Budgeting and Forecasting: Improve Planning Accuracy by Focusing on Procurement
Brought to you by CFO Learning
Category: Budgeting and Forecasting
Function: CFOs, Controllers, Purchasing managers, Staff accountants, Accounts payable manager and staff, and other managers responsible for budgeting
Poor data and compliance tracking of the procurement process -- as well as inadequate communication -- leads to error-filled reports related to savings and inaccurate forecasts of departmental budgets. Often, the problem is a fundamental misunderstanding between the finance and procurement teams about how procurement activities affect the company's financial health.
This Webcast will review the tools procurement departments should have in place to help the finance team develop a meaningful and sustainable process for measuring and reporting cost savings. In addition, finance professionals will learn what data to extract from procurement reports to more accurately create and forecast budgets, and how to use spend analysis to gain better visibility into cash outflows.
During this Webcast, you will learn to:
- Recognize the definitions and representations of cost savings within procurement reports;
- Identify the metrics that are most useful for various financial reporting and budgeting tasks;
- Choose and work with procurement reports that are most useful for building budgets throughout the fiscal year;
- Analyze savings reports to understand what they can, and cannot, contribute to the budgeting process;
- Communicate effectively with procurement personnel, including understanding their habits and core motivations; and
- Work with other non-finance department reports to improve the overall fiscal health of an organization.
This Webcast does not currently offer the opportunity to earn continuing professional education (CPE) credit. We invite you to stay tuned to CFO.com for future Webcasts that will offer attendees opportunities to earn CPE credit.
For inquiries or complaints concerning this Webcast, please call (888) 250-5719.
About the Presenter
Joe Payne, Vice President of Professional Services, Source One
Payne leads Source One's teams of project managers and analysts, developing insights into the challenges organizations face when undertaking initiatives to reduce costs through strategic sourcing and negotiation of best practices. His areas of expertise include strategic sourcing, supplier relationship management, business process re-engineering, and financial reporting. Payne has extensive experience helping Fortune 500 companies and mid-market organizations implement sustainable cost savings programs. He is personally responsible for delivering over one hundred million dollars' worth of hard-dollar savings to Source One's clients. In 2012 and 2013, he was recognized as one of Supply and Demand Chain Executive's Pros to Know.
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