“Across the board, finance
executives…believe they spend
too much time on forecasting,
budgeting, and planning. Of these
executives, 73 percent rely
primarily on spreadsheets and
manual processes. When asked
about the most acute problems
with their current planning
process, more than 60 percent
said it “takes too long.” Nearly 43
percent said “not enough time to
analyze data,” and more than a
third cited “lack of ownership by
business units.”
— CFO Research Services

 

BUDGETING AS A COMPETITIVE ADVANTAGE
The corporate budgeting, forecasting, and reporting process presents a formidable
challenge to most companies, regardless of size or industry.

Budgeting is often seen as burdensome and time consuming. Yet budgeting is also a crucial element of financial management, which in turn is a huge contributor to a company’s overall success or failure. As a result, companies that are able to address budgeting obstacles and improve their process will not only be rewarded with more accurate budgets, more timely re-forecasts, and improved decision-making, but will also foster a disciplined financial management culture that will deliver a true competitive advantage. Companies can overcome planning challenges and achieve these goals by applying budgeting and forecasting best practices and leveraging new technologies.

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