One of the most common calls we take at Plansmith is from a bank or credit union looking to improve their entire budgeting, forecasting, and board reporting process. While the organizations vary greatly in size, and the person calling is sometimes the president and other times a financial analyst – most often they all have one thing in common: “I’m currently using Excel.”
As Plansmith’s ‘budgeting software’ evolved from its onset in the early 1970s, it became referred to as a ‘profit planning model.’ This distinction was made because it was much more than just balances on a spreadsheet or basic historical trends cast forward for the next year.
For most banks and credit unions the annual budgeting process is just that, a “process” that is far from looked forward to.
The CFO gathers data and input from market managers and department heads. The President and CEO then hand down more information as well as targets and objectives that rarely align with the other information. It's then the CFO's and finance team's job to cobble it all together, make it balance, and deliver results to the Board for approval.
As anyone who has been through it knows, the process itself is not cut and dry. To be honest, it can be downright exhausting.
I would like to extend a sincere thank you to all of our clients and prospective clients that stopped by the Plansmith booth and took a few minutes to talk with me and my colleague, Ron Trice. In an era of endless emails, conference calls and web presentations it is always nice to put a face to a name and shake hands with all of you. If you didn’t come by the booth but happened to see the two tall guys in the loudest most obnoxious Hawaiian shirts ever - yes, that was us.