Finance’s role is evolving in line with the quickening pace of business. Increasingly, practitioners – especially senior professionals operating at Board level – are now striving to support strategic objectives and work collaboratively with other departments to achieve corporate goals. Time is a precious commodity and as such the large investment of resource required to research, develop and edit an annual budget and maintain version control throughout the process is a growing concern.
A significant number of finance professionals interviewed as part of a 2015 KPMG/ACCA survey described the corporate budget as politically agreed and not linked to operational reality. Furthermore, many also stated that the annual budget quickly becomes irrelevant as the financial year progresses. Are attitudes towards the process changing, or does the annual budget still play a valuable role?