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Here are five best practices for creating a budget and CAFR.

Set a new standard in financial and budget reporting for your government entity.

Assess if your current tools and processes are creating opportunities for inaccurate data or human error. Implement processes for automating the transfer of fundinformation between departments and for tracking updates.

Inventory your current process.

House all of your funds data in a single, organized, and controlled repository. This will reduce risk, increase transparency, and streamline communication across teams. It also demonstrates relationships between pieces of information across departments.

Establish a single sourcefor your funds data.

Create a repeatable and sustainable process by establishing a live feed of fund information over time. This helps you monitor alignment with GASB standards, budgetary guidelines, and spending progress.

Show progress toward goals.

Optimize timelines.

Spend time on special projects, analysis, strategic plans, and goals. These tasks will make a significant impact on goal progress, reporting quality, and accuracy of work.

If any of these best practices aren't possible with your current legacy or in-house system, then it's time to research a new solution.

Get the right technology.

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Establish these best practices inyour government entity.