Enhance Your Budgeting with Four Steps
July 30, 2018
Budgeting can be a monotonous task, but it is necessary for business success. There are four steps that can enhance your budgeting process: Tie your budget to your strategic plan, tie it to the rolling forecast, minimize the iterations, and recognize the “80/20.” By tying in the budget with the strategic plan and rolling forecast, FP&A professionals can not only keep their budget at the forefront of their planning, but they are also continuously checking in and have the ability to tweak it as necessary. Minimizing iterations diminishes a lot of unnecessary work and recognizing the “80/20” helps to spread the analysis over the full calendar year and can take pressure off the budget season.