A new report by the Canadian Financial Executives Research Foundation (CFERF) called Data Analytics in Canada has found that budgeting is among the top two areas that Canadian businesses want to improve. The other area that businesses rated as most important to improve was profitability analysis and management. Despite this…

Managing the finances of a major healthcare organization, like a hospital, requires a budgeting process that is as accurate, manageable, and transparent as possible. With a large number of departments and both costs and incomes that can vary based on the whims of an insurance company, hospital finances can be…

If you’ve ever worked as a project manager, you know that delivering a project on time and on budget is no easy task. Keeping all the moving parts in sync, managing the inevitable changes or delays, and – perhaps most importantly – maintaining a budget that is both reasonable and…

As technology has matured and evolved, the amount of data available to businesses has reached truly epic proportions. Take social data, for example. Internet users freely share all kinds of information about themselves, from their shoe size, to where they live, to where they just finished shopping. All of this…

As CFO, within your overall business budget you’ve got multiple smaller budgets that have to be managed. Of these, there’s one that tends to be one of the more difficult to handle: compensation. There are several reasons that budgeting for compensation can be more time-consuming and stressful than budgeting for,…

As any food and beverage CFO knows, the F&B industry often has to operate under fairly challenging circumstances. One of the biggest of these just might be fluctuating food costs. While it’s true that people need to eat no matter what, we all know that changes in food cost, as…

Budgeting and customer satisfaction don’t always seem to have a lot to do with one another. For businesses, budgeting is generally an inward-looking exercise, concerned with things like employee compensation, profits and losses, and operational expenses. Customer service, on the other hand, is of course an outward-looking exercise. Customer service…

In our e-book, Best Practices for Budgeting, Planning, and Forecasting, we go over each aspect of creating a successful budgeting or forecasting process, from understanding why we budget in the first place to transforming the once-a-year budgeting process into corporate performance management. We also discuss the three elements of a…

At True Sky, one of our most important jobs is to stay on top of the best practices in budgeting, forecasting, and business finance. How else can we ensure that our budgeting and forecasting software solution is providing our clients with the most user-friendly, up-to-date, streamlined budgeting experience? Part of…

Budgeting is one of the most important activities that a business must complete – and yet, often this task isn’t given the time or consideration it deserves. Many organizations budget the same way year after year, usually  using Excel spreadsheets, and for no other reason than that they’ve always done…