Was it fast and efficient? Or did you struggle through an extended process with spreadsheets and email or legacy applications that you’ve outgrown?
If the latter is the case, watch the replay of a recent webinar titled “5 Best Practices for a Less Painful Budgeting Process.” The webinar was sponsored by Planful and included a presentation by Peter Emerling, Director of Technology and Management Consulting at RSM – a world-leading provider of audit, tax, and consulting services to entrepreneurial growth-focused organizations globally.
The webinar included a review of the challenges organizations face in budgeting and planning and a review of the 5 best practices for a less painful budgeting and planning process from Peter Emerling of RSM. This was followed by a Planful overview of the advantages of cloud-based budgeting and planning solutions, and a demonstration of the key features in the Planful Enterprise Performance Platform that directly support the 5 best practices highlighted by RSM. Here are the highlights of the webinar.
RSM’s Peter Emerling reviewed what the firm sees as the typical budgeting process. This process may vary for a lot of companies, depending on their size, complexity, and maturity. We believe that the 5 phases identified here are consistent across most companies:
Peter commented that too often he hears clients talk with dread about their upcoming budgeting process, that they’re too busy because they are in the middle of the process, or that they’ve finally completed the process in late January early February – even after starting in September/ October. Why? Well, the words “budgeting, forecasting or reforecasting,” or some other variation, carries with it a negative connotation for most organizations.
For many, this process has become a vicious cycle of dread, pain, late nights, and general frustration. The obvious question here is – why don’t companies just fix the problem? Well, for many companies, they simply don’t have time after the process is complete to evaluate their overall process and identify opportunities.
Peter then reviewed the 5 best practices that can make each phase less painful, more efficient, and enable the budgeting process to drive better insight and add greater value to the organization. The 5 best practices are highlighted in the section below.
During the Planful segment of the webinar, I reviewed how enterprise performance management (EPM) has evolved over the past 10 years and the advantages organizations are achieving by moving EPM processes, including budgeting and planning, to the cloud. During our presentation and demonstration of the Planful Enterprise Performance Platform, we highlighted key features that support the 5 best practices identified by RSM.
The key takeaways from the webinar were that maximizing the value of best practices requires the proper balance of people, process, and technology. Most organizations lack the technology to achieve this balance and continue to rely on spreadsheets, email, and manual processes to support budgeting and planning. Investments in cloud-based EPM platforms, like Planful, can drive measureable ROI within the first year of implementation. Many organizations are reaping the benefits: