Getting up to 45 ministry leaders to submit their budgets on-time is a trying and stressful process. However necessary for you to complete the overall budget.
Common Budgeting Challenges:
- Exhausting Excel errors with formulas, copying & pasting, bad data
- Questions via email that can be easily missed
- Not having the most up-to-date spreadsheets
Excel is double-edged sword, most people have a working knowledge of how to use it, so it seems "easy", however that knowledge might be lacking and it is prone to human error.
5 of the Biggest Excel Mistakes
- London Olympics Oversells Swimming Event by 10,000 Tickets
- Barclay’s Hides Cells Instead of Deleting Them
- Mouchels Pension Fund Fiasco
- TransAlta’s Clerical Error Terror
- JP Morgan Chase’s London Whale Incident
According to Float, "Basic Excel flaws and incorrect testing led to JP Morgan Chase losing more than $6 billion in their London Whale disaster. The banking and financial services holding company suffered due to having to use copy and paste for a new Value at Risk model, the process of which was strained due to increasing pressure from the trader to meet deadlines."
How many times have you made an Excel error? Even if you're a pro, it can happen to anyone!
Martus Makes Budgeting a Breeze
Martus makes it a breeze to create, analyze, and distribute budgets across multiple departments with ease. It's simple to use for department heads, but robust enough for you to get the detailed, strategic church budget that you need.
Take a look at Martus' presentation from the Faith-Based Finance Collaborative!
Martus is the leading provider of collaborative budgeting for faith-based organizations along with very flexible budget-to-actual reporting. Martus frees accounting personnel from time-consuming tasks so they can focus on more beneficial analysis. Robust functionality, rapid implementation, and affordable pricing further contribute to an easily attainable ROI. Martus is a long-time Sage Intacct Marketplace Partner.