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The Unwritten Rules of Budgeting – part 4

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The Unwritten Rules of Budgeting – part 4

In the last blog I commented on some of the unwritten rules of budgeting systems.  Budgeting systems need to be more than ‘adding up’ machines.  There are new innovations appearing all the time that are encouraging a new approach to budgeting.  While most systems available support a traditional view to budgeting, these new systems are set to re-write the way organisations plan to help them focus on strategy implementation.

These capabilities include:

  • Driver-based planning where organizational activities are linked as a ’cause ...
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The Unwritten Rules of Budgeting – part 3

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The Unwritten Rules of Budgeting – part 3

While writing the blog on the unwritten rules in budgeting, we’ve noticed a similar set of beliefs that apply to budgeting systems.  These beliefs often influence the decision over which tools are selected and the way in which they are used.  However, not only are these rules false but they have the power to mask the real purpose of the budget, which is to ensure that strategic initiatives are adequately resourced.

How many of the following do you recognise – or ...

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The Unwritten Rules of Budgeting – part 2

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The Unwritten Rules of Budgeting – part 2

 

In my last blog I focused on the ‘unwritten rules of budgeting.  Overcoming these unwritten rules is essential if budget cycle times are to be reduced, forecast accuracy is to be improved and performance optimized.

Thanks to all those who responded with the ‘rules’ they have noticed.  For me the key to overcoming them is bound up in the following:

 

  • Focus the budget on strategic outcomes.  Budgets are typically focused on departmental financial goals.  Although those goals may be ‘strategic’, the reality ...
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