As 2016 comes to an end and the books close on December 31, accountants and financial analysts know what’s on the menu first for 2017: the annual year-end closing period and audit. Whether your company is public or private, the year-end closing process can be stressful, lengthy and downright messy, especially if the wrong information systems are at the table.
If your budgetary planning process hasn’t evolved over time, you may still be working with a manual, time-intensive process each year that inspires resignation and dread from planners and line managers alike. To adjust for accelerating technological and market forces, you may want to transform this yearly low-return exercise into a rolling forecast that truly helps your company effectively plan and measure performance.
If your company is like most, the July through September timeframe is when you put together next year’s annual budget. This annual budget can function as an effective means for spending control. However, as “The Planning Survey 14” from BARC describes, annual budgets are nearly outdated by the time the yearly planning cycle is over, rendering them ineffective as a performance management tool. This means most companies really need rolling forecasts to update their budget data throughout the year in monthly or quarterly intervals.
This was our fifth year participating at SAPPHIRE NOW and ASUG Annual Conference, the largest global business technology event, and being part of the daily conversations in terms of addressing the current challenges and future opportunities for SAP users.
“Business has continued to be more interested in thinking, in general, than any other sector of society. The explanation for this is because there is a reality test. There is a bottom line. There are sales figures and profit figures. There are results.”
– Edward de Bono; Maltese physician, psychologist, author and consultant
With business finances, the devil is in the tiniest of details, yet The Halifax Herald Ltd. (The Herald) had struggled with reporting detailed business data from its Oracle E-Business Suite since installing the ERP system in 1999. The independently-owned publisher of The Chronicle Herald