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Imagine this scene: You're seated at your desk in the heart of city hall, surrounded by the echoes of administrative activity. The familiar hum of your computer fills the room as you diligently tap away on the keyboard, meticulously updating the city's budget and balance sheet in Excel. It's a task you've grown accustomed to, one that demands both time and attention to detail. Yet, amidst the endless entries of vendor payments and accounts receivables, you can't shake the feeling of being overwhelmed. As you strive to present your work to the council with clarity and precision, a persistent thought nags at you: There has to be a better way.
In the realm of small town budgeting and financial management, “technology has emerged as a transformative force, reshaping traditional processes, from streamlining operations to enhancing transparency.” Despite its evident advantages though, many remain hesitant to embrace the necessary technological advancements. As we delve deeper, we'll uncover how new technology, like integrated software systems, can reshape small town budgeting and financial management, and guide you through a transformative journey.
Managing the budget in a small town is already challenging, and it becomes even more so when manually updating spreadsheets across multiple software systems. With integrated software technology, many of these tasks can be streamlined and made more transparent (Francis, 2021). For example, gWorks cloud solution allows for multiple users to have views into financial reports which allows for better collaboration and efficiency across city hall. Moreover, systems like gWorks automate general ledger updates with payments, alleviating the need for manual data entry across multiple platforms and thereby reducing the likelihood of errors. By leveraging technological advancements, small towns can significantly enhance their budgeting processes, resulting in more efficient and accurate financial management.
Adopting modern financial software also allows for better financial forecasting and planning. Advanced analytics and predictive modeling tools enable finance departments to analyze historical data and predict future trends with greater accuracy. This capability is particularly useful for small towns facing ever-changing revenues and unexpected expenses. By utilizing these tools, municipalities can create more resilient budgets that account for various scenarios, helping them allocate resources more effectively and avoid potential shortfalls.
One of the biggest hurdles in adopting new technology is the fear of cost and the challenge of convincing other stakeholders of the need for investment. Many municipalities hesitate to make the initial investment without fully understanding how it can streamline their operations. As highlighted in an article from Forbes, “Many local governments have appreciable sums of untapped and undiscovered revenue hidden behind opaque internal processes, high operational costs, and misallocated labor costs. Technology can access this hidden revenue by providing more effective and faster revenue collection” (Colangelo, 2020). One advantageous tool in modern financial systems is real-time reporting, which allows local governments to monitor their finances closely and ensure they have the best information for fund allocation and budgeting decisions. As the article succinctly concludes, “Governments that make the most of their revenue streams can do the most for their constituents.” Despite potential costs, technology can unlock significant financial benefits, ultimately enhancing municipalities' ability to serve their communities effectively.
Now that you know the benefits, how can you get started? Financial change is not going to happen overnight. An article from the Finance Alliance worded the first step best: “...have a clear and concise vision. Think about what a successful adoption of finance transformation looks like for you (Kalish, 2022).” The article goes on to emphasize the importance of looking at your return on investment and to not focus so much on costs. For example, some systems may be a cheap tech option to help with a town’s accounting needs; however, the software may not be designed for fund accounting and may only offer limited reporting features which in the long run will still mean time in excel to create the correct reports. It’s important to stop and look at your processes and needs in order to determine what technology would work best to help your town with its financial efficiency.
It is also important to think about the needs of other departments when reviewing software. Although your department may be focused on finances, HR may also need a solution and it would be to your benefit to see if there was a technology, like gWorks, that had integrated solutions to prevent manual updates between departments. As Aimee Kaslick, the chief strategy officer for Denton, TX states, “The first mistake is not having that bigger picture of the organization and making decisions based on a single department’s needs (Smith, 2023).”
Training and support are also essential components in the successful implementation and adoption of new technology. With proper training, you can feel empowered and can use your new financial software to your full advantage. Finding a software that offers easy-to-use systems and training ensures that everyone, regardless of their tech proficiency, can utilize the new software. Additionally, support services can address any issues that arise in the moment and keep the system running smoothly. For example, the gWorks Cloud offers support for all products as well as online education, help articles, and webinars. It also offers an online, interactive onboarding and implementation process which has step-by-step instructions and resources to help get you ready to use the software. By investing in a software that includes support and training, small towns can maximize the benefits of technological advancements and maintain momentum in their financial management transformation.
In embracing technology solutions, finance professionals within local government will be able to reclaim more of their work days, enabling a shift in focus towards other critical tasks. The days of entering data into multiple forms will be a relic of the past, and will be replaced by seamlessly synchronized data streams that allow for real-time access to comprehensive reports and insights. With the help of technology, small towns can not only streamline their budgeting and financial management processes, but also foster greater efficiency, transparency, and ultimately better governance to their communities.
References
Colangelo, P. (2020, August 13). Council post: How technology can help with government revenue enhancement. Forbes. https://www.forbes.com/sites/forbestechcouncil/2020/08/14/how-technology-can-help-with-government-revenue-enhancement/?sh=12f810850e16
Francis, C. (2021, October 1). How local governments can use the budgeting process to increase transparency and trust. American City and County. https://www.americancityandcounty.com/2021/10/01/how-local-governments-can-use-the-budgeting-process-to-increase-transparency-and-trust/
Kalish, B. (2022, September 14). How technology improves planning, budgeting and forecasting. Finance Alliance. https://www.financealliance.io/how-technology-improves-planning-budgeting-forecasting/
Smith, C. (2023, August 4). Bringing local government budgeting up to the speed of change. Governing. https://www.governing.com/finance/bringing-local-government-budgeting-up-to-the-speed-of-change
Imagine this scene: You're seated at your desk in the heart of city hall, surrounded by the echoes of administrative activity. The familiar hum of your computer fills the room as you diligently tap away on the keyboard, meticulously updating the city's budget and balance sheet in Excel. It's a task you've grown accustomed to, one that demands both time and attention to detail. Yet, amidst the endless entries of vendor payments and accounts receivables, you can't shake the feeling of being overwhelmed. As you strive to present your work to the council with clarity and precision, a persistent thought nags at you: There has to be a better way.
In the realm of small town budgeting and financial management, “technology has emerged as a transformative force, reshaping traditional processes, from streamlining operations to enhancing transparency.” Despite its evident advantages though, many remain hesitant to embrace the necessary technological advancements. As we delve deeper, we'll uncover how new technology, like integrated software systems, can reshape small town budgeting and financial management, and guide you through a transformative journey.
Managing the budget in a small town is already challenging, and it becomes even more so when manually updating spreadsheets across multiple software systems. With integrated software technology, many of these tasks can be streamlined and made more transparent (Francis, 2021). For example, gWorks cloud solution allows for multiple users to have views into financial reports which allows for better collaboration and efficiency across city hall. Moreover, systems like gWorks automate general ledger updates with payments, alleviating the need for manual data entry across multiple platforms and thereby reducing the likelihood of errors. By leveraging technological advancements, small towns can significantly enhance their budgeting processes, resulting in more efficient and accurate financial management.
Adopting modern financial software also allows for better financial forecasting and planning. Advanced analytics and predictive modeling tools enable finance departments to analyze historical data and predict future trends with greater accuracy. This capability is particularly useful for small towns facing ever-changing revenues and unexpected expenses. By utilizing these tools, municipalities can create more resilient budgets that account for various scenarios, helping them allocate resources more effectively and avoid potential shortfalls.
One of the biggest hurdles in adopting new technology is the fear of cost and the challenge of convincing other stakeholders of the need for investment. Many municipalities hesitate to make the initial investment without fully understanding how it can streamline their operations. As highlighted in an article from Forbes, “Many local governments have appreciable sums of untapped and undiscovered revenue hidden behind opaque internal processes, high operational costs, and misallocated labor costs. Technology can access this hidden revenue by providing more effective and faster revenue collection” (Colangelo, 2020). One advantageous tool in modern financial systems is real-time reporting, which allows local governments to monitor their finances closely and ensure they have the best information for fund allocation and budgeting decisions. As the article succinctly concludes, “Governments that make the most of their revenue streams can do the most for their constituents.” Despite potential costs, technology can unlock significant financial benefits, ultimately enhancing municipalities' ability to serve their communities effectively.
Now that you know the benefits, how can you get started? Financial change is not going to happen overnight. An article from the Finance Alliance worded the first step best: “...have a clear and concise vision. Think about what a successful adoption of finance transformation looks like for you (Kalish, 2022).” The article goes on to emphasize the importance of looking at your return on investment and to not focus so much on costs. For example, some systems may be a cheap tech option to help with a town’s accounting needs; however, the software may not be designed for fund accounting and may only offer limited reporting features which in the long run will still mean time in excel to create the correct reports. It’s important to stop and look at your processes and needs in order to determine what technology would work best to help your town with its financial efficiency.
It is also important to think about the needs of other departments when reviewing software. Although your department may be focused on finances, HR may also need a solution and it would be to your benefit to see if there was a technology, like gWorks, that had integrated solutions to prevent manual updates between departments. As Aimee Kaslick, the chief strategy officer for Denton, TX states, “The first mistake is not having that bigger picture of the organization and making decisions based on a single department’s needs (Smith, 2023).”
Training and support are also essential components in the successful implementation and adoption of new technology. With proper training, you can feel empowered and can use your new financial software to your full advantage. Finding a software that offers easy-to-use systems and training ensures that everyone, regardless of their tech proficiency, can utilize the new software. Additionally, support services can address any issues that arise in the moment and keep the system running smoothly. For example, the gWorks Cloud offers support for all products as well as online education, help articles, and webinars. It also offers an online, interactive onboarding and implementation process which has step-by-step instructions and resources to help get you ready to use the software. By investing in a software that includes support and training, small towns can maximize the benefits of technological advancements and maintain momentum in their financial management transformation.
In embracing technology solutions, finance professionals within local government will be able to reclaim more of their work days, enabling a shift in focus towards other critical tasks. The days of entering data into multiple forms will be a relic of the past, and will be replaced by seamlessly synchronized data streams that allow for real-time access to comprehensive reports and insights. With the help of technology, small towns can not only streamline their budgeting and financial management processes, but also foster greater efficiency, transparency, and ultimately better governance to their communities.
References
Colangelo, P. (2020, August 13). Council post: How technology can help with government revenue enhancement. Forbes. https://www.forbes.com/sites/forbestechcouncil/2020/08/14/how-technology-can-help-with-government-revenue-enhancement/?sh=12f810850e16
Francis, C. (2021, October 1). How local governments can use the budgeting process to increase transparency and trust. American City and County. https://www.americancityandcounty.com/2021/10/01/how-local-governments-can-use-the-budgeting-process-to-increase-transparency-and-trust/
Kalish, B. (2022, September 14). How technology improves planning, budgeting and forecasting. Finance Alliance. https://www.financealliance.io/how-technology-improves-planning-budgeting-forecasting/
Smith, C. (2023, August 4). Bringing local government budgeting up to the speed of change. Governing. https://www.governing.com/finance/bringing-local-government-budgeting-up-to-the-speed-of-change
Highlights
View external link
Add to your calendar:
Imagine this scene: You're seated at your desk in the heart of city hall, surrounded by the echoes of administrative activity. The familiar hum of your computer fills the room as you diligently tap away on the keyboard, meticulously updating the city's budget and balance sheet in Excel. It's a task you've grown accustomed to, one that demands both time and attention to detail. Yet, amidst the endless entries of vendor payments and accounts receivables, you can't shake the feeling of being overwhelmed. As you strive to present your work to the council with clarity and precision, a persistent thought nags at you: There has to be a better way.
In the realm of small town budgeting and financial management, “technology has emerged as a transformative force, reshaping traditional processes, from streamlining operations to enhancing transparency.” Despite its evident advantages though, many remain hesitant to embrace the necessary technological advancements. As we delve deeper, we'll uncover how new technology, like integrated software systems, can reshape small town budgeting and financial management, and guide you through a transformative journey.
Managing the budget in a small town is already challenging, and it becomes even more so when manually updating spreadsheets across multiple software systems. With integrated software technology, many of these tasks can be streamlined and made more transparent (Francis, 2021). For example, gWorks cloud solution allows for multiple users to have views into financial reports which allows for better collaboration and efficiency across city hall. Moreover, systems like gWorks automate general ledger updates with payments, alleviating the need for manual data entry across multiple platforms and thereby reducing the likelihood of errors. By leveraging technological advancements, small towns can significantly enhance their budgeting processes, resulting in more efficient and accurate financial management.
Adopting modern financial software also allows for better financial forecasting and planning. Advanced analytics and predictive modeling tools enable finance departments to analyze historical data and predict future trends with greater accuracy. This capability is particularly useful for small towns facing ever-changing revenues and unexpected expenses. By utilizing these tools, municipalities can create more resilient budgets that account for various scenarios, helping them allocate resources more effectively and avoid potential shortfalls.
One of the biggest hurdles in adopting new technology is the fear of cost and the challenge of convincing other stakeholders of the need for investment. Many municipalities hesitate to make the initial investment without fully understanding how it can streamline their operations. As highlighted in an article from Forbes, “Many local governments have appreciable sums of untapped and undiscovered revenue hidden behind opaque internal processes, high operational costs, and misallocated labor costs. Technology can access this hidden revenue by providing more effective and faster revenue collection” (Colangelo, 2020). One advantageous tool in modern financial systems is real-time reporting, which allows local governments to monitor their finances closely and ensure they have the best information for fund allocation and budgeting decisions. As the article succinctly concludes, “Governments that make the most of their revenue streams can do the most for their constituents.” Despite potential costs, technology can unlock significant financial benefits, ultimately enhancing municipalities' ability to serve their communities effectively.
Now that you know the benefits, how can you get started? Financial change is not going to happen overnight. An article from the Finance Alliance worded the first step best: “...have a clear and concise vision. Think about what a successful adoption of finance transformation looks like for you (Kalish, 2022).” The article goes on to emphasize the importance of looking at your return on investment and to not focus so much on costs. For example, some systems may be a cheap tech option to help with a town’s accounting needs; however, the software may not be designed for fund accounting and may only offer limited reporting features which in the long run will still mean time in excel to create the correct reports. It’s important to stop and look at your processes and needs in order to determine what technology would work best to help your town with its financial efficiency.
It is also important to think about the needs of other departments when reviewing software. Although your department may be focused on finances, HR may also need a solution and it would be to your benefit to see if there was a technology, like gWorks, that had integrated solutions to prevent manual updates between departments. As Aimee Kaslick, the chief strategy officer for Denton, TX states, “The first mistake is not having that bigger picture of the organization and making decisions based on a single department’s needs (Smith, 2023).”
Training and support are also essential components in the successful implementation and adoption of new technology. With proper training, you can feel empowered and can use your new financial software to your full advantage. Finding a software that offers easy-to-use systems and training ensures that everyone, regardless of their tech proficiency, can utilize the new software. Additionally, support services can address any issues that arise in the moment and keep the system running smoothly. For example, the gWorks Cloud offers support for all products as well as online education, help articles, and webinars. It also offers an online, interactive onboarding and implementation process which has step-by-step instructions and resources to help get you ready to use the software. By investing in a software that includes support and training, small towns can maximize the benefits of technological advancements and maintain momentum in their financial management transformation.
In embracing technology solutions, finance professionals within local government will be able to reclaim more of their work days, enabling a shift in focus towards other critical tasks. The days of entering data into multiple forms will be a relic of the past, and will be replaced by seamlessly synchronized data streams that allow for real-time access to comprehensive reports and insights. With the help of technology, small towns can not only streamline their budgeting and financial management processes, but also foster greater efficiency, transparency, and ultimately better governance to their communities.
References
Colangelo, P. (2020, August 13). Council post: How technology can help with government revenue enhancement. Forbes. https://www.forbes.com/sites/forbestechcouncil/2020/08/14/how-technology-can-help-with-government-revenue-enhancement/?sh=12f810850e16
Francis, C. (2021, October 1). How local governments can use the budgeting process to increase transparency and trust. American City and County. https://www.americancityandcounty.com/2021/10/01/how-local-governments-can-use-the-budgeting-process-to-increase-transparency-and-trust/
Kalish, B. (2022, September 14). How technology improves planning, budgeting and forecasting. Finance Alliance. https://www.financealliance.io/how-technology-improves-planning-budgeting-forecasting/
Smith, C. (2023, August 4). Bringing local government budgeting up to the speed of change. Governing. https://www.governing.com/finance/bringing-local-government-budgeting-up-to-the-speed-of-change
Imagine this scene: You're seated at your desk in the heart of city hall, surrounded by the echoes of administrative activity. The familiar hum of your computer fills the room as you diligently tap away on the keyboard, meticulously updating the city's budget and balance sheet in Excel. It's a task you've grown accustomed to, one that demands both time and attention to detail. Yet, amidst the endless entries of vendor payments and accounts receivables, you can't shake the feeling of being overwhelmed. As you strive to present your work to the council with clarity and precision, a persistent thought nags at you: There has to be a better way.
In the realm of small town budgeting and financial management, “technology has emerged as a transformative force, reshaping traditional processes, from streamlining operations to enhancing transparency.” Despite its evident advantages though, many remain hesitant to embrace the necessary technological advancements. As we delve deeper, we'll uncover how new technology, like integrated software systems, can reshape small town budgeting and financial management, and guide you through a transformative journey.
Managing the budget in a small town is already challenging, and it becomes even more so when manually updating spreadsheets across multiple software systems. With integrated software technology, many of these tasks can be streamlined and made more transparent (Francis, 2021). For example, gWorks cloud solution allows for multiple users to have views into financial reports which allows for better collaboration and efficiency across city hall. Moreover, systems like gWorks automate general ledger updates with payments, alleviating the need for manual data entry across multiple platforms and thereby reducing the likelihood of errors. By leveraging technological advancements, small towns can significantly enhance their budgeting processes, resulting in more efficient and accurate financial management.
Adopting modern financial software also allows for better financial forecasting and planning. Advanced analytics and predictive modeling tools enable finance departments to analyze historical data and predict future trends with greater accuracy. This capability is particularly useful for small towns facing ever-changing revenues and unexpected expenses. By utilizing these tools, municipalities can create more resilient budgets that account for various scenarios, helping them allocate resources more effectively and avoid potential shortfalls.
One of the biggest hurdles in adopting new technology is the fear of cost and the challenge of convincing other stakeholders of the need for investment. Many municipalities hesitate to make the initial investment without fully understanding how it can streamline their operations. As highlighted in an article from Forbes, “Many local governments have appreciable sums of untapped and undiscovered revenue hidden behind opaque internal processes, high operational costs, and misallocated labor costs. Technology can access this hidden revenue by providing more effective and faster revenue collection” (Colangelo, 2020). One advantageous tool in modern financial systems is real-time reporting, which allows local governments to monitor their finances closely and ensure they have the best information for fund allocation and budgeting decisions. As the article succinctly concludes, “Governments that make the most of their revenue streams can do the most for their constituents.” Despite potential costs, technology can unlock significant financial benefits, ultimately enhancing municipalities' ability to serve their communities effectively.
Now that you know the benefits, how can you get started? Financial change is not going to happen overnight. An article from the Finance Alliance worded the first step best: “...have a clear and concise vision. Think about what a successful adoption of finance transformation looks like for you (Kalish, 2022).” The article goes on to emphasize the importance of looking at your return on investment and to not focus so much on costs. For example, some systems may be a cheap tech option to help with a town’s accounting needs; however, the software may not be designed for fund accounting and may only offer limited reporting features which in the long run will still mean time in excel to create the correct reports. It’s important to stop and look at your processes and needs in order to determine what technology would work best to help your town with its financial efficiency.
It is also important to think about the needs of other departments when reviewing software. Although your department may be focused on finances, HR may also need a solution and it would be to your benefit to see if there was a technology, like gWorks, that had integrated solutions to prevent manual updates between departments. As Aimee Kaslick, the chief strategy officer for Denton, TX states, “The first mistake is not having that bigger picture of the organization and making decisions based on a single department’s needs (Smith, 2023).”
Training and support are also essential components in the successful implementation and adoption of new technology. With proper training, you can feel empowered and can use your new financial software to your full advantage. Finding a software that offers easy-to-use systems and training ensures that everyone, regardless of their tech proficiency, can utilize the new software. Additionally, support services can address any issues that arise in the moment and keep the system running smoothly. For example, the gWorks Cloud offers support for all products as well as online education, help articles, and webinars. It also offers an online, interactive onboarding and implementation process which has step-by-step instructions and resources to help get you ready to use the software. By investing in a software that includes support and training, small towns can maximize the benefits of technological advancements and maintain momentum in their financial management transformation.
In embracing technology solutions, finance professionals within local government will be able to reclaim more of their work days, enabling a shift in focus towards other critical tasks. The days of entering data into multiple forms will be a relic of the past, and will be replaced by seamlessly synchronized data streams that allow for real-time access to comprehensive reports and insights. With the help of technology, small towns can not only streamline their budgeting and financial management processes, but also foster greater efficiency, transparency, and ultimately better governance to their communities.
References
Colangelo, P. (2020, August 13). Council post: How technology can help with government revenue enhancement. Forbes. https://www.forbes.com/sites/forbestechcouncil/2020/08/14/how-technology-can-help-with-government-revenue-enhancement/?sh=12f810850e16
Francis, C. (2021, October 1). How local governments can use the budgeting process to increase transparency and trust. American City and County. https://www.americancityandcounty.com/2021/10/01/how-local-governments-can-use-the-budgeting-process-to-increase-transparency-and-trust/
Kalish, B. (2022, September 14). How technology improves planning, budgeting and forecasting. Finance Alliance. https://www.financealliance.io/how-technology-improves-planning-budgeting-forecasting/
Smith, C. (2023, August 4). Bringing local government budgeting up to the speed of change. Governing. https://www.governing.com/finance/bringing-local-government-budgeting-up-to-the-speed-of-change
Highlights
View external link
Add to your calendar:
Imagine this scene: You're seated at your desk in the heart of city hall, surrounded by the echoes of administrative activity. The familiar hum of your computer fills the room as you diligently tap away on the keyboard, meticulously updating the city's budget and balance sheet in Excel. It's a task you've grown accustomed to, one that demands both time and attention to detail. Yet, amidst the endless entries of vendor payments and accounts receivables, you can't shake the feeling of being overwhelmed. As you strive to present your work to the council with clarity and precision, a persistent thought nags at you: There has to be a better way.
In the realm of small town budgeting and financial management, “technology has emerged as a transformative force, reshaping traditional processes, from streamlining operations to enhancing transparency.” Despite its evident advantages though, many remain hesitant to embrace the necessary technological advancements. As we delve deeper, we'll uncover how new technology, like integrated software systems, can reshape small town budgeting and financial management, and guide you through a transformative journey.
Managing the budget in a small town is already challenging, and it becomes even more so when manually updating spreadsheets across multiple software systems. With integrated software technology, many of these tasks can be streamlined and made more transparent (Francis, 2021). For example, gWorks cloud solution allows for multiple users to have views into financial reports which allows for better collaboration and efficiency across city hall. Moreover, systems like gWorks automate general ledger updates with payments, alleviating the need for manual data entry across multiple platforms and thereby reducing the likelihood of errors. By leveraging technological advancements, small towns can significantly enhance their budgeting processes, resulting in more efficient and accurate financial management.
Adopting modern financial software also allows for better financial forecasting and planning. Advanced analytics and predictive modeling tools enable finance departments to analyze historical data and predict future trends with greater accuracy. This capability is particularly useful for small towns facing ever-changing revenues and unexpected expenses. By utilizing these tools, municipalities can create more resilient budgets that account for various scenarios, helping them allocate resources more effectively and avoid potential shortfalls.
One of the biggest hurdles in adopting new technology is the fear of cost and the challenge of convincing other stakeholders of the need for investment. Many municipalities hesitate to make the initial investment without fully understanding how it can streamline their operations. As highlighted in an article from Forbes, “Many local governments have appreciable sums of untapped and undiscovered revenue hidden behind opaque internal processes, high operational costs, and misallocated labor costs. Technology can access this hidden revenue by providing more effective and faster revenue collection” (Colangelo, 2020). One advantageous tool in modern financial systems is real-time reporting, which allows local governments to monitor their finances closely and ensure they have the best information for fund allocation and budgeting decisions. As the article succinctly concludes, “Governments that make the most of their revenue streams can do the most for their constituents.” Despite potential costs, technology can unlock significant financial benefits, ultimately enhancing municipalities' ability to serve their communities effectively.
Now that you know the benefits, how can you get started? Financial change is not going to happen overnight. An article from the Finance Alliance worded the first step best: “...have a clear and concise vision. Think about what a successful adoption of finance transformation looks like for you (Kalish, 2022).” The article goes on to emphasize the importance of looking at your return on investment and to not focus so much on costs. For example, some systems may be a cheap tech option to help with a town’s accounting needs; however, the software may not be designed for fund accounting and may only offer limited reporting features which in the long run will still mean time in excel to create the correct reports. It’s important to stop and look at your processes and needs in order to determine what technology would work best to help your town with its financial efficiency.
It is also important to think about the needs of other departments when reviewing software. Although your department may be focused on finances, HR may also need a solution and it would be to your benefit to see if there was a technology, like gWorks, that had integrated solutions to prevent manual updates between departments. As Aimee Kaslick, the chief strategy officer for Denton, TX states, “The first mistake is not having that bigger picture of the organization and making decisions based on a single department’s needs (Smith, 2023).”
Training and support are also essential components in the successful implementation and adoption of new technology. With proper training, you can feel empowered and can use your new financial software to your full advantage. Finding a software that offers easy-to-use systems and training ensures that everyone, regardless of their tech proficiency, can utilize the new software. Additionally, support services can address any issues that arise in the moment and keep the system running smoothly. For example, the gWorks Cloud offers support for all products as well as online education, help articles, and webinars. It also offers an online, interactive onboarding and implementation process which has step-by-step instructions and resources to help get you ready to use the software. By investing in a software that includes support and training, small towns can maximize the benefits of technological advancements and maintain momentum in their financial management transformation.
In embracing technology solutions, finance professionals within local government will be able to reclaim more of their work days, enabling a shift in focus towards other critical tasks. The days of entering data into multiple forms will be a relic of the past, and will be replaced by seamlessly synchronized data streams that allow for real-time access to comprehensive reports and insights. With the help of technology, small towns can not only streamline their budgeting and financial management processes, but also foster greater efficiency, transparency, and ultimately better governance to their communities.
References
Colangelo, P. (2020, August 13). Council post: How technology can help with government revenue enhancement. Forbes. https://www.forbes.com/sites/forbestechcouncil/2020/08/14/how-technology-can-help-with-government-revenue-enhancement/?sh=12f810850e16
Francis, C. (2021, October 1). How local governments can use the budgeting process to increase transparency and trust. American City and County. https://www.americancityandcounty.com/2021/10/01/how-local-governments-can-use-the-budgeting-process-to-increase-transparency-and-trust/
Kalish, B. (2022, September 14). How technology improves planning, budgeting and forecasting. Finance Alliance. https://www.financealliance.io/how-technology-improves-planning-budgeting-forecasting/
Smith, C. (2023, August 4). Bringing local government budgeting up to the speed of change. Governing. https://www.governing.com/finance/bringing-local-government-budgeting-up-to-the-speed-of-change
Imagine this scene: You're seated at your desk in the heart of city hall, surrounded by the echoes of administrative activity. The familiar hum of your computer fills the room as you diligently tap away on the keyboard, meticulously updating the city's budget and balance sheet in Excel. It's a task you've grown accustomed to, one that demands both time and attention to detail. Yet, amidst the endless entries of vendor payments and accounts receivables, you can't shake the feeling of being overwhelmed. As you strive to present your work to the council with clarity and precision, a persistent thought nags at you: There has to be a better way.
In the realm of small town budgeting and financial management, “technology has emerged as a transformative force, reshaping traditional processes, from streamlining operations to enhancing transparency.” Despite its evident advantages though, many remain hesitant to embrace the necessary technological advancements. As we delve deeper, we'll uncover how new technology, like integrated software systems, can reshape small town budgeting and financial management, and guide you through a transformative journey.
Managing the budget in a small town is already challenging, and it becomes even more so when manually updating spreadsheets across multiple software systems. With integrated software technology, many of these tasks can be streamlined and made more transparent (Francis, 2021). For example, gWorks cloud solution allows for multiple users to have views into financial reports which allows for better collaboration and efficiency across city hall. Moreover, systems like gWorks automate general ledger updates with payments, alleviating the need for manual data entry across multiple platforms and thereby reducing the likelihood of errors. By leveraging technological advancements, small towns can significantly enhance their budgeting processes, resulting in more efficient and accurate financial management.
Adopting modern financial software also allows for better financial forecasting and planning. Advanced analytics and predictive modeling tools enable finance departments to analyze historical data and predict future trends with greater accuracy. This capability is particularly useful for small towns facing ever-changing revenues and unexpected expenses. By utilizing these tools, municipalities can create more resilient budgets that account for various scenarios, helping them allocate resources more effectively and avoid potential shortfalls.
One of the biggest hurdles in adopting new technology is the fear of cost and the challenge of convincing other stakeholders of the need for investment. Many municipalities hesitate to make the initial investment without fully understanding how it can streamline their operations. As highlighted in an article from Forbes, “Many local governments have appreciable sums of untapped and undiscovered revenue hidden behind opaque internal processes, high operational costs, and misallocated labor costs. Technology can access this hidden revenue by providing more effective and faster revenue collection” (Colangelo, 2020). One advantageous tool in modern financial systems is real-time reporting, which allows local governments to monitor their finances closely and ensure they have the best information for fund allocation and budgeting decisions. As the article succinctly concludes, “Governments that make the most of their revenue streams can do the most for their constituents.” Despite potential costs, technology can unlock significant financial benefits, ultimately enhancing municipalities' ability to serve their communities effectively.
Now that you know the benefits, how can you get started? Financial change is not going to happen overnight. An article from the Finance Alliance worded the first step best: “...have a clear and concise vision. Think about what a successful adoption of finance transformation looks like for you (Kalish, 2022).” The article goes on to emphasize the importance of looking at your return on investment and to not focus so much on costs. For example, some systems may be a cheap tech option to help with a town’s accounting needs; however, the software may not be designed for fund accounting and may only offer limited reporting features which in the long run will still mean time in excel to create the correct reports. It’s important to stop and look at your processes and needs in order to determine what technology would work best to help your town with its financial efficiency.
It is also important to think about the needs of other departments when reviewing software. Although your department may be focused on finances, HR may also need a solution and it would be to your benefit to see if there was a technology, like gWorks, that had integrated solutions to prevent manual updates between departments. As Aimee Kaslick, the chief strategy officer for Denton, TX states, “The first mistake is not having that bigger picture of the organization and making decisions based on a single department’s needs (Smith, 2023).”
Training and support are also essential components in the successful implementation and adoption of new technology. With proper training, you can feel empowered and can use your new financial software to your full advantage. Finding a software that offers easy-to-use systems and training ensures that everyone, regardless of their tech proficiency, can utilize the new software. Additionally, support services can address any issues that arise in the moment and keep the system running smoothly. For example, the gWorks Cloud offers support for all products as well as online education, help articles, and webinars. It also offers an online, interactive onboarding and implementation process which has step-by-step instructions and resources to help get you ready to use the software. By investing in a software that includes support and training, small towns can maximize the benefits of technological advancements and maintain momentum in their financial management transformation.
In embracing technology solutions, finance professionals within local government will be able to reclaim more of their work days, enabling a shift in focus towards other critical tasks. The days of entering data into multiple forms will be a relic of the past, and will be replaced by seamlessly synchronized data streams that allow for real-time access to comprehensive reports and insights. With the help of technology, small towns can not only streamline their budgeting and financial management processes, but also foster greater efficiency, transparency, and ultimately better governance to their communities.
References
Colangelo, P. (2020, August 13). Council post: How technology can help with government revenue enhancement. Forbes. https://www.forbes.com/sites/forbestechcouncil/2020/08/14/how-technology-can-help-with-government-revenue-enhancement/?sh=12f810850e16
Francis, C. (2021, October 1). How local governments can use the budgeting process to increase transparency and trust. American City and County. https://www.americancityandcounty.com/2021/10/01/how-local-governments-can-use-the-budgeting-process-to-increase-transparency-and-trust/
Kalish, B. (2022, September 14). How technology improves planning, budgeting and forecasting. Finance Alliance. https://www.financealliance.io/how-technology-improves-planning-budgeting-forecasting/
Smith, C. (2023, August 4). Bringing local government budgeting up to the speed of change. Governing. https://www.governing.com/finance/bringing-local-government-budgeting-up-to-the-speed-of-change
Highlights
Imagine this scene: You're seated at your desk in the heart of city hall, surrounded by the echoes of administrative activity. The familiar hum of your computer fills the room as you diligently tap away on the keyboard, meticulously updating the city's budget and balance sheet in Excel. It's a task you've grown accustomed to, one that demands both time and attention to detail. Yet, amidst the endless entries of vendor payments and accounts receivables, you can't shake the feeling of being overwhelmed. As you strive to present your work to the council with clarity and precision, a persistent thought nags at you: There has to be a better way.
In the realm of small town budgeting and financial management, “technology has emerged as a transformative force, reshaping traditional processes, from streamlining operations to enhancing transparency.” Despite its evident advantages though, many remain hesitant to embrace the necessary technological advancements. As we delve deeper, we'll uncover how new technology, like integrated software systems, can reshape small town budgeting and financial management, and guide you through a transformative journey.
Managing the budget in a small town is already challenging, and it becomes even more so when manually updating spreadsheets across multiple software systems. With integrated software technology, many of these tasks can be streamlined and made more transparent (Francis, 2021). For example, gWorks cloud solution allows for multiple users to have views into financial reports which allows for better collaboration and efficiency across city hall. Moreover, systems like gWorks automate general ledger updates with payments, alleviating the need for manual data entry across multiple platforms and thereby reducing the likelihood of errors. By leveraging technological advancements, small towns can significantly enhance their budgeting processes, resulting in more efficient and accurate financial management.
Adopting modern financial software also allows for better financial forecasting and planning. Advanced analytics and predictive modeling tools enable finance departments to analyze historical data and predict future trends with greater accuracy. This capability is particularly useful for small towns facing ever-changing revenues and unexpected expenses. By utilizing these tools, municipalities can create more resilient budgets that account for various scenarios, helping them allocate resources more effectively and avoid potential shortfalls.
One of the biggest hurdles in adopting new technology is the fear of cost and the challenge of convincing other stakeholders of the need for investment. Many municipalities hesitate to make the initial investment without fully understanding how it can streamline their operations. As highlighted in an article from Forbes, “Many local governments have appreciable sums of untapped and undiscovered revenue hidden behind opaque internal processes, high operational costs, and misallocated labor costs. Technology can access this hidden revenue by providing more effective and faster revenue collection” (Colangelo, 2020). One advantageous tool in modern financial systems is real-time reporting, which allows local governments to monitor their finances closely and ensure they have the best information for fund allocation and budgeting decisions. As the article succinctly concludes, “Governments that make the most of their revenue streams can do the most for their constituents.” Despite potential costs, technology can unlock significant financial benefits, ultimately enhancing municipalities' ability to serve their communities effectively.
Now that you know the benefits, how can you get started? Financial change is not going to happen overnight. An article from the Finance Alliance worded the first step best: “...have a clear and concise vision. Think about what a successful adoption of finance transformation looks like for you (Kalish, 2022).” The article goes on to emphasize the importance of looking at your return on investment and to not focus so much on costs. For example, some systems may be a cheap tech option to help with a town’s accounting needs; however, the software may not be designed for fund accounting and may only offer limited reporting features which in the long run will still mean time in excel to create the correct reports. It’s important to stop and look at your processes and needs in order to determine what technology would work best to help your town with its financial efficiency.
It is also important to think about the needs of other departments when reviewing software. Although your department may be focused on finances, HR may also need a solution and it would be to your benefit to see if there was a technology, like gWorks, that had integrated solutions to prevent manual updates between departments. As Aimee Kaslick, the chief strategy officer for Denton, TX states, “The first mistake is not having that bigger picture of the organization and making decisions based on a single department’s needs (Smith, 2023).”
Training and support are also essential components in the successful implementation and adoption of new technology. With proper training, you can feel empowered and can use your new financial software to your full advantage. Finding a software that offers easy-to-use systems and training ensures that everyone, regardless of their tech proficiency, can utilize the new software. Additionally, support services can address any issues that arise in the moment and keep the system running smoothly. For example, the gWorks Cloud offers support for all products as well as online education, help articles, and webinars. It also offers an online, interactive onboarding and implementation process which has step-by-step instructions and resources to help get you ready to use the software. By investing in a software that includes support and training, small towns can maximize the benefits of technological advancements and maintain momentum in their financial management transformation.
In embracing technology solutions, finance professionals within local government will be able to reclaim more of their work days, enabling a shift in focus towards other critical tasks. The days of entering data into multiple forms will be a relic of the past, and will be replaced by seamlessly synchronized data streams that allow for real-time access to comprehensive reports and insights. With the help of technology, small towns can not only streamline their budgeting and financial management processes, but also foster greater efficiency, transparency, and ultimately better governance to their communities.
References
Colangelo, P. (2020, August 13). Council post: How technology can help with government revenue enhancement. Forbes. https://www.forbes.com/sites/forbestechcouncil/2020/08/14/how-technology-can-help-with-government-revenue-enhancement/?sh=12f810850e16
Francis, C. (2021, October 1). How local governments can use the budgeting process to increase transparency and trust. American City and County. https://www.americancityandcounty.com/2021/10/01/how-local-governments-can-use-the-budgeting-process-to-increase-transparency-and-trust/
Kalish, B. (2022, September 14). How technology improves planning, budgeting and forecasting. Finance Alliance. https://www.financealliance.io/how-technology-improves-planning-budgeting-forecasting/
Smith, C. (2023, August 4). Bringing local government budgeting up to the speed of change. Governing. https://www.governing.com/finance/bringing-local-government-budgeting-up-to-the-speed-of-change
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