Search
 

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 24, 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.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2024 ALM Global, LLC. All Rights Reserved.