Cumbersome and inefficient budgeting is preventing managers from getting real value from the process according to market research commissioned by CODA Financials, Inc., the finance systems specialist.
The survey revealed that only 8 percent of respondents incorporate planning and budgeting into the Enterprise Governance framework, while the majority see it as merely a way to operationalize strategy. More specifically, companies are struggling to reduce the length of the planning cycle and move towards a rolling forecast approach.
While a large number of the businesses in the study had made the investment in specialized planning and budgeting software, this appears to be having only a minimal impact on the process. Further investigation suggests that while organizations have acquired the specialized software solutions, many still make extensive use of spreadsheets as part of the process. This appears to be hampering the speed and value of the budgeting process by limiting the options, in terms of re-forecasting and the operating of rolling budgets.
The aim of the survey was to take a sounding of the general nature and direction of Corporate Governance - as well as its implications on corporate accountability - and to establish how worldwide businesses trading internationally are responding to the growing pressures for improved Governance.
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