How do you ensure your financial analysis and budgeting aligns with your company's policies?

1 Know your policies

The first step is to familiarize yourself with the policies that guide and govern your financial analysis and budgeting processes. These may include policies on accounting methods, reporting formats, data sources, assumptions, risk management, auditing, and approval procedures. You should also be aware of any changes or updates to these policies, and how they affect your work. If you are unsure or unclear about any policy, seek clarification from your supervisor, finance department, or policy maker.

2 Follow the guidelines

The second step is to follow the guidelines and standards that are set by your company, industry, or regulatory body for your financial analysis and budgeting. These may include rules on how to calculate, present, and interpret financial ratios, indicators, forecasts, and scenarios. They may also specify the frequency, scope, and depth of your financial analysis and budgeting activities. You should adhere to these guidelines and standards, and avoid any deviations or shortcuts that may compromise the quality, accuracy, or reliability of your work.

3 Use the tools

The third step is to use the tools and systems that are provided or recommended by your company for your financial analysis and budgeting. These may include software, templates, models, formulas, or databases that are designed to facilitate and streamline your work. They may also incorporate the policies and guidelines that you need to follow, and provide you with feedback, alerts, or reports on your work. You should utilize these tools and systems, and avoid any unauthorized or outdated tools that may cause errors, inconsistencies, or conflicts with your work.

4 Communicate your results

The fourth step is to communicate your results and findings from your financial analysis and budgeting to your stakeholders, such as your management, colleagues, clients, or investors. You should present your results in a clear, concise, and coherent manner, using the appropriate language, format, and tone. You should also explain the rationale, assumptions, limitations, and implications of your work, and answer any questions or concerns that may arise. You should also document your work and keep a record of your sources, methods, and calculations.

5 Review and improve

The fifth step is to review and improve your financial analysis and budgeting skills and practices on a regular basis. You should seek feedback from your supervisor, peers, or mentors on your work, and identify any areas of improvement or development. You should also keep up with the latest trends, developments, and best practices in your field, and update your knowledge and skills accordingly. You should also participate in any training, coaching, or mentoring opportunities that are offered by your company or industry.

6 Align with your goals

The sixth step is to align your financial analysis and budgeting with your company's goals, vision, and values. You should understand how your work contributes to the overall success and sustainability of your company, and how it supports its mission and strategy. You should also align your work with your personal and professional goals, and how it helps you grow and advance in your career. You should also align your work with your ethics and values, and ensure that you uphold the highest standards of integrity, honesty, and responsibility in your work.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?