For many, the second fiscal quarter represents the start of the eternal, never-ending budgeting process. For the next several months, your corporate finance team will manage, edit and track every single line-item, and use that data to make educated predictions about the company's overall and departmental assets.
This can be painstaking work, particularly if yours is one of the many enterprises that has yet to even finalize its 2013 corporate budget. According to an Accenture report, each year "...companies worth $1 billion or more will spend on average 25,000 working days defining budgets, and many companies will take up to six months to finalize theirs."
Most CFOs will say that the single biggest time drain during the budgeting cycle is not analyzing the data, understanding the numbers or otherwise evaluating the intelligence in them, but instead the biggest headache is orchestrating the process. Why? Because the finance team typically sends out requests to different departments across the corporation asking managers to complete spreadsheets by a certain date, and gets zero to little response. If your enterprise is anything like most, an inter-department e-mail asking for an administrative task doesn't usually merit priority action...Read More
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