CEO's hate budgeting and forecasting too, says the FT.
Who knew it, CEO is normal, hates budgeting as well.
For most budgeting and forecasting cycle is an increasingly stubborn process that is taking longer and longer adding little or no value. We hear of senior executives who routinesly refuse to co operate taking far too long to complete forms, spreadsheets. Heads of Finance or the Financial analysts says these are important fnancial analytical tools which drive the business. And you were at home sleeping like Homer on the sofa.
Budgeting & Forecasting Survey
Budgeting and Forecasting, A waste of time?
New research from the Financial Times states CEO’s believe budgeting and forecasting are a complete waste of their time as well. The future just happens regardless of how it is planned. No forecast or budget is ever accurate say the cynics, so why waste more time. If Homer was here he would be reaching for the Melt down button in Mr Burn’s Nuclear Plant. Oh Dear.
Regulation kills invetntion and innovation even in Finance
Of course the real reason for doing the budget and forecast is as a opportunity to plan for growth, maybe even find new profit streams. The same reason that Financial analysts should be NOT using for Excel for budgeting is the same force that is institutionising of the budgeting and forecast process. SOX compliance, Regulators bearing down too hard preventing invention and innovation.
Try Excel alternative for financial Modelling
Financial Modelling and Scenario testing, Save the day?
A shaft of light appears or maybe not, financial modelling software like Quantrix and data analytics in financial modelling gives Chief Information Officer (CIO) & CFO’s (Head of Finance) a chance to work collaboratively. Business Modelling software or Financial Modelling software gives genuine flexibility in the budgeting and forecasting process. Why? As it allows Financial Analysts and Business Planners to test assumptions, “what ifs”, model real outcomes. The big pay off being the rock solid financial reporting layer in the background such as Cash Flow, projected Profit and Loss, rolling forecasts.
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