Reinventing the CFO: How Financial Managers Can Transform Their Roles And Add Greater Value Kindle Edition
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Mr. Hope makes a very valid point. We do focus too much on detail and budgets are obsolete often before they are are written down the final time.
But in the end, I was also left very unfulfilled. The author tells us how we do things wrong and shares examples of organizations that have broken free. Yet specifics are more often than not never given. We are left with broad guidelines to figure out the rest for ourselves. This makes me wonder if the book is not just an advertisement for his beyond budgeting roundtable and himself as a consultant.
I gave it three stars anyway since it gives hope and perhaps I will figure out to actually do it real soon.
His advice however can be summed up in a few lines:
1) Skip budgets and go for rolling forecasts which can be updated monthly.
2) Eliminate much of the accounting detail and set it up in the same way you report.
3) Keep your internal and external reporting the same. Don't report twice.
Update: I also have "Beyond Budgeting" by the same author now. And this makes me reconsider this book. I love both books. But I do not see enough added value in his second book anymore. It seems to be a rehash with some added info. Not really worth an entire book.
I don't agree with everything the author states; more tangible examples would have been helpful; and some, important points were noticeably left out (in my view). Nevertheless, it is a great, insightful piece of work worth serious consideration by those in the business.