Best practice – Budgeting

Best practice – Budgeting

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The annual budget is an essential business practice and needs to comply with some factors to be carried out to the best.

First of all, it has to be aligned and integrated with the organisation’s sales strategies and plans, as well as to be supported by a dedicated software.

Secondly, it is important to communicate the forecasts measuring KPIs, to automate the calculation of operational and financial data, to  be fully integrated with the associated planning, forecasting and reporting exercises, and to reduce the time needed to complete the process.

Talentia’s BP&F software has an open architecture that allows the user to pull critical information from third party systems into the budgeting model. This means that information from the general ledger, sales forecasting, cash flow etc. can be used to help prepare a more accurate budget. It also saves time for the end user as they do not have to double key data from different spreadsheets – all the information they need is within Talentia’s BP&F.

Find out more about the best practices to follow when developing an annual budget.