There are various ways of creating a financial budget. In fact, the key to budgetary planning is not to spend time getting 99% accuracy with your budget. It's the monitoring of the budget that matters more. So that you can take appropriate actions based on how far off you are from your budget. Budget planning is even more critical for industries with large amounts of inventory, heavy capital equipment, and human resources-driven industries. The budget planning could even vary across industries. So what are the features you need in a tool designed for budgeting?
In today's episode, we invited a panel of cross-functional experts for a live interview on LinkedIn who brings significant expertise to discuss budgeting business processes best practices. We covered many grounds, including the impact of supply chain and cash flow on budget and different methods of budgeting. Finally, we covered the difference between forecast vs. budget, strategic vs. regular budget, and incumbrance business processes.
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