These include sophisticated technological advancement, uncertain global trading conditions, innovative competition and an up rise in talent who cannot correlate to the traditional processes and systems which businesses have operated with for decades.

Coupled with these dynamic challenges is the need to invest and drive a budgeting mindset across an organisation, which will contribute significantly to the execution of a growth strategy.

Developing an effective budgeting process requires a number of essential elements, with the top five being:

• Executive leadership buy-in and time investment
• Investment of time in order to align the organisational strategy and financial forecasting
• Adequate qualified resource
• Access to key business information which can be quantified throughout the process
• Effective operational processes.

In our whitepaper in collaboration with Grant Thornton, we share several budgeting strategies which finance professionals can implement in order to optimise the process.