As more and more enterprises endeavor to move from a centralized, command and control structure to more agile and decentralized business units, the biggest constraint felt by many is the way financial control is exercised via traditional budgeting and budgetary control.
It is commonly agreed that the traditional budgeting process is time-consuming and costly. It rarely focuses on strategy and adds little value. Although traditional budgets have evolved over the years, they can hardly meet the challenges of the modern economic and business environment.
Zero-Based Budgeting (ZBB) has been around for a while but not all organizations use it. In this article, I present a high-level overview of ZBB implementation and give some considerations.
This article summarises the research conducted in Turkey’s top 500 industrial companies. The aim of the research was to test the criticisms towards Traditional Budgeting and to understand if Better and Beyond Budgeting approaches are desirable in the current environment.
I would like to share my experience on my company’s journey towards a better budgeting process. I hope this will provide a starting point for fellow finance professionals to explore better ways to improve your own budget planning process.
These notes were made during the meeting of the FP&A Board on 6th February 2020 in London. They are a mixture of comments made by attendees and thoughts of those who presented case studies. These notes are the copyright of the FP&A Board and are for the attendees of the FP&A Board and their business colleagues. They are not to be used in publications unless authorized by the FP&A Board.