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Most businesses of significant size have an annual budgeting process. This allows the business to take a moment and evaluate their progress and make plans for the upcoming calendar or fiscal year by providing a benchmark for evaluating performance and setting compensation goals. It is an important process but only a part of the total picture.

Companies cannot run their businesses solely based on plans developed at a single point in time. The business climate can change quickly and with profound effects over the course of a year. Management constantly needs timely and relevant information to deal with these potential challenges. This requires special tools that have the flexibility to reflect changing situations into their projections as well as accurately incorporating actual results as they happen. These tools rarely exist as an out-of-the-box solution but rather require customization tailored to the respective business. Software providers do not possess the full expertise to provide a complete solution. Only a system savvy financial manager dedicated to that business can provide that service effectively.

Most of the companies for which I provided financial management had limited cash resources, and continuous planning, sometimes several times a month, was a necessity to keep the business solvent. I designed models to be robust but simple to maintain.This process is also important to assess strategic opportunities.

Operational managers need correct, timely and simple to understand data in order to make critical decisions that drive their business.