Video/Presentation: http://www.proformative.com/resources/video-presentation-fpa-paradigm-shift-budgeting-strategic-planning
CFOs today know their team must transition from pure data gathering and budgeting, to providing insights which will enable the business to make critical decisions. While responsible for providing information critical to building the strategic plan, finance is still rolling up numbers, sweating out the details from multiple roll ups, stressing from minimal visibility into the decisions behind the numbers ? all of which allows little time for real analytics. In this educational session you will learn how to engage and empower all users in the budgeting process to overcome the barriers of the past and to become financial experts driving critical decisions. Understanding the pitfalls as well as best practices will help to empower your team to move from budgeting to more of strategic planning.
Speakers:
Jason Webster, CEO & Founder, Archetype
Ted Dacko, CEO, XLerant, Inc.
Presentation delivered at CFO Dimensions 2013 - http://www.cfodimensions.com
Track: Finance Technology | Session: 2
So Tempered Exhuberance…I am not sure where I heard it the first time…But if you google it, it seems to be up there with tweeting, apps and refudiate as the 2010 phrase of the year… When I think of tempered exhuberance, I think of an orangatan in a jewelry store or my three year old at the ballet…Theres a natural incongruency…But such is life in Finance in US business today…The IMF has forecasted global economic growth for 2011 at 4.4%. That sounds ok, but when you factor in the US growth at 3-3.5% and China at almost 10% that reflects a huge swing that needs to be accounted for in plans for consumer spending, sales & marketing, manufacturing, supply chains and so on
So here is the DEMONSTRATION SEQUENCE THAT LARRY’S GOING TO TAKE YOU THRUHe is going to show you an INTERACTIVE BUDGET MAP --- or the Budget GPS --- Where you can SEE EVERYTHING YOU WANT TO DO (short of reporting) --- in a SINGULAR SCREEN He’s going to demonstrate SITUATIONAL BUDGETING --- which is an intuitive way that your Dept. Heads can budget to their individual needs --- and in line with the way they thinkHe’s going to show you how you can take your Annual Budget and spread it by Month and apply Seasonality from Last Year’s Actuals – if you want toHe’s going to demonstrate ACTIONPAKS --- which is a unique way that your Department Heads can easily budget for their individual Department projects, programs and initiativesHe’s going to demonstrate the comprehensive Headcount and Salary capabilities of BUDGETPAKAnd how you can do your REVENUE PLANNING using a combination of DRIVERS and PRE-CALCULATED accounts He’s going to show you how you can address two challenges when Budgeting for Assets: [1] being able to COLLECT, TRACK and COMMUNICATE the Asset request from each Department -- so you can create a consolidated list of -- What assets are needed? -- Who needs it? -- and When they need it? --- AND [2] the challenge of handling the proper Accounting of the Asset during the Budget year.He’s going to show you the electronic Approval Workflow and Signoff features of the systemAnd Finally, he’ll demonstrate examples of the Rich Production and Custom Reports you can produce with BudgetPakAre there any questions?<<ENTER>>
Okay, just a little housekeeping. First of all, all participants are in listen only mode so we’re not all talking over one another. If you do have a question during the webinar just type it into the question box in your GoToMeeting panel. We’ll be collecting those and answering as many as we can at the end. We have a pretty packed agenda, so if we don’t get to all of them today we’ll be following up with you directly.I did want to mention that we will be showing you some of our budgeting application today called BudgetPak, but this is not really intended to be a full demo of the product. If you’re interested in that just let us know and we’d be happy to arrange something for you.
Okay, just a little housekeeping. First of all, all participants are in listen only mode so we’re not all talking over one another. If you do have a question during the webinar just type it into the question box in your GoToMeeting panel. We’ll be collecting those and answering as many as we can at the end. We have a pretty packed agenda, so if we don’t get to all of them today we’ll be following up with you directly.I did want to mention that we will be showing you some of our budgeting application today called BudgetPak, but this is not really intended to be a full demo of the product. If you’re interested in that just let us know and we’d be happy to arrange something for you.
So here is the DEMONSTRATION SEQUENCE THAT LARRY’S GOING TO TAKE YOU THRUHe is going to show you an INTERACTIVE BUDGET MAP --- or the Budget GPS --- Where you can SEE EVERYTHING YOU WANT TO DO (short of reporting) --- in a SINGULAR SCREEN He’s going to demonstrate SITUATIONAL BUDGETING --- which is an intuitive way that your Dept. Heads can budget to their individual needs --- and in line with the way they thinkHe’s going to show you how you can take your Annual Budget and spread it by Month and apply Seasonality from Last Year’s Actuals – if you want toHe’s going to demonstrate ACTIONPAKS --- which is a unique way that your Department Heads can easily budget for their individual Department projects, programs and initiativesHe’s going to demonstrate the comprehensive Headcount and Salary capabilities of BUDGETPAKAnd how you can do your REVENUE PLANNING using a combination of DRIVERS and PRE-CALCULATED accounts He’s going to show you how you can address two challenges when Budgeting for Assets: [1] being able to COLLECT, TRACK and COMMUNICATE the Asset request from each Department -- so you can create a consolidated list of -- What assets are needed? -- Who needs it? -- and When they need it? --- AND [2] the challenge of handling the proper Accounting of the Asset during the Budget year.He’s going to show you the electronic Approval Workflow and Signoff features of the systemAnd Finally, he’ll demonstrate examples of the Rich Production and Custom Reports you can produce with BudgetPakAre there any questions?<<ENTER>>
Budgeting is a discreet process, meaning that as you are doing your budgeting, you do not have to be connected to other systems…. BUT when you need to, It does interact with the transactional systems in your organization ….. so at the beginning of the process you want to load history from your GL– example might be 2 years of actual data and last years budget data into BP so Dept Heads can have a frame of reference … they can also look at things like seasonality … and expenditures from prior years …. and then they can understand how the budget they are preparing compares with last years budget or the last couple of years of actual …. You also want to bring in Headcount and Salary information .. since generally 60%- 80% of your costs are people costs…. -you can load information on EACH INDIVIDUAL Person by DEPARTMENT, THEIR SALARY INFORMATION, BENEFITS, FICA, SALARY GRADE, ETC…..SO YOU CAN PLAN FOR HEADCOUNT CHANGES, ADDITIONS & REDUCTIONS, RAISES AND BONUSES Same thing goes for Fixed Assets …. People want to know who wants what assets, when they need it, and how many by department. They also want to be sure that the assets are properly accounted for during the budget year … there are assets that need to be expensed, DEPRECIATED, ETC, … so we want to allow your people to say … I think I need to purchase some assets as part of my budget request for next year .. and then let BP use the right method to deal with that expense … Once the budget is finalized, these numbers can all be electronically put back into the GL, HR and FA systems to await the arrival of the actuals… and this process can be completely controlled by the finance team without need for IT support.
Budgeting is a discreet process, meaning that as you are doing your budgeting, you do not have to be connected to other systems…. BUT when you need to, It does interact with the transactional systems in your organization ….. so at the beginning of the process you want to load history from your GL– example might be 2 years of actual data and last years budget data into BP so Dept Heads can have a frame of reference … they can also look at things like seasonality … and expenditures from prior years …. and then they can understand how the budget they are preparing compares with last years budget or the last couple of years of actual …. You also want to bring in Headcount and Salary information .. since generally 60%- 80% of your costs are people costs…. -you can load information on EACH INDIVIDUAL Person by DEPARTMENT, THEIR SALARY INFORMATION, BENEFITS, FICA, SALARY GRADE, ETC…..SO YOU CAN PLAN FOR HEADCOUNT CHANGES, ADDITIONS & REDUCTIONS, RAISES AND BONUSES Same thing goes for Fixed Assets …. People want to know who wants what assets, when they need it, and how many by department. They also want to be sure that the assets are properly accounted for during the budget year … there are assets that need to be expensed, DEPRECIATED, ETC, … so we want to allow your people to say … I think I need to purchase some assets as part of my budget request for next year .. and then let BP use the right method to deal with that expense … Once the budget is finalized, these numbers can all be electronically put back into the GL, HR and FA systems to await the arrival of the actuals… and this process can be completely controlled by the finance team without need for IT support.
So here is the DEMONSTRATION SEQUENCE THAT LARRY’S GOING TO TAKE YOU THRUHe is going to show you an INTERACTIVE BUDGET MAP --- or the Budget GPS --- Where you can SEE EVERYTHING YOU WANT TO DO (short of reporting) --- in a SINGULAR SCREEN He’s going to demonstrate SITUATIONAL BUDGETING --- which is an intuitive way that your Dept. Heads can budget to their individual needs --- and in line with the way they thinkHe’s going to show you how you can take your Annual Budget and spread it by Month and apply Seasonality from Last Year’s Actuals – if you want toHe’s going to demonstrate ACTIONPAKS --- which is a unique way that your Department Heads can easily budget for their individual Department projects, programs and initiativesHe’s going to demonstrate the comprehensive Headcount and Salary capabilities of BUDGETPAKAnd how you can do your REVENUE PLANNING using a combination of DRIVERS and PRE-CALCULATED accounts He’s going to show you how you can address two challenges when Budgeting for Assets: [1] being able to COLLECT, TRACK and COMMUNICATE the Asset request from each Department -- so you can create a consolidated list of -- What assets are needed? -- Who needs it? -- and When they need it? --- AND [2] the challenge of handling the proper Accounting of the Asset during the Budget year.He’s going to show you the electronic Approval Workflow and Signoff features of the systemAnd Finally, he’ll demonstrate examples of the Rich Production and Custom Reports you can produce with BudgetPakAre there any questions?<<ENTER>>