Creating a path toward good financial hygiene
A Brilliant Muse client was struggling with keeping their budget reporting accurate due to lacking a budget management process.
Brilliant Muse created, implemented, and managed a budget tracking system with rigor to ensure healthy financial hygiene for the client team.
Challenge
A team that Brilliant Muse works with lacked an accurate, single source of truth for budget visibility, a budget management process, and training and tools to help teams manage their operating expenses. Because of this, they were seeing outdated purchase orders still open and spending charged against incorrect project codes, which created confusion and inaccurate budget reporting.
Action
Brilliant Muse was able to implement a budget management process that ensured budget requests were responded to in a timely manner, that funds were spent against correct project codes, and closed out POs that were no longer active to create a cleaner, budget tracking system.
Impact
In Q2 2023, 92 budget requests were processed in a timely manner, +$1M in spend was reclassified to correct project codes, and 88 outdated POs were closed.
Path Forward
Continued rigor on this team’s budget led to two other client teams adopting the same processes and practices in 2023.