Budgeting and forecasting leave much to be desired

For companies, budgeting and forecasting are among their most important activities. Unfortunately, very few are satisfied with the processes surrounding these two functions, according to ...

By Staff Writer | Updated on April 23, 2007

For companies, budgeting and forecasting are among their most important activities. Unfortunately, very few are satisfied with the processes surrounding these two functions, according to a new study of large companies from accounting firm PricewaterhouseCoopers (PWC).

The study found that most (56%) of the 200 respondents–”C-level” executives, vice presidents or directors with deep knowledge of financial planning processes at companies with $2 billion in revenue and more–believe that too much of the time and money spent on budgeting and forecasting goes toward low-value activities, such as data collection and consolidation, approvals and report preparation. The processes are also not particularly automated with 70% of respondents still depending on spreadsheets to plan. Only 17% of those participating in the survey were satisfied with the current processes; of the remaining participants, 70% said they were somewhat satisfied with the financial planning process, while the remaining 13% said they were not satisfied.

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Budgeting and forecasting leave much to be desired

For companies, budgeting and forecasting are among their most important activities. Unfortunately, very few are satisfied with the processes surrounding these two functions, according to ...

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Budgeting and forecasting leave much to be desired

For companies, budgeting and forecasting are among their most important activities. Unfortunately, very few are satisfied with the processes surrounding these two functions, according to ...

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