What is the Point of Planning Budgeting and Forecasting?
The Planning, Budgeting and Forecasting (PBF) process is a Finance department function that is time-consuming, often misunderstood, and generally disliked. For companies that are growing and healthy, the process can serve as the foundation for long-range strategic, operational, and financial planning. However, in an underperforming company or turnaround it is critical to improving profitability and may be the basis of the success or failure of the company. So, why is the PBF process necessary and what does it accomplish? The answer varies depending on whom you are talking to, and to which aspect of PBF you are referring.Read More