Post on 26-May-2015
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Experts in Business and Financial Systems
Budgeting Best PracticesOctober 11, 2012
Experts in Financial and Business Systems with Over 24 Years Experience Providing Complex Technology Solutions
Our VisionBuild Long Term Relationships by Providing Value and Earning Trust
Our MissionMake a Difference, Do it Right, Do it Together
About TGO
Enterprise Resource Planning
Business Intelligence
Budgeting & Planning
Business Process Management
Customer Relationship Management
Our Expertise
ERP
BI
BudgetingBPM
CRM Training & Support
Budgeting Best Practices
Grantley Smith, CIMASenior Solution Advisor
TGO Consulting Inc.
Alan Whitehouse, MBAChief Architect
True Sky Inc.
Why Do We Budget?
Budget
We “have to”
Financial predictability
Business drivers
Performance management
How Does the Process Work?
Create Contribute Reviews/Approvals/Scenarios Finalize
Crea
te
Cont
ribut
e
Cons
olid
ate
Revi
ew
Pres
ent
Fina
lize
Mod
ify
July August September October November
September October November
What are the Elements?
People
• Involvement• Accountability• Time• Accuracy
Information
• Detail• Drivers• External• Timeliness• Accuracy
Process
• Accessibility• Security• Visibility• Confidence• Duration• Frequency
Creation
Systems Data
SpreadsheetsVolume
Distribution Email
Creation Best Practices
Remember we only do this once a year, grudgingly
The simpler the better
Tailor the template to the user/process
Connect to data don’t copy
Validate up front
Structured file distribution
Input
Detail
AccuracySpeed
Input Best Practices
Eliminate the “divide by 12” mentality
Drivers not dollars
Input more than just numbers
Fake deadlines
Consider zero based budgeting
Consolidate
Retrieval
Merging
Repetition
Consolidation Best Practices
Storage and retrieval
Protection of formulas and sheets
Use formula don’t copy
Ultimately get an application
Review
Content
CommunicationCollaboration
Review Best Practices
Leave plenty of time
The numbers should not be a surprise
Collaborative input
Don’t sweat the small stuff
Make sure you understand the intent
Analyze
Summary
Quantitative
Defined
Analysis Best Practices
This is the reason you plan!!!
This is where Excel rocks
Analyze the data and the intent
This should NOT be a review/approval
This is your time for “what if”
What you should aim for: Simplicity Greater functionality Detail capture Integration capabilities Workflow control Flexible reporting and analytics “What If” modeling
What you will get: Greatly reduced administration Faster turnaround Collaborative creation Accurate and informative information Strategic capabilities
…MORE TIME TO THINK
In Summary