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Quarterly rolling forecasting (QRF) is a process where management sets out the required revenue and expenditure for the next 18 months. Each quarter, before approving these estimates, management sees the bigger picture six quarters out. All subsequent forecasts, while firming up the short-term numbers for the next three months, also update the annual forecast. Budget holders are encouraged to spend half […]
1. Abandoning processes that do not work
2. The QRF model should be built by in-house resources
3. Separation of targets from realistic forecasts
4. A quarterly process using the wisdom of the crowd
5. Forecast beyond year-end (e.g., six quarters ahead)
6. The monthly targets are set, a quarter ahead, from the QRF
7. A quarter-by-quarter funding mechanism
8. The annual […]
In the past accountants have tried in vain to budget at an ever more detailed level to somehow see into the future. It was and is now still a pointless exercise. We need to acknowledge that it will be wrong so let’s get it wrong quicker! Albeit as close as possible to the future actuals. […]
The workshop is important for a number of reasons:
there are many pitfalls in such a project and many have failed to deliver
a wide ownership is required and a focus group can have a huge impact on the selling process
the foundation stones need to be understood and put in place early on in […]
Groundbreaking Toolkit That Fixes Forecasting Nightmares
(Late nights in the office, errors, too much detail)
The advantages of rolling forecasts
Annual planning, as businesses use it today, is one of the greatest mistakes organisations have made since 1494, the year Pacioli wrote about double-entry bookkeeping in Summa de arithmetica, geometria, proportioni et proportionalità. The first writers to put annual planning to the sword were Jeremy Hope and Robin Fraser in their […]
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