For organizations with annual expense budgets, it is important to have procedures for monitoring expenditures and budget items throughout the year. This article visually describes how to use statistical forecasting models,  uncertainty ranges and space forecasting models for this purpose.

Many businesses have yet to discover the full benefits of evolving their planning process to include complete and accurate rolling forecasts. With so many external factors that affect the bottom line for these businesses creating rolling forecasts is a sound way to ensure strategic decisions are made.

The world of financial planning and analysis has observed changes of such magnitude that they cannot be described by our traditional statistical and analytical models.

Financial Planning & Analysis (FP&A) is gaining more and more attention from business leaders. Its focus is the future of the business. The FP&A professionals who work as Finance Business Partners understand basic accounting and reporting, yet their strength is in being from different ‘walks of life’.

Why, when everyone hates it, do we still have traditional budgeting? My tentative answer to this would be that most people were not aware of the alternatives.

In the period from 2001 to 2006, the Retail division of Swiss Post transformed itself from a public service company into a business driven sales organization. Crucial drivers of change were, on the one hand, the adaptation of the steering systems up to the final implementation of a "Beyond Budgeting" philosophy and, on the other hand, a humanistic attitude of management and finance department against all employees. The success was amazing: The division succeeded in increasing the sales of new retail products from 0 to over 400 million CHF, optimizing the bottom line by more than 100 million CHF or more than 5 percentage points and becoming the first state-owned company in Switzerland to win the EFQM- Award for Business Excellence.