Companies should think about their budgeting, planning and consolidation processes in the same way as a smart sales person approaches an opportunity; plan, plan and plan and then execute your strategy to win. In other words the more you invest in preparing and understanding the opportuntity and what is needed to win the business upfront the greater the chances of securing the deal and maximising on the sale. Research, as shown below, highlights that companies that spend more on understanding their financial models will reduce overall costs and speed up financial cycle times. Enter Praxa Budgeting, Planning and Consolidation (BPC) services.
Through an improved financial reporting strategy that we will help put in place, you will benefit from:
- Align financial and operational plans with strategic objectives and goals
- Improve planning accuracy and associated costs
- Reduce budget cycle time
- Spend more time on analysis and less time on transactional work
- Quickly model potential business strategies and decide on a course of action that maximizes value creation
- Confidence in financial results and reports
Companies that spend a higher percentage up front on Budgeting & Planning have lower overall costs across the board in finance and faster cycle times. For example, the top performers complete the budget cycle in 30 days, while the bottom 20 percent take 90 days.
CFO.com : Planning for the Best, February 2007