Preparing for Budget Review Season

Audits, reviews and reams of paperwork are par for the course in government work. Even more so than in other industries, government projects require continuous reporting and checks throughout the year, especially if tax dollars or grants are allocated to the project. There are multiple stakeholders involved, including the general public in some cases. Project managers and cost accounting managers can face significant pressure to keep track of and report costs accurately. Many projects will soon be entering budget review season, beginning a weeks- or months-long process that can feel somewhat like an inquisition to project managers already stretched thin.

The good news is that budget reviews don’t have to be a dark cloud hanging over your project. Take a few steps now to ease the burden later. 

Keep reviews in mind from the concept stage to the wrap up

Few things are more panic- and headache-inducing than the chaos of a last-minute scramble to pull together paperwork for a budget review. The level of detail needed can be high, and you may need to prepare multiple versions of reports.. Project managers should head off this issue from the very beginning by building in a culture that values process and reporting in all project work. Even if a team did not take this approach from the beginning, it’s never too late. Getting started now can ensure a smooth review process next year.

Anticipate questions

Even when the reporting and paperwork are in order, direct, harsh questions from the stakeholders who are reviewing the budget can shake a project manager’s confidence. Prior to the review, look over everything from outside your own perspective. What gaps are there, and what things don’t seem clear? Think of the questions you really don’t want to be asked – and make sure you have a planned answer for those. Knowing you are prepared will boost your confidence going into the review.

Speak their language

For project teams on the ground, progress and priorities likely look different than when viewed through the executive team lens. Executives leading a budget review often don’t understand the day-to-day realities of a project (and couldn’t be expected to). However, it’s important that that they hear the project team’s perspective on budget utilization and challenges. To reach these stakeholders, frame your reporting in a way that resonates. Is the budget being utilized well but the project is off course in other areas and the team needs more resources? Frame this challenge to stakeholders in terms of potential budget effects down the road.

Preparation truly is key in getting through a budget review successfully. If you are need of support to build up your team’s reporting capabilities and create more efficient processes, contact us – we’re here to help.