In order to help businesses navigate challenges in financial planning during these uncertain times, each week we’re bringing you curated information and materials to help you respond. This week’s articles highlight news in financial planning as well as what experts are saying on the matter:
1. FP&A Trends: Integrated FP&A is Key in These Uncertain Times
The pandemic is far from the first global crisis to rock the financial world. Last decade it was the global banking crisis that produced disruption and discontinuity for business. As we begin to enter the new normal for uncertainty, it is clear that integrated FP&A software that can leverage previous data and continually provide new planning scenarios is key.
2. Workday Adaptive Planning: How Rolling Forecasts can Help you Plan Ahead During Disruptive Times
With all this uncertainty, creating a singular annual budget is a luxury of the past. Instead, a rolling forecast is constantly adjusted and corrected to provide the best picture into the future. With just three easy steps, Workday Adaptive Planning spells out the best way to keep your business agile.
3. BMA Group: Budgeting and Forecasting Best Practices Every CFO Should Know
Finding the right financial model for your business needs is very difficult, but not impossible. Budgeting and forecasting lay the foundation for an organization’s fiscal health. Neglect them, and your financial forecast will be a gloomy one. Use these best practices to strike the right balance between an aggressive and cautious budget.
4. CFO University: 3 Driver-Based Budgeting Tips for CFOs
CFOs tasked with budget presentations often find themselves explaining numbers and assumptions that are far out of date. The outdated, static budgeting processes simply cannot keep up with today’s lightning-fast economic environment. CEO’s who use driver based budgeting solutions can create a dynamic and agile finance-centered process that helps stakeholders make informed decisions tied to operational goals.
5. CFODIVE: CFOs: FP&A and Accounting Must Speak the Same Language
When CFOs and FP&A teams are out of sync, countless hours are lost each month as they are forced to reconcile old data. This becomes particularly hard as accounting teams typically look to the past and FP&A teams typically look to the future. As a result, companies who switch to a single source of truth for keeping track of their finances are better equipped to respond to uncertainty.
Thanks for checking in this week! We’ll be back next Thursday with more updates in financial planning. In the meantime, subscribe to our blog to get our posts directly in your inbox.