Project Budgeting 101 for Dynamics NAV

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If you’re reading this, it is highly likely that you would agree when I say that financial planning is a vital element of corporate performance management (CPM).  At times, the quality of your budgeting, forecasting, and/or modeling processes can mean that you are going to soar or flail with your enterprise, specifically considering the most recent recession.  Organization-wide budgeting and forecasting processes are typically regular and nearly every single time involve many moving parts to come together with actual transactional data and research-driven, projected numbers for the next fiscal year. However, sometimes, a company or a contracted employee has to plan for a particular project or task.  If you are a project manager supervising more than one project, a consultant tallying billable hours, or a freelance professional putting together a bid for a gig, project budgeting is an essential Business Intelligence (BI) term in your job.


I recently chatted with a management consultant who had been contracted by an organization that wants to completely upgrade their information management and analytics for more enriched and robust decision-making.  The consultant is in the beginning stages of the project, and she has not decided which complete suite of BI tools she will be implementing just yet, but she is optimistic about finding the solutions needed to address this company’s specific business problems.  My interest in project budgeting organically led to an in-depth conversation about the intricacies of how this consultant financially plans and submits bids for projects in her career.  She quickly admitted that she thought that most people assumed it is a bunch of inflated guesses, but the reality of the process, particularly with the perfect budgeting tool, is that you can and should be precise.


Budgeting Project NAV
Photo taken from Shutterstock.



You do have the option to plan for projects within Microsoft Dynamics NAV, but, as with a lot of ERP tools, you don’t have the power to craft easy-to-use data entry screens to generate the project budget, so most organizations end up going the manual planning route in Excel.


Unlike traditional planning, which focuses on a fixed period of time, like a calendar or fiscal year, project budgeting plans around the task at hand.  For example, our management consultant, who we’ll refer to as Cindy, analyzes the company’s already deployed BI modules, evaluates the efficacy of their CPM, shops around for the best software solution(s), and implements the selected BI tool(s) in 9-12 months.  Cindy’s project for this organization is a great example to showcase typical project planning, as well as a modern BI deployment.  This article will explore hypothetical budgeting for a project, with Cindy’s task as an example and a focus on modern features and functions when shopping for your own project budgeting tool.


To continue learning more about Project Budgeting for your Microsoft Dynamics NAV experience, read the rest of this article here.

1 thought on “Project Budgeting 101 for Dynamics NAV”

  1. Nice Information you have shared. I read it fully and enjoy.
    I am also represent management consultant which is based in DUBAI, EMEA Management & Consultancy Services Ltd was incorporated to provide a complete consultancy solution to the modern and fast moving business of today. These consulting services cover all aspects of the business including Management, Strategic Planning, Viability Analysis, restructuring and Project Management fields.

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