Are you budgeting or compromising? There is a better way.
Here’s something that nobody wants to hear in your annual budgeting meeting: “Hey, my number’s different to yours!”
Then what usually happens? Two of you discuss the discrepancy while everyone else listens or possibly chips in their thoughts. Perhaps you debate the relative merits of the first number and the second number, maybe even coming up with a potential third number. It’s a muddle, there’s no single point of truth, and it typically ends in a compromise.
But budgeting doesn’t have to be this way. And it shouldn’t, because the numbers must be accurate and demonstrable to everyone inside and outside your budgeting meeting.
What else are you compromising on? Would you like to do multiple budgeting rounds so that your numbers reflect everything that impacts the business? Do you want to involve more people within your organization, avoiding that arbitrary limit on budget contributors? Need an easy way to check that everyone has submitted input in full and on time? How much clearer would things be if your formulas were simpler but just as effective? And in the current climate of constant change and uncertainty, would you prefer to repeat the budgeting process and be able to deliver rolling forecasts several times a year?
Most people groan at the suggestion of repeating the budgeting process. Once a year is quite enough, thank you! But the headache of multiple mismatched Excel files melts away when you use a built-for-purpose software solution like FP&A. And with a welcome boost of accuracy and speed from artificial intelligence, your budgeting process can, in fact, become fun.
Our external pair of eyes can help you improve and optimize your process. During implementation with your FP&A team, you’ll establish the right value drivers and the right levels of granularity. You’ll get new smart tools to check for errors and deploy fact-based, predefined content. And when all of this in place your perspective can shift. Working only on exceptions, you’ll be free to support the corporate vision and strategic plan. You can combine reporting, analytics, financial planning, forecasting, even HR planning – all while delivering competitive advantage.
Instead of compromising, start adding value to your organization with a better budgeting process.