First and foremost, you must understand your requirements and resources –which includes your current IT infrastructure, available budget, and human resources. Evaluate the strengths and weaknesses of your existing processes. Consider: What workflow problems do you encounter? What pain points do you wish could be addressed? What elements in your…
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Just because your budget is complex does not mean that your budgeting process has to be. As you ramp up your forecasting, you need a tool that adapts with you. Spreadsheets and email just do not provide the flexibility you need and are often very administratively heavy to update regularly….
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If you want to start including more frequent forecasting in your business, then you need to know the best ways to go about it. No one wants to spend more time and money than they need to when the end goal is to save time and money. Start with the…
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How do you know if a rolling budget and monthly forecasting is right for you? We can start by looking at who it is not right for. If your business: Has primarily/only fixed expenses or Has little fluctuation in revenue or Is looking to stay status quo and not grow…
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You know budgeting is important and you know forecasting is equally so. At its most basic, a rolling forecast helps you stay on track and give you an idea of how you are tracking towards your goals. But more than that, it can help you anticipate industry trends, navigate challenges,…
Read MoreSage recently announced that Sage Budgeting & Planning is being retired in 2021. Going forward, Sage partners and customers need a robust solution for their budgeting, planning, and forecasting needs. True Sky has full integrations to Sage 100, 300, X3, 500, and Intacct. Existing Sage Budgeting and Planning Customer? Click…
Read MoreLet’s face it – very few people actually like to budget or forecast. So, reforecasting may seem like a daunting task. Why do organizations reforecast? Here are some things to consider: Alignment of Your Business Especially in today’s turbulent economy, businesses change so quickly that forecasts created previously aren’t always…
Read MoreIf you’ve been following along with our blogs, you’ll know the importance of people and data on the quality of your forecast. Equally as important is the process – how does the forecast get created? What systems are you using? Is your forecasting tool user friendly and does it give…
Read MoreForecasting is important to the business, but the forecast itself relies on high-quality data. When determining the data to use in the forecast, the following factors must be considered: Detail: How much detail are you putting in to your forecast? Keep in mind, more detail is not always better. If…
Read MoreThe team involved in the forecasting process has a huge role to play in the quality of your forecast. Consider the following when planning for your forecast: Involvement: Who are you involving in the forecasting process, and how well do they know the data you are asking them to forecast…
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