Modern Best Practices for Financials: Planning & Budgeting

Budget to Approval

Enterprise Planning and Budgeting is often mired in a jungle of spreadsheets, hidden assumptions, unknown drivers, and obscure allocations. Management and staff spend most of their time on preparation instead of planning to meet strategic goals. This article focuses on the Financial Best Practice Budget to Approval, identifying the core components, discussing the importance and implications of each, and high-lighting the solutions delivered by the Oracle Planning and Budgeting Cloud.

The Oracle Planning and Budgeting Cloud implements and enforces modern best practices for Financials. The key process flows provide a clear and simple path to create and maintain a successful results-focused state of the art financial organization. 

Budget to Approval Best Practices

The analytic, mobile, and social capabilities built into modern best practices have made it possible to produce more timely reports and enable smarter decision-making. Create more accurate budgets by collaborating with your entire organization. Take advantage of the cloud for an easy platform to securely analyze the comparison of actual results against planned budgets. Use the following modern best practice as your roadmap for efficient, data-driven financial processes.

 Define Budget Strategy

Define and link budgets by department, organization or cost center.

 Generate Allocations

Allocate budgets across organizations.

Maintain Budgets

Collaborate across organization on budgets and key plan assumptions.

 Monitor and Consolidate

  Monitor budget participant progress and approval status.

 

Approve Budgets

Approve final budget and communicate to the entire organization.

 

Predictive Forecasting and Monitoring

Automatic review of budget status and scenario analysis.

 

Read each installment of Modern Best Practices for Financials and Oracle Financials Cloud where we drill down to the details of each Best Practice.

The full list of Financial Best Practice processes is:

Contact Belltane at any time for more information, live demonstrations, and solution packages and quotes.

2 thoughts on “Modern Best Practices for Financials: Planning & Budgeting

  1. Pingback: Modern Best Practices for Financials: Customer Invoicing | Belltane Enterprise Cloud Blog

  2. Pingback: Modern Best Practices for Financials: Period Close | Belltane Enterprise Cloud Blog

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