Most sizable companies around the world engage in some form of forecasting. Forecasting of sales, production, inventory, cash, and financial statements may be among those activities companies seek to track. However, most companies subscribe to outdated thinking and practices when it comes to forecasting. This article will address some of the traditional practices that were once true, but now border on myth. This includes the importance of budgeting, the time required to build a rolling forecast, the importance of always-improving accuracy, and the relevance of traditional spreadsheet software.

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The purpose of financial planning and analysis is not to build perfect forecasts and financial solutions. The purpose is simply to make better business decisions. Numbers themselves can support decision-making but the story is what convinces people to make the right decision. Because many leaders are often not financial thinkers, it's critical for FP&A professionals to know how their analysis and recommendations can be presented in a way that non-financial professionals can understand. This article will discuss best practices in data visualization that resonates with financial and non-financial people alike.

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