Budgeting Content

Procurement and Finance: How to Close the Budget Loop

Budgeting is obviously one of the most effective ways to meet profit goals and avoid maverick spend. Budgeting and planning help organizations invest their resources to best benefit, based on cautious consideration rather than the urgency to make a short-term decision. They are essential to sustain your company's economic growth. But how do you close the loop between budget preparation, execution and forecast? This can be a challenge. Like William Feather said, “a budget tells us what we can't afford, but it doesn't keep us from buying it.”