budgeting best practices
DESCRIPTION
This presentation took place at CMA office in downtown Toronto in October 2012.TRANSCRIPT
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Experts in Business and Financial Systems
Budgeting Best PracticesOctober 11, 2012
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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
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Enterprise Resource Planning
Business Intelligence
Budgeting & Planning
Business Process Management
Customer Relationship Management
Our Expertise
ERP
BI
BudgetingBPM
CRM Training & Support
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Budgeting Best Practices
Grantley Smith, CIMASenior Solution Advisor
TGO Consulting Inc.
Alan Whitehouse, MBAChief Architect
True Sky Inc.
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Why Do We Budget?
Budget
We “have to”
Financial predictability
Business drivers
Performance management
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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
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What are the Elements?
People
• Involvement• Accountability• Time• Accuracy
Information
• Detail• Drivers• External• Timeliness• Accuracy
Process
• Accessibility• Security• Visibility• Confidence• Duration• Frequency
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Creation
Systems Data
SpreadsheetsVolume
Distribution Email
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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
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Input
Detail
AccuracySpeed
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Input Best Practices
Eliminate the “divide by 12” mentality
Drivers not dollars
Input more than just numbers
Fake deadlines
Consider zero based budgeting
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Consolidate
Retrieval
Merging
Repetition
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Consolidation Best Practices
Storage and retrieval
Protection of formulas and sheets
Use formula don’t copy
Ultimately get an application
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Review
Content
CommunicationCollaboration
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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
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Analyze
Summary
Quantitative
Defined
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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”
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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