For too many companies, the budgeting process looks the same every time. What were the numbers last year? Keep them the same and add some dollars for inflation. But if COVID has taught us anything, it’s that we’re all being forced to reduce spending, and that some of the things we thought were essentials pre-pandemic, we’re not missing as much these days. Learn what zero-based budgeting is in this video.
Adanma C. Akujieze CPA, CISA, CIA came on the CFO Weekly podcast to share her tactical thoughts in this video episode of ZBB.
What is ZBB? It’s about giving every dollar a name and a purpose.
About looking at your strategic objectives, and aligning your spend and business plan with them, rather than tossing money into buckets and hoping for the best.
But can it work for you? Doesn’t it take longer? Isn’t it more work? Of course it is. But as Adanma says, “It’s all about short-term pain for long-term gain.” She shares how to look toward the future, and take the steps and changes necessary to get there.
Is your team utilizing ZBB? Why or why not? maybe after listening to the video episode about what Adanma has to say when answering the question: "what is zero-based budgeting" your opinion will change. Learn about our F&A solutions.