Tips for improving your company's budgeting
From traditional to integrated budgeting
Budgeting is a cumbersome annual process for many organisations. You have to get the numbers done, but they rarely generate much added value in terms of business management and comprehensive planning.
Traditional budgeting based on spreadsheets therefore often faces the following challenges:
Top-down approach, work is done in silos
Focus is only setting revenue and cost targets
As budgeting progresses and the amount of data increases, errors accumulate, links are broken, and version control becomes a problem
Lack of cooperation between different operations
The quality and scope of the data remain lacking
The best way to improve the entire budgeting process and its results is to create an environment that enables cooperation and where everyone works on the basis of shared, high-quality information.
Anaplan's cloud-based business planning platform combines data, people, and business plans across all company operations. Budgeting integrated by using Anaplan improves the entire budgeting process:
The budget will be both operational and financial
The budget process is transparent to all participants
The planning is truly business-driven
Different operations understand how to overall budget affects them
Clear outlook for both tactical and strategic objectives
Guide for improving your company's budgeting
Download the guide to best practices in budgeting and see which tips would work in your organisation. The guide will help you make the most of the integrated planning model to streamline the entire budgeting process and, most importantly, its outcomes.
