Recent TRG blog posts

Effective planning, budgeting and forecasting processes are indicative of good business performance. A study conducted by Aberdeen Group in 2011 identifies five key performance criteria that distinguish the best-in-class (top performing) from industry average and laggard companies.

The International Financial Reporting Standards establish 34 new accounting policies that in general affect how companies value their assets and report on their business performance. The regulation creates new, higher standards for transparency in business operations by requiring more detailed presentation of balance sheets and cash flow.

Uncertain economic conditions have resulted in more informal and ad-hoc planning, budgeting and forecasting processes than before the financial crisis. According to data from a study by Aberdeen Group in 2011, although 65% of the surveyed companies have a formal planning and budgeting process, the figure is less than the 76% recorded back in 2008.

The International Financial Reporting Standards are the result of work begun in the early 1970s by the International Accounting Standards Committee (IASC). The slow evolution of IFRS adoption was accelerated in 2002 when the European Union Parliament designated IFRS as the accounting standard for publicly traded European Union companies beginning on January 1, 2005.

A report published by Aberdeen Group in 2011 has identified the leading challenges for companies in terms of financial planning, budgeting and forecasting. Over the study’s three-year period (2009-2011), Aberdeen Group found that the leading pressures include:

2012 has been a tough year for many businesses. Managers have to struggle to make sure their organisations survive and stay strong through these difficult times. As a result, costs and budgets have become the most important factors to consider when making an investment decision. A strong budget can help managers know when they have a steady stream of cash flow and make better decisions based on that budget information. Here are a few tips for managers to weather the tough times:

You have a plan. You have a budget that supports it. Only one thing is missing: a way to easily view and analyse the cause-and-effect relationships between all the plan elements and the resources that support them. Not having this is a common complaint among senior executives who are responsible for managing and reporting on the execution of corporate strategy.

You have a plan. You have a budget that supports it. Only one thing is missing: a way to easily view and analyse the cause-and-effect relationships between all the plan elements and the resources that support them. Not having this is a common complaint among senior executives who are responsible for managing and reporting on the execution of corporate strategy.

When it comes to budgeting, the traditional method used is spreadsheets. However, over the years, spreadsheets have demonstrated themselves to be insufficient to handle budgeting in the ever changing business world. Hence, dedicated corporate budgeting solutions were born to deliver the accuracy, agility and responsiveness that companies so desire. A powerful budgeting solution should help businesses adopt budgeting best practices, such as: