Budgeting for IT

Guest 0.10 Dollars($)

Hi all

I was making a budget for my company and it took more than 4 months to complete our IT budget this year and took other several months to knew what was approved.

What I want to know is how we can make things faster and how long should it be???

Thanks

jerry · Posted: Thu Sep 07, 2006 11:27 pm Post subject: RE:Budgeting for IT

Hi,

Ideally corporate budgeting should not take more than one month.

Generally corporate budgeting is done on annual basis. But if you ask me, this depends from one company to another. You need see what is best for your company. If you think that it is taking lot of time in preparing annual budget then instead of that try to go for quarterly budgets. This will not only help in saving some time but will also help in achieving your companies goals in a better way.

Thanks,
Jerry

Guest 0.10 Dollars($)

You can also use some corporate budgeting softwares. This will help to save lot of your precious time.

thanks,

Jim

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I think my point was misunderstood......I am talking about big IT budgets not the normal ones...

jerry · Posted: Fri Sep 08, 2006 12:22 am Post subject: RE:

Yeah I am sorry, I think the points I have mentioned in the above post is for a normal budget.

But dont worry. I will get back with the answer to your question very soon.

Thanks,
Jerry

jerry · Posted: Fri Sep 08, 2006 1:40 am Post subject: RE:

Hey I am back with some information.

According to benchmark surveys report it takes about 3-4 months to complete an IT budget.

Here are some of the ways that will help you make your budgeting process speedier.

Try to be realistic – Always to try to submit projects that you think have a good chance of getting funded.
Try to be specific – Target your projects towards meeting your company’s business objective and customer needs. Propose projects that will help you company to achieve their strategic goals.

We often see that funding decision for a new project is not taken instantly. This can take lot of time. But decisions for new projects that meet company’s immediate needs are quicker.

Thanks,
Jerry

Guest 0.10 Dollars($)

Thanks for the reply.

Another question........ should technical people make decisions on an IT budget instead of financial budget people?

jerry · Posted: Mon Sep 25, 2006 8:26 pm Post subject: RE:

Hi,

Good to see you back.

It depends, because decisions on how to spend on an IT project are very rarely based purely on the technical aspects. But with it technical evaluation of that project is a very important aspect of the decision making process.

For this I think both that technical team and the financial team have to sit together and decide.

Jerry

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