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Tag Archives: financial planning

CFO Dive: Driver-Based Budgeting Touted for Integrating Financial and Operational Planning

“Driver-based budgeting links real resources and activities to your budget, and most FP&A organizations are striving to achieve that. From my perspective, it really acknowledges that the budget is the articulation of a series of operational items or activities. It’s different from traditional budgeting in that it shifts the focus to outcomes, and that’s ultimately how you drive your annual budget.”

Read More at CFO Dive >

Accounting Today: Now What? Bridge the Gap in Financial Planning and Analysis

“Transformation is no longer just “nice to have.” Business leaders must be able to rely on the validity, trustworthiness and relevance of the data used to analyze and report on end-to-end planning, budgeting and forecasting processes. The cost of continuing business as usual is duplication of the efforts, fragmented systems that take lots of people and time to reconcile, challenges to meeting regulatory compliance, an inability to determine where to prioritize resources, and lower stakeholder confidence.”

Read More at Accounting Today >

CFO Dive: Making FP&A More Business Relevant

“..The goal is simple: to arm CFOs with more relevant and actionable analyses so they can be better partners to the other executives.”

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SF Magazine: Budgeting Revisited

6 things to consider when innovating your budget:

1. Corporate Culture

2. Comprehensive Approach

3. Strategy & Scenario Planning

4. Relative Target Setting

5. Compensation System

6. Flexible Planning

Read More at SF Magazine >

CFO Dive: Large gulf between CFOs and reality on real-time capabilities, survey finds

“Almost 45% of CFOs say they plan to have nearly all of their finance processes and operations in real-time over the next three years; 34% say their goal is to do real-time scenario planning, and 24% say the ability to provide real-time insights is the highest priority of their finance function.

“By embracing change and pivoting to intelligent operations, the role of the finance function is increasingly elevated while positioning the company for growth,” Manoj Shroff, head of Accenture’s intelligent finance operations offering, said.”

Read More at CFO Dive >

CFO Journal: Medtronic CFO: The Role of Finance in Crisis Response

Finance plays a crucial role. Along with the CEO and our business unit leaders, our global finance organization is a strategic partner in developing and ensuring strong execution against our longer-term strategy. Strategy needs to be tied closely to investments, financial planning, and forecasting, so our finance teams have a natural connection to strategic planning and execution.

Read More at Wall Street Journal >

SF Magazine: Change Your Approach to Finance Strategy

“We used to spend a lot of time analyzing historical data to in­form business planning; we’ve now switched to a predictive approach to financial planning, looking at a wider range of key indicators such as sales pipeline data. This allows finance professionals to help senior management project what’s likely to happen and make better decisions through the use of real-time data.”

Read more at SF Magazine >

FP&A Trends: Let Traditional Budgeting be a Victim of this Pandemic

“Instead of annual forecasts of things that cannot be predicted or controlled, with December 31 as the fictitious deadline, companies should monitor the reality on a regular basis and work more with trend analyses and unbiased (mathematical) forecasts.”

Read more at FP&A Trends >

AllBusiness: Looking to the Future: 5 Steps to Better Financial Projections During Covid-19

“Almost overnight, a global pandemic turned the status quo on its head, and individuals and businesses were left scrambling to adapt and overcome the challenges they faced. Click on to access important information regarding business laws.

For some businesses, that was a loss in foot traffic or a change in consumer behavior. For others, it was a problem downstream in their supply chain, distribution network, or development pipeline, which reverberated back.”

Read more at AllBusiness >