Budgeting, planning and forecasting (BP&F) is a strategic planning method for establishing and describing an organisation’s financial objectives. A successful digital transformation in finance department goes way beyond the software itself.
That is why we prepared series of Budgeting, Planning and Forecasting Tips videos, that cover common challenges in the process.
The webinar series is titled “How to Efficiently Make your Planning, Budgeting & Forecasting Processes Perform Better ”.
You will find the following topics in this vidoe series:
- Prepare a What-if Analysis
- Create a Rolling Forecast
- Prepare a Step-Down Cost Allocation in Multiple Steps
- Prepare Financial Reports in Multi-GAAP Environments
- Translate Foreign Currencies in Financial Reporting
- Close Your Books in 3 days
- Prepare an Optimistic/Pessimistic Annual Budget
We encourage you to request a live one on one demo if you are interested in any other topic from BP&F.
Prepare a What-if Analysis
What-if scenario planning is exactly what it sounds like. It is a tool for assessing the impact of possible future events on the company’s business and results.
All business plans deal with the future which includes a lot of uncertainty. It is important to embrace these uncertainties and incorporate them into the plan.
What-if scenario planning and analysis is a technique where you can prepare and evaluate likely scenarios with different assumptions in mind.
Create a Rolling Forecast
An accurate forecast is crucial when the supply of raw materials and products and their prices change completely chaotically. With rolling forecasts instead of traditional budgeting you will be able to increase accuracy and agility where you will be able to make quick responses to market conditions rather than accumulate mistakes until the next budget , which allows you to respond better to time-sensitive decisions.
Prepare a Step-Down Cost Allocation in Multiple Steps
Proper cost allocation from the cost center (ie. Administration where costs incur) to a profit center (ie. Sales where profit is being generated) is an important task of accounting. We will show you how to use a step-down method in multiple steps to allocate general expenses to profit centers and in the second step to individual products to enable a profitability analysis on the product level.
Prepare Financial Reports in Multi-GAAP Environments
If your company is part of an international group which operates in different countries where both IFRS and GAAP standards are in use, that probably means you need to report to the national regulator under local GAAP and to the group under IFRS (or vice versa) in order to be compliant to the reporting standards. In this demo we showed you how to do that efficiently and without any unnecessary work.
Translate Foreign Currencies in Financial Reporting
Many big companies are multinational and are operating in various regions of the world that use different currencies. If they decide to sell to a foreign country with a different currency it must report in the currency of the place where the majority of cash is primarily earned and spent. In this webinar we will show you how to just that in an easy and efficient way.
Close Your Books in 3 days
A fast financial close has many benefits, it enables companies to take faster action on financials and also properly analyze them. We will show you how to close your books in 3 days without sacrificing the integrity of your financials
Prepare an Optimistic/Pessimistic Annual Budget
When making decisions, decision-makers should assess not only the most likely outcome of a decision but also the outcome that will arise if the worst possible happens. In this “Prepare an Optimistic/Pessimistic Annual Budget” webinar we will teach you how to prepare an optimistic/pessimistic annual budget and how to get ready for both scenarios.
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In its 2020 Magic Quadrant for Cloud Financial Planning & Analysis Solutions, Garter recognised Wolters Kluwer’s CCH Tagetik as a field leader.
CRMT is Wolters Kluwer | CCH® Tagetik Platinum Partner with 10+ years of experience and a proven track record of successful Budgeting & Planning solution implementations.