Updated: Jul 2
If plans, budgets, and forecasts are only to play with numbers, surely the CFO is only paying attention to reports that he has always handled, usually around financial accounting and forgetting the importance of management accounting.
The planning process is the reflection of the CFO type in your organization!
In many organizations, the planning process is permeated with many unfulfilled expectations, confusion, and even ethical dilemmas. The obsolescence and arrival of new technology applications have caused fury and frustration among the experts of Enterprise Performance Management (EPM).
CFOs must modernize their models and planning processes to pre-empt information requirements that are required to evolve from the analog to digital business.
Having a better planning is like improving organization's IQ!
Organizational intelligence is comparable to a person's intelligence to acquire knowledge and skills and make decisions that strengthen the competitive landscape of each business. Organizational culture is a foundation element in improving Financial Planning and Analysis. Therefore, it is CFOs responsibility to strengthen this process or throw it away!
During the month of July, it is a good time to question and improve what remains of the 2017 budget. In addition to preparing a better planning for the year 2018.
CFO, What kind of professional do you want to be?
In the following figure, I encourage to review your planning process maturity level and define with your team a future scenario to deliver high-impact reporting in decision-making.