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Budgeting, Planning & Forecasting Applications

Budget generally refers to a list of all planned expenses and revenues during a certain time period. A budget is an organizational plan stated in monetary terms. The purpose of the budget is to construct a model of how a business might perform, if certain strategies and plans are executed successfully. The model is then utilized during the actual operations of the company to measure progress against and identify areas of opportunity or concern.

Jack Welch, former CEO of GE, said “the budgeting process at most companies has to be the most ineffective practice in management. It sucks the energy, time, fun and big dreams out of an organization. It hides opportunity and stunts growth”. A finished budget usually requires considerable effort throughout the organization but it is important for a business to create realistic budgets, identify trends and performance variations. They should also have the capability to regularly update their plans, forecasts and budgets as business conditions change and to monitor the business performance. If actual numbers delivered throughout the financial year are close to the budget this demonstrates the company understands their business, however if actuals diverge wildly from the budget this sends an “out of control” signal and may indicate that the organization can suffer. CFO Solutions can help you get control over the accuracy, timeliness and completeness of your budget process while increasing collaboration and ownership of the budget process to establish one version of the truth.
 
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