Here's how you can optimize budgeting and forecasting by involving multiple stakeholders.

Involve key stakeholders from various departments, such as finance, operations, sales, and marketing. This cross-functional collaboration ensures diverse perspectives are considered, leading to more accurate projections and resource allocation. Encourage open communication to align goals, identify potential risks, and leverage each team's expertise. Regular meetings and shared digital platforms can facilitate real-time updates and scenario planning. This inclusive approach not only improves the accuracy of financial models but also fosters a sense of ownership and accountability among team members, leading to more realistic budgets and forecasts that adapt to changing market conditions and organizational needs.

Il est essentiel d'établir deux budgets distincts : l'un basé sur le résultat comptable, l'autre sur les liquidités. En analysant les résultats des trois années précédentes, nous pouvons identifier les points où des économies peuvent être réalisées ainsi que les opportunités de ventes supplémentaires. Un tableau analytique par département ou par produit permet de contrôler efficacement la rentabilité et de repérer les domaines nécessitant des ajustements. la création d'une feuille de performance pour proposer des objectifs réalistes à chaque collaborateur, ce qui aide à anticiper les ventes de manière plus précise. Intégrer et assurer une meilleure gestion des ressources et un alignement optimal des efforts des différentes équipes.

Engage key stakeholders from departments like finance, operations, sales, and marketing. This cross-functional collaboration brings diverse perspectives into the mix, resulting in more accurate projections and resource allocation. Promote open communication to align goals, identify potential risks, and leverage each team's expertise. Use regular meetings and shared digital platforms for real-time updates and scenario planning. This inclusive strategy not only enhances the precision of financial models but also instills a sense of ownership and accountability among team members, leading to more realistic budgets and forecasts that can adapt to evolving market conditions and organizational needs.

El presupuesto es una estimación y/o pronóstico de ingresos, gastos y utilidad que una organización estima obtener durante un ejercicio fiscal, la participación de todos los colaboradores de la organización es fundamental para contar con información más cierta y confiable para el logro de los objetivos.

Engaging stakeholders earlier on is the way to go. Stakeholders from different departments are taking through budgeting involved to get a clear picture. In turn they come with plans, needs as well as constraints. They provide their inputs, outputs as well as forecasting to match their financial needs and commitment. This is a process where teams learn also about prioritising to produce credible budget.

From my experience, not only is it important to include different departments in cross functional teams but also people from various levels of the organization to enhance the team’s ability to identify and address issues and challenges facing the organization.

One time at work, I was tasked with revamping our company's budgeting process. I formed cross-functional teams comprising members from finance, sales, operations, and human resources. We used collaborative tools like Microsoft Teams and shared spreadsheets on Google Drive to facilitate communication and data sharing. This approach allowed each department to bring its unique insights and needs to the table, ensuring that our budget was comprehensive and aligned with the company's strategic goals. The collaboration also helped us identify interdependencies, such as how sales forecasts influenced production schedules and staffing needs, leading to more accurate and realistic financial projections.

En cada departamento debe existir un líder de equipo encargado de recabar e integrar toda la información que se requiere considerar en el presupuesto. El responsable del presupuesto solo debe tener una línea de comunicación y este es con el líder del departamento.

By involving diverse departments like finance, sales, operations, and HR, organizations can leverage varied perspectives to uncover interdependencies and align budgets with strategic goals effectively. This collaborative approach not only enhances forecast accuracy but also promotes a comprehensive understanding of financial health across the organization, fostering unity towards achieving shared business objectives. Integrating cross-functional teams is indeed pivotal for modern businesses aiming to optimize resource allocation and drive sustainable growth through informed decision-making.

I implemented a system where all relevant financial information, including historical data and current financial statements, was accessible to everyone involved in the budgeting process through a centralized platform like Power BI. By holding regular review meetings and using visual data dashboards, we ensured that all stakeholders understood the financial landscape and the assumptions behind our forecasts. This transparency not only facilitated more meaningful contributions from team members but also built trust and a culture of open communication. Stakeholders felt more confident and engaged in the decision-making process, resulting in a more accurate and cohesive budget.

Ser claro desde un inicio, es importante para que el líder del departamento entregué información clara y correcta. Explicar adecuadamente lo que se necesita y para que se necesita es esencial para que se eviten errores de información y retrabajos que generan tiempo, dinero y esfuerzo.

Providing regular information through monthly and quarterly reports to stakeholders is important. Stakeholders get the opportunity to analyse data on their section and are able to perform based on such analysis. Accuracy of various reports is key. Departments combined will be able to make important decisions to take the organisation forward.

Transparency in data sharing is crucial for engaging stakeholders effectively in the budgeting process. When historical data, current financial statements, and forecasting assumptions are readily accessible, stakeholders can contribute informed and impactful insights. This transparency empowers stakeholders to make informed decisions builds trust and encourages open communication within the team. By ensuring all relevant financial information is accessible, organizations foster a collaborative environment where everyone understands the financial landscape and can work towards shared goals confidently. This approach enhances the quality of budgeting outcomes and strengthens organizational cohesion and accountability.

Continuous feedback is very important as it allows a two-way flow stream of ideas, allowing better understanding the situation on the grounds. This also enhances better collaboration for better implementation results

Feedback contínuo (pontos a ajustar e progressos alcançados) e periódico mantém o alinhamento entre os membros e promove colaboração. Além disso; o processo de construção do Budget & Forecast com comprometimento de inúmeros stakeholders promove inclusão e diversidade; dada as diferentes funções. Por último; provavelmente as expectativas serão mais precisas; visto a discussão / validação das posições entre um público com diferentes skills.

Training of stakeholders to enable them to take charge of their budgets is important. There exists gaps as the organisation is made up of units with diverse functions not only finance. Involving stakeholders in all the processes of budgeting will empower them. Training should all be conducted as part of skills development.

Medir el impacto de la colaboración con KPIs es esencial. Hacer un seguimiento de indicadores como la precisión de las previsiones, el cumplimiento del presupuesto y el rendimiento financiero en relación con los objetivos estratégicos ofrece información valiosa sobre la eficacia del enfoque colaborativo. Evaluar estos resultados permite identificar áreas de mejora y ajustar continuamente el proceso, asegurando que la participación de todos siga agregando valor a la planificación financiera.

Continuous assessments helps departments to adjust and re prioritise the budgets to ensure efficiency in utilising resources of the organisation.