Best Practices for Budgeting, Planning and Forecasting

Every company, regardless of industry or size, needs to have a corporate budget. There’s no denying that most companies use Excel to manage that process, which can be troublesome, error-prone, and time-consuming. Additionally, it’s difficult to manage multiple spreadsheets while trying to ensure accuracy, accountability, and security.

Questions regarding Best Practices for Budgeting, Planning, and Forecasting include:
• How frequently are you budgeting?
• What are you currently using to manage your budgeting process?
• How many people are involved in your current budgeting process?
• How would your organization like to cut down expenses while budgeting?
• What are the most common mistakes you see in an organization’s budget?

#budgeting #truesky #excel #bestpractices

[ismaelkourouma]

Very good. Thank you for this session.

[elcid]

Hi,
I have a doubt please between Financial Modeling and "Normal" Budgeting.
I have seen many times that, in a "Financial Modeling" (usually used for valuation, M&A, Strategic Planning, and similars) there are NOT calculated things as costs of the products, raw materials, direct and indirect materials, direct and indirect labor, planned level of production, etc., all in a depth "level of detail" as, for example, in a "Normal" Budgeting.

Am I right? Or not?

I mean, it is, or not necessary to "includes" in a "Financial Modeling" the level of detail and calculations like costs, production, etc? And why or why not?

What is the difference between a a "Financial Modeling" and a "Normal" Budget process? Are the times? (1, 2, 3, N years) What are used for? What more?

If I do a Business Plan, do I need a “normal” and detailed budget, or a a Financial Modeling? and for a Strategic Planning?

Because both looks forward to the future, and both finish in the three statements (Balance, P&L and Cash Flow), I'm some confused.

Thank you in advance for your advice!