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The Budget Approval workflow guides the process of drafting, reviewing and formally approving project budgets. It ensures they are adequately resourced to meet their objectives and provides detailed descriptions of deliverables, associated costs, and sources of funding. Budget Approval helps ensure that all projects are delivered on time and that stakeholders have a clear and detailed understanding of expenditure.
pmo365‘s Budget Approval streamlines budgeting with a centralised process for creation, tracking, and adjustment. It eliminates the need for copying and pasting data from different spreadsheets and software and automates adjustments along the project lifecycle. Funding requests are sent directly to key stakeholders for review and real-time updates and data analysis create visibility, consistency, and accountability in decision making.
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Budget Approval connects with all your other pmo365 apps and tools (including Project Centre, Asset Centre and Contract Centre) to streamline project governance in an integrated system. We configure all your ERPs (including financials) and virtually any third-party PPM application to the same platform so you can manage all your project expenditure in one place.
Integrations of real time data ensure that all your information is instantly available across the organisation and powerful reporting capabilities provide insights via Microsoft’s Business Intelligence tool, Power BI.
Financial data is kept securely on your own Microsoft 365 cloud and you have access to best-practice tools for budget estimations, procurements, contract management, approvals, and expenditure.
With pmo365, financial management of all your projects is integrated and multi-functional. You gain:
pmo365 is not a single project governance tool or productivity tool, but a library of Apps, Flows, Reports and Connectors tailored to the requirements of your project managers and PMO. You select the most useful features, and we develop the components according to how you want to use them. Configuration customises PPM apps and tools, and project data is safely stored on your Microsoft cloud for instantaneous access across the organisation.
pmo365‘s comprehensive, fully connected platform keeps all your project management tools and information in one place and all stakeholders reliably informed of project performance.
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pmo365‘s Budget Approval flow enables project managers to manage their financials and obtain approvals on a single integrated platform. You save time and ensure accountability with:
Budget approval is the process of reviewing and granting authorisation for project budgets by evaluating proposed expenditure and resource allocation. It also ensures that project objectives are valuable to the organisation and achievable within capacity constraints. The approval process typically involves obtaining consent from various key stakeholders and managers. These conduct a step-by-step revision of plans for project delivery and consult with other managers and historical data to assess its viability.
Without a coordinated and consistent budget analysis process, less worthwhile projects could be getting preferred by your organisation for all the wrong reasons. Every organisation needs a robust and systematic approach to budgeting projects that takes account of all the factors involved. In this way your organisation is less likely to be wasting time and resources on projects that fail to deliver value. A rigorous budget approval process prepares project managers for success, and thorough discussion around risks, costs, and expected value lessens the potential for unexpected surprises. It also helps with planning other aspects of project delivery like tasks assignment and procurements. On top of that, careful budgeting lets project portfolios be prioritised and optimised for maximum return.
A budget approval flow ensures there are controls over expenditure and that budgets align with realistic projections of cost. It also assists with:
Resource Allocation: by evaluating and approving the allocation of funds to specific projects to help ensure that resources are allocated optimally, avoiding overspending or underfunding of projects.
Cost Management: by identifying potential cost overruns, assessing the financial impact of proposed changes, and making informed decisions to keep projects within budget.
Stakeholder Engagement: by involving key stakeholders in the decision-making process to foster greater input, transparency, and engagement. Greater engagement builds trust and accountability among stakeholders and increases commitment to project success.
Risk Mitigation: by letting stakeholders evaluate the financial risks associated with projects, identify potential financial constraints, and implement mitigation strategies to address these risks.
Compliance and Governance: by ensuring compliance with financial regulations, organisational policy, and governance frameworks. A workflow provides an auditable trail of approvals, demonstrating adherence to financial controls and standards.
pmo365 is a fully modular system. Each App, Flow, Report or Connector easily plugs into place to build the exact real-time project portfolio management system you require. And, because it’s modular and highly customisable, the ability of pmo365 to evolve and change with your needs as you grow is built into the system – not as an afterthought. We provide tailored solutions to assess and manage project information with the latest, best-practice business case analysis tool, instantaneous data updates, and integrations of all the project management apps and tools you currently use. pmo365 ensures up-to-the-minute performance and powerful strategic insights, now and into the future.
The Project Management Office on your Microsoft 365 Cloud
pmo365‘s Solution Library offers a complete and comprehensive range of project portfolio management software. You can choose the solution that best serves your current needs and continue to explore new enhancements over time. Our subscription service means you pay only one monthly fee with absolutely no development costs or building of code from scratch.
We deploy pmo365 using Microsoft’s secure and adaptable Power Platform, so you have virtually unlimited access to new Microsoft and non-Microsoft PPM tools for life. Furthermore, once you take out a pmo365 subscription, you own the solution and all the data kept on your Microsoft 365 cloud forever – even after your subscription expires. And we’ll continue to help you to manage your service however and whenever you need it.
No cookie-cutter demos here! A pmo365 representative will schedule a virtual meeting with you and customize your demo based on your business’s unique challenges, needs, and project interests.
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