FP&A Today All your Budgeting and Forecasting questions answered: the Sequel!
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Nov 7, 2023 In this sequel episode of FP&A Today, guests Alejandra Boggione and Andrew Childress answer new burning budget and forecasting questions. Topics include budgeting in consulting firms, the link between forecasting and modeling, preparing for the budget ahead of time, static annual budget vs rolling forecast, challenges of getting funding for finance technology, and exploring Excel's versatility.
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Budgeting as a Business Story
- Budgeting and forecasting tell a story of what the business collectively believes will happen.
- They facilitate conversations that unite the organization on future expectations.
Startups: Budget for Usefulness
- In startups, focus less on accuracy and more on creating a decision-useful budget.
- Use budgeting as a tool to grow consistently and allocate resources wisely.
Plan Budgeting with Calendars
- Plan your budget process by working backwards from due dates with a clear calendar.
- Set expectations and hold kickoff sessions to align stakeholders early for smoother budgeting.