The Master Guide to Controllers' Best Practices, 2nd Edition

CHAPTER 13.BUDGETING BEST PRACTICES

Each area of a business’s operations typically has a separate budget. For example, a business might have an advertising budget, a capital budget, a purchasing budget, a sales budget, a manufacturing budget, a research and development budget, and a cash budget. New and ongoing projects would each have a detailed budget. Each budget would then be compiled into a master budget for the operations of the entire company.

The budget process is usually initiated after the completion and approval of the organization’s strategic planning process. This chapter includes the following items:

Chapter 13. Budgeting Best Practices

Linking the Budget Process to the Strategic Plan

Preparation for Strategic Planning

Key Elements for Strategic Planning

Strategic Planning Methodologies

Strategic Plan Table of Contents

Measuring the Success of Your Strategic Plan

Strategic Planning Performance Metrics

The Budgeting and Planning Process

Achieving a Successful Budget Process

Starting the Budget Process at Both the Top and Bottom

Considering Industry Trends and Economic Data

Adapting to Changing Business Conditions

More Time and Details Do Not Equate to a Better Budget

Establishing a Budget Owner and Tracking Procedure

Common Budgeting Process Challenges

Boosting the Controller’s FP&A Savvy

Eight Skills Needed for FP&A Excellence

Corporate Performance Management (CPM)

The Capital Budget

Capital Budget Decision-Making

Alternative ...