Effective Financial Planning, Forecasting & Budgeting

The budgeting process begins with zero-based budgeting, that is starting at zero and determining the needs of each department and tasks which can provide a far more accurate budget than just allowing for a simple incremental increase each year.

Budgeting also plays a critical role in strategic planning. As software and hardware needs become more sophisticated, annual budgeting is a must. Unless you plan ahead and include the costs of changes in your budget, you may find your organization going without the benefits of future advancements or expending significant amounts of money.
As many organizations have recognized over the past year, costs are certainly not a constant factor. Although it is not possible to predict fluctuations