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Category: Best Practice Guides
The requirement for accurate and timely forecasting of corporate results increases every day. Fuelled by the demands of the web-driven world for instant access to information, financial managers are expected to be able to predict the financial and operational impact of each big decision in days, or even hours. The truth is often far removed – most management accountants still rely on a planning methodology designed in the early Twentieth Century and a bewildering tower of spreadsheets. Long hours, questionable accuracy, and the ever-present danger of the spreadsheet tower collapsing under the strain mean that most financial managers dread the planning process. In the first of a series of six articles, Steve Bows examines aspects of a new process for the Twenty-First Century that combines best-practice techniques with the latest in enabling technology to help take the stress out of the planning cycle.
