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Whitepaper: Let's Get Rolling

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LET'S GET ROLLING: 10 TIPS FOR ROLLING FORECASTS venasolutions.com 2 Moving from a static budget to a rolling forecasting and planning model has been a persistent and elusive goal for finance leaders for years. In truth, the transition is not as daunting as it seems, and the results range from freeing up valuable executive time to making smarter, faster strategic decisions. Introduction: The Case for Rolling Forecasts As long as any finance professional can remember, the annual budget has served as the guiding document for virtually every organization's strategic and operational planning. And for many years, the budget served its purpose well, providing a centralized set of financial milestones for every department to attain. Over the last several decades, however, the budget has shown signs of aging and – in the eyes of many – has indeed begun to outlive its usefulness. The pace of business, increased globalization and rapidly changing market conditions are among many factors contributing to the annual budget's obsolescence. It comes as no surprise that a growing number of finance leaders are seeking a more dynamic financial planning model that can help their organizations better adapt to changing conditions. Enter the rolling forecast. Much more than a static planning document or annual report card, forecasting is part of an agile, ongoing process of continuous improvement in strategic planning that KPMG refers as "the heart of the performance management process," and renowned forecasting champion Steve Player as the key to a more strategic role for the finance department. It follows that finance leaders consistently cite forecasting – accuracy, efficiency, automation, etc. – among their top priorities every year. "The budgeting process…brings out the most unproductive behaviors in an organization." JACK WELCH

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