Waymark Solutions

Services To:

• Senior Management
  • Team Balanced Scorecard
  • Case Study: Critical success factors and performance indicators
• Finance Team
  • Convert your Finance monthly reporting into a decision based tool
  • Course Flyers for In-house courses
  • One day workshop on KPIs
  • Review of the Budgeting and Forecasting Process
  • Team Balanced Scorecard
  • Case Study: Critical success factors and performance indicators
• Corporate Service Teams
  • Case Study: Critical success factors and performance indicators
  • Team Balanced Scorecard

• Finance Team
  • Convert your Finance monthly reporting into a decision based tool
  • Course Flyers for In-house courses
  • One day workshop on KPIs
  • Review of the Budgeting and Forecasting Process
  • Team Balanced Scorecard
  • Case Study: Critical success factors and performance indicators

Review of the Budgeting and Forecasting Process

Home > Services To > Finance Team > Review of the Budgeting and Forecasting Process

The programme consists of two,two day visits followed by a reporting process. The objective of this exercise is to radically change the existing budget process. As one writer has commented “budgeting is often long on process but short on value”. Typically on these projects the terms of reference for the assignment include:

• recommend ways to get improvements in annual budget process
• to assess whether the existing budget models can be modified to deliver an integrated budgeting and forecasting tool
• assess what current budgeting better practices can easily be adopted within existing system constraints
• recommend a budget programme next year that will encourage efficiency, BH commitment and SMT involvement

Stage one a two day visit - cost about $4,000

• planning and liaison before trip
• background reading of any existing documentation on the budget process before I come up (this material would have been emailed to me prior to visit)
• review of the budget model by my research associate prior to visit (the model is emailed to us)
• interviews with 5-8 budget holders, 2 GMs, accounting team, other interested parties and the CEO
• wrap up meeting in the afternoon on the second day to discuss findings to date with project sponsor

Stage two a two day visit - cost about $4,000

• planning and liaison before trip
• review in detail the budget model
• work with an accountant on and off for the full two days brainstorming some of the possible solutions. We will regularly link back with the sponsor to ensure we are on the right track
• interview additional parties not identified earlier
• wrap up meeting in the afternoon on the second day to discuss findings to date with project sponsor

Stage 3 write-up ($3,000-4,000)

• brief report written as PowerPoint slides and notes (quick to read and more efficient to write)
• optional-presentation of the report to the SMT including information about the recent developments in budgeting and how to complete a budget process in 2 weeks (extracts from a course I have delivered).

Fees

The fees above exclude GST and expenses. My fees are $1,500 per day. My research assistant is $480 (who would look at existing budget model and help with the final report). If a presentation is given there is a separate fee structure as I need a contribution to the cost of developing some of the presentation material I will use.

David Parmenter CEO Waymark Solutions Limited