5 Building Blocks for Financial Credibility Within Your Firm
With budgets being scrutinised and squeezed more than ever, it is important to understand your spend so you can forecast and manage your budget effectively. Click below to see how we can help you gain financial credibility within your company which can only help when you have to request additional funds for unscheduled projects.
Understanding your contractual situation is key to eliminating those “surprises” when a renewal appears. Link this with rogue spend and you may have contractual risks far higher than the original purchase costs and that your department does not know about when budgets are being created.
Understanding what is being spend by your department is critical to managing your departmental finances. Having a robust procurement process will eliminate rogue spend that is not usually malicious but means you can never be sure you are in control of your spend.
A lot of companies have robust processes for creating budgets without knowing what financial commitments they have means which means it will always be open to challenge. If your budget cannot be monitored at the same level of detail you will always be guessing the variances. We work with your team to ensure they can understand their budget and report against it effectively.
Having a budget is great but if you cannot report actual spend against it, how are you ever going to understand under or over spend. We look at your current reporting and offer solutions to enhance it to provide a realistic picture your departments spending and forecasting the future.
Understanding your suppliers, what you spend with them and what additional benefits they can bring will enhance the relationship and bring in innovation that could ultimately bring further benefits to your organisation.