United States’ department of defense was created in 1947 with the aim of safeguarding the national security of United States. It is an executive department of the federal government. The department provides military forces that are required to prevent any war as well as to ensure that there is adequate security in United States. It is normally in control of the army, navy, air force as well as the Marine Corps (Mullen, 2009). It is estimated that the department is made up of up to 1.5 million workers who are in active duty. Moreover, they have a backup of 1 million members who are reserved in case of emergency (Gates, 2010). It is also composed of 900 civilians who are employed by the Department of Defense (DOD).
Some of the current finance and budgeting practices that could positively be affected by technological solutions includes the following; firstly, linking the development of budgets to the corporate strategy. This involves the fact that budget determine how available resources will be used and the measures to be used to evaluate the progress (Cliche, 2012). Therefore, the practice of linking the budget with corporate strategy makes it very effective. When the two are linked the stakeholders are able to understand the usage of their finances (Boer, 2004). In addition, it leads to increased support of goals, coordination of all activities results in increased company performance. Secondly, designing procedures that allocate resources strategically that effectively link with technological solutions (Cliche, 2012). Due to increased competition for resources in any given organization, business needs to come up with s strategy to secure their funding for their expenses and capital (Boer, 2004). Therefore, when strategies have been designed, it makes it possible to support the key strategies. This leads to coordination of the capital budgets and operating expenses. Another practice involves coming up with a sophisticated measures to evaluate propose budgets (Sheffrin, 2003). This makes it possible to measure the degree of risk and the competition level of available resources. Some of these technologies include; headcount planning, budget planning and forecasting, consolidation of finances, multi-user workflow, versioning, audit tracking, dashboards, scorecards, budget templates and reports, data import as well as statistical account planning.
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The technological solutions that could improve the efficiency and effectiveness of finance and budgeting within this organization include; firstly, detailed audit tracking which involves tracing all financial transactions being carried out in an organization (Boer, 2004). It makes it possible to get analytical capabilities and consolidate budgetary information. This method detects errors which may have been made intentionally or unintentionally. Another effective technological solution is the multi-user workflow (Cliche, 2012). This method is very effective as it enables accountants to save time and money while auditing financial transactions within a company. It also makes it possible to understand any changes or issues that may rise within the organization regarding budgeting in the shortest time possible. Thus, multi-user work flow creates a scenario where auditors can work on the same thing consecutively. This improves performance and reduces operational cost.
In conclusion, technological solutions in budgeting have created an avenue in which organization’s budgeting practices have been affected positively. The implementation of these solutions in various organizations has resulted into increased growth. Organizations have also become flexible in case of any change. As a result, there has been improved efficiency and effectiveness of finance and budgeting within the organization.
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