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There are several ways to capitalize on automated budgeting technology. “We started using Cognos’ Analyst tool for budgeting analysis. It allows much more flexibility than spreadsheets,” says a manager of finance/accounting at a water utility (188 employees).

Technology can also help push the budgeting process into the business units. “We implemented new financial reporting/budgeting software. The most favor-able result is enhanced reporting to the firm and a hands-on tool for department managers to prepare budget activity,” says a controller of a 500-employee legal services firm.