Budgeting and Planning - A mid-size companies success tool

Many Finance Executives at mid-size companies feel "trapped in the middle" - bigger but less agile as an organization than they were previously, but smaller and without the resources of their larger competitors. Generally believing, finance executives at mid-size companies have a real and direct opportunity to create positive change in their companies by making their budgeting and planning more effective.

Bringing to your consideration, Budgeting and Planning need some necessary steps:

- Shape the budget with company strategy
- Increase the accuracy of forecasting, planning and budgeting
- Improve company ability with effective budgeting, planning and review
- Provide better insight to company-wide performance
- Improve the quality of budget process

Improving the quality of your Budget Process

Does your company have a quality budgeting and planning process?

A "quality" process is one that:

- Promotes accuracy
- Increases organizational alertness
- Makes deep the operational insight for company as a whole

The role of strategy in a Quality Process

While examining how to make budgeting more strategic. The CEO has a strategy or vision for the business, but how well does the budget reflect it? Quality in this sense is the alignment of the budget to the company's strategy. All too frequently, when we ask companies to connect their strategic objectives to their budget, we find there are gaps between what senior management sees as its priorities and funding for specific activities because there is no clear link between the two. To create these links, the strategy must be specific. In budget reviews, business unit managers must demonstrate how their objectives and the funding they need to achieve their objectives (people, advertising, capital, materials, etc.) to the corporate strategy.

Thus, Budget planning accounting professional should be highly trained and with the professional skills.

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Article Source: http://www.goarticles.com/cgi-bin/showa.cgi?C=1546801