Flexible Budgeting and Forecasting (George Bennett at University of London)

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Delivered at ELN's Finance Leaders Event on Thursday 10th November 2022. "Almost every organisation collates and presents an annual budget. This ‘all hands on deck’ exercise is a significant draw on resources in the finance team and beyond, and, due to the governance processes involved, is often out of date by the time it’s finally approved, meaning the work has to start all over again. This talk will briefly cover some ideas on how to make the budget and forecasting process more directly linked to the organisation’s strategy, streamline its preparation, increase buy-in from within the organisation, and ultimately increase its usefulness to organisational decision making."

Flexible Budgeting
and Forecasting
Thursday 10th November 2022
George Bennett
Head of Finance
(Corporate)
University of London
george.bennett@london.ac.
uk

Flexible Budgeting and Forecasting
- University of London
- Federation of 17 London Universities
- 48,000 distance learners
- Property portfolio
- Halls of Residence, Commercial Property, Office & Administrative
Buildings
- Francis Crick Institute
- Implemented a completely new approach to budgeting and forecasting
- You do not need new software to implement a more flexible approach

Budget Cycle
Traditional Flexible
Done as a big ‘one-off’ exercise once a
year
Continuous revision of plans
Put a page of numbers in front of a
director
Talk about what they’re going to do, and
what’s changed since you last spoke
Cost centre by cost centre, GL account
by account
Drivers
“How can you deliver £X more income?” “What can you do differently?”
“What worked well vs. what didn’t?”
Finance is ‘done to’ the business Finance partners with the business

Benefits
Instead of a big one-off exercise, build planning for the future into all
conversations with budget holders.
Have a rolling forecast which you update for the latest position.
Keep refining what you’ve done.
This will be hardest when you first start, but it’s worth the effort to
set yourself up for the future.
Makes ‘on the fly’ scenario planning much easier as the interdependencies
are in-built in your model.
Improves finance’s reputation in the organisation – people will come to
you for help.

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