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Subject: Information Technology Budgeting

Tutorial: What Every Manager Needs To Know About Budgeting

 

Five Facts Every Manager Should Know About Budgeting


Fact 1:  Budgeting Is A Process

Three common, and legitimate, observations about budgeting that many IT professionals share are:

  • The organization’s financial management doesn’t provide enough time to prepare budget requests; it’s always a last minute affair.
  • No one tells them what information senior management wants.
  • Even when projects are funded, getting approval to spend the money is time-consuming and frustrating.

Some IT organizations recognize that budgeting is a recurring process with predictable information demands; knowing this, they are able to relieve some of the difficulties by:

  • starting early (organization-wide processes start at about the same time each year)
  • establishing common IT budget request information standards and formats (the information that senior management wants to know is predictable; a standard format and contents tells IT managers and staff what they need to prepare)
  • recounting pertinent facts from the original budget justification when requesting authorization to make acquisitions or fill budgeted positions

Regardless of whether a particular budget process is "good" or "bad", knowing the basics can help IT management make the best of it.


What Every Manager Needs To Know About Budgeting, Lesson 9 of 14

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