[...]... the processes with the current management team, company, industry, and economical situation Such problems were apparent in the many failed business process improvement (BPI) and reengineering projects during the 1990s Process Improvement for Effective Budgeting and Financial Reporting combines methodologies and systems from general business process improvement and business reengineering theories and. .. 16 INTRODUCTION TO BUSINESS PROCESS IMPROVEMENT Improvement Item Enabler Increase understanding of budgeting and reporting processes • Communication • Training • Documentation Put tools in place that will automate and simplify process • Technology • Workflow Put tools and models in place that are easy to use and understand • Design • Training Create budgeting and reporting processes that can easily be... benefits: Benefit (Output) Improvement Activity (Output) Establish analytics processes that reflect and support management planning, control and decision making • Link strategies to budgeting and reporting processes • Link compensation to performance in budgeting and reporting processes Maximize ROI for resources, such as people and technology • Offer adequate training • Document key processes • Invest in... activities, and tasks (see Exhibit 1.3) 2 Identify improvement opportunities: • By focusing on obviously weak areas • By observing best practices, competitors, outside consultants, and other resources ABOUT BUSINESS PROCESS IMPROVEMENT Budgeting Reporting 7 Processes: Budgeting and Reporting Subprocesses: For example, Budgeting subprocesses Activities: For example, Different data input activities Tasks: For. .. input and report analysis by focusing managers and users on key information • Improve budget input screen format and content • Improve report format and content • Provide graphics and ad hoc reporting tools • Create a chart of accounts that captures the information needed Save time and money by improving workflow for analytics processes • Implement top-down/bottom-up budgeting processes • Automate and. .. Business Process Components 3 Select changes to implement 4 Adapt changes to own administrative processes and needs 5 Document the new processes All the project phases come together in a BPI project plan and the accompanying documentation CORE BUDGETING AND REPORTING PROCESSES Following the introductory chapters, this book discusses in detail how to improve your budgeting and reporting processes But, before... you time and money in your software selection and implementation process, several useful documents from the appendices are provided on the Web Please visit www.wiley.com/go/processimprovement The user password is process These documents are in Word format and you will be able to download and adjust them as necessary PART ONE INTRODUCTION TO BUSINESS PROCESS IMPROVEMENT 1 ABOUT BUSINESS PROCESS IMPROVEMENT. .. dysfunctional and low-value added processes for budgeting, forecasting, and financial reporting And, as financial executives come and go, typically little is done to streamline these processes Even when large amounts of money are invested in new financial software, the solutions are usually put in place based on the old, inefficient routines This locks a company into its past planning and reporting habits,... Timeline for implementation ABOUT BUSINESS PROCESS IMPROVEMENT 9 • Assigned process owners For each process that is part of the project, a process owner should be assigned This will help ensure that there is one person to go to for related questions and information • Measurement and feedback systems This is more important for larger BPI projects in which a significant investment is being made and for which... pitfalls, tips, and tricks to help you create an optimal—if not ultimate—chart of accounts that, among other things, will support effective budgeting and reporting PART FOUR: INTERVIEWS In this part you will read interviews with experts who have analyzed and improved budgeting and reporting processes We asked them such questions as: • • • • What are your current budgeting and reporting processes? What . h0" alt="" PROCESS IMPROVEMENT FOR EFFECTIVE BUDGETING AND FINANCIAL REPORTING PROCESS IMPROVEMENT FOR EFFECTIVE BUDGETING AND FINANCIAL REPORTING NILS. had dysfunctional and low-value added processes for budgeting, fore- casting, and financial reporting. And, as financial executives come and go, typically little