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Key Advice on Effective Reporting, Planning, Budgeting & Forecasting

Key Advice on Effective Reporting, Planning, Budgeting & Forecasting

A common challenge among Finance teams in Central and Local Government organisations, is Reporting, Planning, Budgeting & Forecasting, and how teams can deliver true benefits from Planning & Forecasting Systems.

In this article, Richard Jones, Finance Director at MOORE Insight and Expert in Reporting, Planning, Budgeting & Forecasting, shares three pieces of advice to help Finance teams in Government achieve their goals.

Read on and watch the video below, to learn how Finance teams can make the most of their Reporting, Planning, Budgeting & Forecasting systems and processes.

Understand your data
Firstly, understanding your data and having clear definitions and structures will help you build a clear and obvious one source of the truth for all of your information. This can then form the basis for whatever comes next.

Gain and keep control, through clearly defined processes
The second important factor is gaining and keeping control through clearly defined processes, and making sure that these are easy to follow. Ease of use is paramount, for example, taking advantage of existing tools, such as Excel. This can then be linked back to a central data store, meaning that you are able to combine the flexibility of Excel with the control of a more structured system.

User engagement is key
Finally, user engagement is key. Taking your budget holders and managers with you in any change journey will significantly increase the chances of success of any new system or process. The key here is demonstrating tangible benefits or improvements early on, and delivering real value ongoing. Overall when designing a new process, make sure that what you end up with is easy to use and hard to ignore for your end users.
 
Watch the full video:
Get in touch with us, if you want to learn more about how to make significant and lasting improvements in the area of Reporting and Planning, Budgeting and Forecasting.