A shorter time frame, open communications, and financial diplomacy all enable a smoother and faster annual budgeting process.
Perry D. Wiggins, CPA
In this article, Perry D Wiggins, outlines 4 key practices to consider that leading companies use to speed up the budgeting process.
His article is based on data from more than 3,900 organizations in APQC's Open Standards Benchmarking survey for Planning and Management Accounting. The study finds that top performers complete the annual budget in 25 days or less — half the time it takes organizations in the 75th percentile.
The article goes on to say that completing an annual budget doesn’t need to be painful or protracted. Leading organizations finish their yearly budgets in less than a month.
The writer then offers four standard practices that finance leaders can use to ensure a smoother budgeting process.
Ramesys is an all-in-one budgeting, forecasting and reporting platform, purpose-built for the mining industry, that offers complete cost visibility across the entire organisation.
Our goal is to make it easier for mining companies to achieve a transparent understanding of their cost performance, develop a cost-conscious culture and create a single source of truth that helps key stakeholders make better decisions, faster.