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5 Most Common Budgeting Approaches and Their Pros & Cons

Posted by Rick Yvanovich on

Setting up a budget can be challenging, and so is choosing the right budgeting method that best fits your business’ model and needs. In this article, we will shed light on the five most common approaches to budgeting, as well as their pros and cons. 

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Topics: Planning and Budgeting, Financial Accounting Management Software

Step-by-step Guide to Developing and Managing a Budget

Posted by Rick Yvanovich on

A budget is a quantified version of your strategic goals. Therefore, having a sound budget in place is instrumental in driving your profitability and also in averting any number of adverse consequences that may arise as your business grows.  

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Topics: Planning and Budgeting, Enterprise Performance Management (EPM), Financial Accounting Management Software

What is Zero-based Budgeting?

Posted by Thai Pham on

It is safe to say most businesses would resort to cost cutting initiatives in a time of tight margins and high risksHowever, a research by McKinsey shows that only 26% of those cost-reduction programs, still yield effective results after four years. CFOs, therefore, are increasingly turning to zero-based budgeting, ZBB, as a more sustainable approach to cost reduction.  

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Topics: Planning and Budgeting, CFOs, Financial Accounting Management Software

What Is Beyond Budgeting and How Is It Reinventing Management?

Posted by Rick Yvanovich on

As businesses are rethinking how their management systems should be changed in a post-industrial world, the principle of beyond budgeting has received much attention due to its revolutionary nature. But what exactly is beyond budgeting? And how is it different from the current practices?  

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Topics: Planning and Budgeting, Financial Accounting Management Software

A Primer of Budgeting

Posted by Rick Yvanovich on

Budgeting plays a vital part in any organisation regardless of size. For some, the process of building a budget is downright tedious, time-consuming, and challenging. What's more, businesses have to worry about not only short-term budgets but also long-term ones. 

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Topics: Planning and Budgeting, Enterprise Performance Management (EPM), Financial Accounting Management Software

Financial Planning vs. Budgeting vs. Forecasting: A Quick Comparison

Posted by Rick Yvanovich on

Planning, Budgeting, and Forecasting (PB&F) is one of the three management processes that constitute Enterprise Performance Management (EPM). We have presented the basic principles of EPM and its other two components in a previous post. In this article, we will dive deeper into the PB&F process and discuss the similarities and differences among financial planning, budgeting, and forecasting.

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Topics: Planning and Budgeting, CFOs, Financial consolidation, planning and reporting

How to Turn Budgeting into a Value-Adding Process

Posted by Rick Yvanovich on

In today’s complex and rapidly changing business climate, there is an increased demand for top management to better observe, measure, and manage their business. Planning and budgeting plays an important role in enterprise performance management. However, in many organisations, planning and budgeting is not seen as adding value since:

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Topics: Planning and Budgeting, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM), Financial Accounting Management Software

Why You Should Strive for an Efficient Financial Close

Posted by Rick Yvanovich on

In today’s fast-moving world, companies have to juggle multiple priorities when managing their business, such as overseeing financials transactions, measuring corporate performance, attesting financial reports, timely closing and consolidating financial data. Thus, it is no surprise that CFOs are always aiming to close books and comply with regulations faster and more efficiently.

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Topics: Planning and Budgeting, Financial consolidation, planning and reporting, Financial Accounting Management Software

What to look for in a planning and budgeting solution

Posted by Oanh Nguyen on

Planning and budgeting provides valuable insights for managing risk, boosting corporate performance and shareholder value and making strategic decisions. Using a business model as the basis of the planning process enables the development of: charts of accounts; time divided by years/quarters/months; version control to store actuals/budgets/forecasts and other important data segments, which can be used to create the plans. Organisations should look for planning solutions capable of delivering flexible business models that are mapped to their unique business requirements.

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Topics: Planning and Budgeting

Planning and budgeting: Solutions to common problems

Posted by Rick Yvanovich on

Jack Welch, former Chairman at GE once said: “The budgeting process…sucks the energy, time, fun, and big dream out of an organization”. Yes, everyone hates it! If there is an effective way to do it without trying too hard will you take its advantages to grow? What you need are just a good planning and budgeting process and the right technology!

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Topics: Planning and Budgeting, CFOs, Financial consolidation, planning and reporting, Financial Accounting Management Software

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 Rick Yvanovich
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