Budget Action Labels are an Admin feature that allow organizations to distinguish certain budget actions from others. These customizable labels explain the reason for specific increases or decreases made to an existing budget. Because they are predefined selections, easy reporting is enabled for tracking and historical reference. Here are some examples of how you might use this feature:
Budget Cut Exercises
Scenario: It's the end of the first half of a fiscal year and your organization or team needs to cut a certain amount of dollars from the overall marketing budget. To hit the target, the cuts need to come from different budgets, owned by different team members. You want an easy way to track all actions taken to complete the cut exercise.
- The Organization Admin can create a Budget Action Label called "H1 Cut."
- Budget Owners can make the cuts(decreases) as needed and label the decrease as "H1 Cut" by selecting this option from the dropdown list.
- When the Budget Change Log is exported, all actions labeled as "H1 Cut" can be easily tracked and aggregated to ensure the target was hit.
Budget Releases
Scenario: Budgets have already been released for the year, but there's been new direction on the marketing mix and now your team is getting more of the Brand's money. You don't want to release this money as separate budgets, but you do want to keep it distinct from the initial release because you aren't sure you will get the money next year.
- The Organization Admin can create a Budget Action Label called "H1 Incremental Release."
- Budget Owners can make the increases as needed and label the increase as "H1 Incremental Release" by selecting this option from the dropdown list.
- When the Budget Change Log is exported, all actions labeled as "H1 Incremental Release" can be easily tracked and aggregated to reference how money was released throughout the year.
Budget Action Labels can only be added by Organization Admins. Reach out to your admin if this feature is not in use.
For more on tracking actions related to Budgets, see the Tracking Budget Changes through the Budget Change Log.