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The next blog in this series will look at possibilities in accounts receivable.Follow SAP Finance online: @SAPFinance (Twitter) | Linked In | Facebook | You Tube Claudia Tewald is a business enterprise principal consultant and has worked for SAP Consulting for more than 14 years in the area of Finance and Controlling.Companies today invest significant resources and time in developing financial plans to communicate business strategy, measure performance, and form the basis of the “forward-looking” guidance provided to investors and the market in general.Whether the company is developing top-down targets or building bottom-up budgets, the planning process is complex and fraught with inefficiencies and a lack of transparency.From scaling production and recruiting staff, to fulfilling customer demand, to optimizing working capital, decision makers must counter emerging market risks, opportunities, and disruptions with creative solutions that go one step further than the competition.As complex as these challenges may be, they are no match for what is perhaps the most significant hurdle for leaders running a small or midsize business: freeing leadership from hum-drum daily duties to strategically drive future growth and optimized business performance.The business drivers and key performance indicators used as the foundation of financial forecasts generally lack a cohesive governance strategy and data is not integrated across all areas of the business.Lack of data is not an issue; rather, having the ability to discern which data is most relevant is key. The accuracy and transparency of your financial forecasts are reliant on how complete and, more importantly, how well integrated your financial drivers are to your overall planning process.
You can, for example: Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.
When forecasted targets are missed or financial results come in short of expectations, it can be a challenge to determine the root cause of the “miss.” Was it a change in the market? Forecasts built on aspirations rather than business insight, financial facts, market trends, and external indicators can lead to inaccuracies and result in decreased company valuation.