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Article: Who's happy with the budgeting process?(NEWS)(Brief Article)
- Article from:
- Strategic Finance
- Article date:
- July 1, 2005
- Author:
CopyrightCOPYRIGHT 2005 Institute of Management Accountants. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Over the years, many American companies have reported being less than thrilled with their budgeting process and have tried many ways to streamline it. Now it looks like some European companies are having the same problems. A new Hackett Group study of 80 European companies found that attempts by most European CFOs to reengineer their company's budgeting process over the last two years haven't achieved the results they wanted. More than 70% of the CFOs remain unhappy with their budgeting and planning process. Initiatives designed to shorten the budgeting cycle have generated only incremental improvement, and typical large European companies take four months to complete ...