A recent survey found finance leaders are not satisfied with their budgeting methods and the extent to which they rely on standalone spreadsheets.
As the proverb goes, “The time you want the map is before you enter the woods.” In business, and finance in particular, that map is the annual budget. New research has found that many executives at major companies are not satisfied with the maps their organizations are using.
Chief Financial Officers are not happy with budgeting methods approach
A recent survey by accounting firm Grant Thornton and the American Productivity and Quality Center found that many finance executives are not happy with the way their companies approach annual budgeting. As reported in Accounting Today, the executives polled noted that their organizations’ current budgeting methods did not allow for higher-value planning and analysis activities. The survey polled 130 finance managers and CFOs at companies with annual revenues of $1 billion or more, spanning all major industries, with more than half based in the United States with offices worldwide.