Jun

10

Article: Timely Annual Planning Process – 10 Working Days or Less!

June 10, 2008 |

Extract from “Pareto’s 80/20 Rule for the Corporate Accountant” published by John Wiley & Sons Inc

Background

This sounds impossible yet it is achieved. It takes good organization and recognition that the annualplanning process is not adding value, instead it is undermining an efficient allocation of resources,encouraging dysfunctional budget holder behaviour, negating the value of monthly variancereporting and consuming huge resources from the Board, senior management team, budget holders,their assistants and of course the finance team. When was the last time you were thanked for theannual planning process? At best you have a situation where budget holders have beenantagonized, at worst budget holders who now flatly refuse to co-operate!

The future for your organization is quarterly rolling planning which is covered in section 3 in thebook. However, it will take upwards of nine months to implement and your annual planning cyclemay be just around the corner. This section will help develop the better practices that will be carriedover into quarterly rolling planning and forecasting.

Read The Full Article: Timely Annual Planning Process (PDF)


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