Infographic reveals attitudes about budgeting process

Budgeting Methods, Attitudes, and Success Factors: New Infographic

By: The Center Team

Managing budget and spend is time-consuming and complicated. We recently surveyed nearly 250 US-based business owners, CFOs, and managers to build a deeper understanding of how companies of all sizes manage this critical business function.

Not surprisingly, most respondents’ companies set budgets on an annual basis (55%), despite best practices that recommend rolling budgets. Just 14% of respondents said their companies adjust budgets periodically through the year.

We also found that nearly half of companies (43%) continue to use manual processes and antiquated tools like spreadsheets, and that a quarter (25%) had “no idea” how much of their budget went to discretionary spend (travel and entertainment, office supplies, software subscriptions, and other controllable expenses).

Our conclusion is that new tools are needed to make it easier to answer the question “How are you tracking to budget?” It’s more important than ever to connect budget to spend so companies can make strategic decisions about where to invest resources.

Here is a visual summary of what we learned.

Infographic of results from Center Survey August 2017

 

Full-Size Infographic

Press Release: New Center Study Reveals Companies are Eager for Fresh Approach to Budgets

Inherent complexity in today’s corporate budgeting process signals opportunity for new and improved processes.