Help and ideas for busy numbers people
Why is reforecasting so painful in many organisations? Why does the word “reforecast” strike such fear into some people’s lives?
I don’t mean so much the content of it – let’s face it, lots of numbers are going to be terrifying at the moment – but more the process itself.
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I recently set up a management accounts model using Power Query to combine multiple forecasts.
This is for a startup charity, where we need the ability to forecast at a high level over a five year period but to be able to update that quickly based on current decisions. We also need to do a detailed six monthly forecast for cash flow purposes. We also want to approve changes on a quarterly basis. Finally, we want to be able to assess the quality of our forecasting so that we can continue to improve it.
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