Do you find budgeting a time-consuming process that has no connection to strategy and is often out of date within the first 3 months of the year? Does this leave you dissatisfied with the whole process?
You can improve your budget process through a number of easy-to-implement steps that include:
- Associating budgets with business processes
- Developing driver-based relationships between budget items
- Making people responsible for the things they can control
- Capture relevant and significant numbers only
- Checking how realistic the budgets are
- Making the process more dynamic
An efficient and effective budget process is vital for organisations wishing to align actions with strategy. And when that process is supported by a suitable technology solution such as Financial Driver, it becomes a valuable management activity that can guide your organisation to future success.