Budgeting Nightmares & How to Avoid Them: Lessons from FP&A Experts

Budgeting season is rarely smooth sailing, but some finance teams have faced disasters that turned their planning process into a full-blown nightmare. In a recent webinar, Jandir Matos, VP of Finance at Full Circle Insights, and Odeta Pine, CEO of G7 Tech Services, shared real-world budgeting horror stories and strategies to avoid the common pitfalls that derail financial plans.

The Spreadsheet Nightmare That Cost Millions

Odeta kicked off the conversation with a cautionary tale about an enterprise-sized company relying on a massive, outdated spreadsheet for its budgeting and forecasting process. Over the years, the model had become increasingly complex, with intricate formulas and dependencies—none of which were properly documented.

When it came time for the annual budget review, an unnoticed formula error led to wildly inflated revenue projections and severely underestimated costs. The consequences?

• Severe cash flow issues
• Unexpected layoffs
• Major strategic projects canceled, leading to long-term damage to company growth

It took the company three years to fully transition to an automated financial planning system, but the lessons learned were clear: spreadsheets aren’t scalable, and unchecked errors can be catastrophic.

‍Disaster Averted: How One Team Caught a $100M Forecasting Error Just in Time

‍Jandir shared his own close call—one that could have resulted in a $100 million loss in valuation. While working at a private equity firm, his team was preparing to roll out marketing materials for a major real estate portfolio sale. At the last minute, they discovered that a key forecasting tool hadn’t been updated in over a year.As a result, the revenue projections were based on outdated numbers, leading to an 8-10% revenue shortfall and a potential devaluation of more than $100 million. The team had to scramble, manually updating data across 1,500+ rental units—a process that took an entire team several nights of non-stop work.The key takeaway? A single source of truth is essential. Spreadsheets and disconnected tools make it far too easy for outdated data to slip through the cracks.

‍Why Budgeting Season Is So Chaotic (And How to Fix It)

‍Both Odeta and Jandir agreed: budgeting season is stressful because of siloed teams, lack of collaboration, and outdated processes. Some of the biggest culprits they identified include:

• Lack of data transparency: Teams working in isolation, leading to misaligned budgets and conflicting numbers
• Manual data collection: Financial analysts spending too much time chasing down historical data instead of focusing on strategic planning
• Approval bottlenecks: No clear workflow for sign-offs, causing endless delays and last-minute panic

The Fix: A Smarter Approach to Budgeting

‍So, how can finance teams make budgeting easier and more effective? Odeta and Jandir offered these key strategies:

1. Invest in Automation – Spreadsheets might work for small businesses, but as complexity grows, so do the risks. Moving to an FP&A platform eliminates manual errors and allows for real-time collaboration.
2. Create a Single Source of Truth – Ensure all departments are working off the same numbers with a centralized system that integrates directly with ERP, payroll, and other financial data sources.
3. Improve Collaboration – Budgeting shouldn’t be a finance-only task. Engage department heads early and often to ensure accuracy and alignment across teams.
4. Frame Budgeting as a Business Process – It’s not just a “finance problem.” When budgeting is positioned as a strategic initiative, there’s more buy-in and less finger-pointing.

Outgrowing Excel? There’s a Better Way

‍As the conversation wrapped up, one theme was clear: Excel alone isn’t enough for companies looking to scale. While it’s familiar, it lacks the real-time collaboration, data security, and automation needed for today’s fast-moving businesses.

If your team is still wrestling with spreadsheet chaos, Centage can help. Our platform provides an Excel-like environment—without the version control nightmares and broken formulas. With real-time data, automated workflows, and advanced forecasting capabilities, Centage makes budgeting faster, smarter, and far less stressful.

📊 Want to see how Centage can transform your budgeting process? Book a demo today.