With cloud-based real-time financial systems, today’s businesses can take a modern approach to zero-based budgeting and compile the necessary data for such a budgeting plan with a single click. It makes it easier to assign responsibilities for budgeting.
Even if the data comes from different departments or business units, it can be analyzed in seconds. Cloud-based financial systems, for example, enable operational business units and individual cost centers to participate in zero-based budgeting together with the finance department. Budgeting, planning, and forecasting across the entire organization becomes seamless.
Properly executed, the planning of zero-based budgeting can prove to be a valuable strategic step that helps companies make smarter decisions.