04 september 2017
With the proper process, tools, and feedback mechanisms in place, budgeting can be a valuable exercise for organizations and provide a solid mechanism for holding organizational leaders accountable. Following the same process using the same tools will provide the same results. The process needs to change, and in some cases, the tools need to change. Having a proper monthly variance review process is one of the most critical factors in creating a more efficient and accurate budget. Monthly variance reporting puts parameters around what is to be expected during the upcoming budget entry process.